This is our monthly summary of Reverse Mortgage articles, updated news, and happenings, all in one place. We hope you're involved in the greatest mortgage niche ever created...Reverse Mortgages.

HUD Issues New RESPA Guidelines, Removes Origination Fee Limit for Standard Loans
Dec 30, 2009 07:51 pm | admin

The US Department of Housing and Urban Development published Mortgagee Letter 2009-53 which clarifies how fees and charges for Federal Housing Administration (FHA)-insured loans must be disclosed on the new Good Faith Estimate and HUD-1 Settlement Statement. According to the ML, HUD is removing the origination fee limit to 1 percent of the mortgage amount for...

Biggest Reverse Mortgage News of 2009
Dec 30, 2009 01:19 pm | admin

The reverse mortgage industry has been through more changes than anyone could’ve predicted over the last 12 months and 2010 will bring more of the same. As the year comes to a close, take a look at the top 10 reverse mortgage news stories of 2009 (based on page views): Senior Lending Network Halts Applications, Looks For...

Seniors Spend Significant Amount of Time Online
Dec 30, 2009 10:54 am | Reva

A survey released by Harris Interactive compromised of 2,029 adults found that seniors are spending a significant amount of time online. While still lacking behind other age groups, seniors over the age of 65 spend an average of 8 hours a week online, with only 4% of those surveyed saying they are online less...

Financial Services Bill Provides Grants to Protect Seniors from Fraudulent Marketing
Dec 29, 2009 02:29 pm | Reva

The Wall Street Reform and Consumer Protection Act of 2009 that passed the House earlier this month, contains a provision that calls on the Securities and Exchange Commission (SEC) to provide grants for states to investigate and prosecute misleading and fraudulent marketing practices. HR 4173 also allows those grants to be used to develop educational materials...

Fannie Mae Updates Reverse Mortgage Loan Application
Dec 29, 2009 11:41 am | admin

Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009) and is requiring that lenders use the new form starting July 1, 2010. The GSE updated the 1009 to comply with Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application process and loan...

Bank Regulator Changes Data Collection Requirements for Reverse Mortgages
Dec 29, 2009 10:45 am | admin

Earlier this year the Office of Thrift Supervision (OTS) solicited comments on a new proposed schedule for Annual Supplemental Consolidated Data on Reverse Mortgages for its Thrift Financial Report (TFR). According to the OTS, collecting this information will provide the necessary information for policy development and the management of risk exposures posed by thrifts involvement with...

NY Times: Seniors Turn to Reverse Mortgages After Seeing Investment Income Decline
Dec 28, 2009 02:43 pm | admin

Millions of Americans are paying a high price for a safe place to put their money as banks offer extremely low interest rates on savings accounts and CDs according to the New York Times. The elderly and others on fixed incomes have been especially hard hit and many have seen returns on savings, C.D.’s...

FINRA Survey Finds Only 1% of Retirees Using Reverse Mortgages
Dec 27, 2009 01:42 pm | admin

The amount of retirees utilizing a reverse mortgage continues to be small according to a survey released by the FINRA Investor Education Foundation. Results from the National Financial Capability Survey found that of the people who are currently retired, only 1% of the respondents are using a reverse mortgage for living expenses. Conducted by the...

Baby Boomers: Fastest Growing Segment on Social Networking Sites says Report
Dec 27, 2009 01:06 pm | admin

Most reverse mortgage lenders are actively looking for ways to utilize new technology in marketing to baby boomers and a new report sponsored by AARP and Microsoft provides insight into how the group is using technology on a daily basis. Boomers and Technology: An Extended Conversation is a unique study of how the boomer generation...

FHA Delays Implementation of Appraiser Independence
Dec 22, 2009 05:35 pm | admin

The US Department of Housing and Urban Development announced that the enactment of ML 2009-28, Appraiser Independence will be delayed until February 15, 2010. ML 09-28 was originally planned to become effective January 1, 2010 and prohibits mortgage brokers and commission-based lender staff from the appraisal process. It also makes lenders responsible for assuring that...

New California Disclosure Requirements Cause Confusion for Lenders
Dec 22, 2009 12:47 pm | Reva

During a special workshop on the reverse mortgage landscape in California at the NRMLA annual meeting, it become clear after only a few minutes that there is immense confusion among lenders surrounding AB329, California’s Reverse Mortgage Elder Protection Act. According to AB329, borrowers in California must now receive the Plain Language Important Notice Reverse Mortgage Disclosure...

Differing Strategies on Reverse Mortgage Legislation
Dec 21, 2009 02:02 pm | Neil

When it comes to lobbying state legislators conjuring new laws to regulate the reverse mortgage product in their individual jurisdictions, industry advocates take differing approaches. These advocates claim some success in shaping both the debate and resulting statutes that affect reverse mortgage lending, already heavily regulated on the federal level. However, there is disagreement around...

Parent Company of Financial Freedom Acquires Another Bank from FDIC
Dec 21, 2009 11:30 am | admin

OneWest Bank announced Friday afternoon that it purchased the banking operations of First Federal Bank of California from the Federal Deposit Insurance Corporation (FDIC). Under the terms of the transaction, OneWest acquired $6.1 billion in assets, including $5.3 billion in loans, and $4.5 billion in deposits of First Fed. OneWest also picks up 72...

Google Search: Top Destination for People over 65 in November
Dec 18, 2009 12:48 pm | admin

Despite the fact that people 65 and older still make up less than 10 percent of the users on the web, their numbers are growing rapidly. Over the last five years the number of seniors actively using the Internet has increased by more than 55 percent, from 11.3 million active users in November 2004...

HUD Says Counselors Will Be Able to Issue Backdated HECM Certificates
Dec 17, 2009 10:41 am | admin

The US Department of Housing and Urban Development sent a notice to all HUD approved counseling agencies stating that effective December 18, 2009, reverse mortgage counselors will be able to issue backdated HECM certificates to replace those certificates that were not generated in FHA Connection during Oct. 2, 2009 – December 17, 2009. The...

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Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/

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