There are some things in life we’ve already paid for with money, time, energy or effort. We can fall into one fallacy based solely on what we’ve already invested…
Continue readingIn Critical Condition or Stabilizing?
Is the Home Equity Conversion Mortgage or federally-insured reverse mortgage in critical condition? One could argue that projected losses of the HECM portion of FHA’s insurance fund are just that…projected and not realized. Whether real or expected FHA is taking strong measures to -quote- fix- the program
Continue readingDear John…
FHA’s Mortgagee Letter 2013-1 was a “Dear John” letter to the Standard Fixed Rate HECM…
Continue readingHow to Prepare for Change
How do we prepare for change in our workplace, in our industry? Here are just a few tips to help us prepare for the coming year. #1- Admit that changes comes often in our industry. Ask yourself what are the larger implications if no changes are made to the HECM program?
Continue readingThe “Exit Effect”
The exits of large banks and lenders such as MetLife, Bank of America and Wells Fargo have done more than consolidate the market or create opportunities for remaining mid-size lenders. These ripples in our industry have gone largely unnoticed. It boils down to liquidity. That is the supply of approved Ginnie Mae issuers of HECM Mortgage Backed Securities or HMBSs. Today we are only supported by …
Continue readingAre the Barriers Too High for Reverse Mortgages?
According to a recent article in the American Banker reverse mortgages are becoming increasingly difficult for both the consumer and lenders alike. “It’s a good product made nearly impossible to provide”, said…
Continue readingLess than $30,000?
If you ever question the future market potential of the reverse mortgage, wonder no longer. A recent New York Times Editorial titled “Our ridiculous approach to retirement” paints a sobering reality. The vast majority of Americans have saved less than…
Continue readingLooking ahead: Interview with Urban Financial CEO Steve McClellan
He comes from both a banking and financial services background. Urban Financial CEO Steve McClellan sat with us at NRMLA’s West Coast Meeting and shares his insights on upcoming regulations, market conditions and more.
Continue readingOriginal Intent & Present Reality
One key assertion in the report was that borrowers today are using the reverse mortgage in way that differs from it’s original intent. That original intent according to the report was “to enable older borrowers to convert home equity into cash…
Continue readingAbundance? Yes even in our industry.
We are surrounded by it although we may not see it. Abundance. Despite our challenges we have much to be grateful for. Learn what in this week’s episode.
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