ReverseVision welcomed its newest client, Live Well Financial. “As one of only a few lenders capable of placing reverse mortgage originations into the secondary market, Live Well Financial has recently added key management to the company to expand its wholesale and branch partner business,” said Bruce Barnes, executive vice president of Live Well. “Our strategic partnership with ReverseVision is a key step in rolling out our new Broker Advantage Platform that will create a new standard in reverse mortgage wholesale lending.”Click to continue
Overcoming a problem-plagued reputation is never easy—and within the mortgage banking world, reverse mortgages have suffered for years from reputational woes. J.D. Dinnocenzo encountered this while trying to explain the benefits of a reverse mortgage to a potential borrower.Click to continue
ReverseVision welcomed its newest client, Mason-McDuffie Mortgage Corporation, a lender with more than 100 years’ experience helping homeowners fulfill their dreams. “Reverse Mortgages are a powerful tool for retires to not only be able to afford to age gracefully in their homes, but also to acquire a new house as they downsize–all without having to worry about making monthly payments,” said Marilyn Richardson, president & CEO of Mason-McDuffie Mortgage.Click to continue
Question: What are the additional disclosure requirements for originating a reverse mortgage loan?
Answer: Regulation Z, the implementing regulation of the Truth-in-Lending Act (TILA), sets forth the disclosures that are required for reverse mortgage loan transactions. Indeed, Regulation Z requires additional disclosures reflective of the model form provided in its Appendix K, paragraph (d).
These additional disclosure requirements are:Click to continue
The success of the working relationship between the Department of Housing and Urban Development and the members of the National Reverse Mortgage Lenders Association on improving the Home Equity Conversion Mortgage program is a prime example of the possibilities of public sector/private sector collaboration.Click to continue
ReverseVision Inc. announced that Rob Katz has joined the company as executive vice president of sales. Rob Katz brings over 15 years’ of mortgage technology, mortgage industry experience and contacts to ReverseVision. “Reverse mortgages provide an excellent way for retirees to tap into the equity of their homes to provide for either day-to-day necessities or to serve as a financial safety net,” said Katz. “I’m excited to be a part of a company that plays such an important role in supporting this industry."Click to continue
ReverseVision Inc. has announced the launch of ReverseVision University (RVU), which offers an online education platform to teach mortgage professionals about the reverse mortgage industry. ReverseVision plans to offer a wide range of additional benefits with its courses, including continuing education credits from the Nationwide Mortgage Licensing System (NMLS) and credits from the National Reverse Mortgage Lenders Association (NRMLA) for its coveted Certified Reverse Mortgage Professional (CRMP) distinction.Click to continue
Americans 62 years old and older now have more equity in their homes than at any time since mid-2008, according to data released by the National Reverse Mortgage Lenders Association (NRMLA). The new information comes from the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI), which analyzes trends in the home values, home equity, and mortgage debt of homeowners 62 and older. The RMMI is updated quarterly and tracks back to the start of 2000.Click to continue
The National Reverse Mortgage Lenders Association (NRMLA) has announced the preliminary agenda for its 2013 Annual Meeting & Expo, to be held Nov. 4-6 in New Orleans, La. Much of the conference will focus on changes the U.S. Department of Housing & Urban Development (HUD) has begun implementing to improve the fiscal safety and soundness of the Home Equity Conversion Mortgage insurance program.Click to continue
On Sept. 3, 2013, the Federal Housing Administration (FHA) published Mortgagee Letters (ML) 2013-27 and 2013-28, Changes to the HECM Program Requirements and HECM Financial Assessment and Property Charge Guide respectively, which provides HECM policy guidance on new initiatives that will strengthen the Mutual Mortgage Insurance Fund and preserve the financial soundness of the HECM program.Click to continue