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Reverse

UFA Expands Business to Hawaii

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Urban Financial of America LLC (UFA) has announced that it is now licensed to conduct its retail and wholesale reverse mortgage business in the state of Hawaii. Reverse and traditional "forward" mortgage companies licensed in Hawaii can now offer UFA's competitively priced reverse mortgages, which allow those age 62 and older to convert a portion of their home equity into tax-free funds for greater financial flexibility while remaining in their homes.Click to continue

NRMLA Launches Consumer Education Campaign

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Increasing lifespan coupled with earlier retirement poses a challenge for many individuals and couples trying to figure out how to make sure their financial resources will last their lifetime. Longevity is a gift on the one hand, but it also requires forethought and planning to make sure one’s finances will sustain them through the duration of their life.Click to continue

Zillow Reports 0.25 Increase in 30-Year Fixed Rates

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The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.03 percent, up five basis points from this time last week. The 30-year fixed mortgage rate steadily increased last week, spiking to 4.26 percent on Friday before declining to the current rate over the weekend.Click to continue

Maverick Funding Adds Cecilia Delgado to Reverse Mortgage Ops

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Maverick Funding Corp. has named reverse mortgage origination expert Cecilia Delgado as wholesale account executive for its Reverse Mortgage Network western region. She has been charged with expanding the Maverick Funding third-party originator (TPO) network throughout the west coast.Click to continue

HUD Decision Abandons Relief for Non-Borrowing Surviving Spouses

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When a company like Bank of America causes a problem or harms individuals, resulting in a loss of equity, they typically get in trouble. If General Motors Company (GMC) releases a truck with faulty brakes, whether those brakes were farmed out to a third-party or not, GMC recalls the vehicle and gets in front of the issue. If these cases typically run true, then why hasn’t the U.S. Department of Housing & Urban Development (HUD) come under fire for harming elderly individuals who have taken part in a reverse mortgage?Click to continue

FHA Publishes Guidance on Avoiding HECM Deception

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The Federal Housing Administration (FHA) has published a Mortgagee Letter reminding lenders participating in the agency’s Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages. FHA’s Mortgagee Letter also reinforces the agency’s prohibition against misleading or deceptive advertising and that this prohibition extends to misleading or deceptive descriptions of the HECM program.Click to continue

NMP's Mortgage Professional of the Month: Don Giorgio, President of United Northern Mortgage Bankers Ltd.

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Back in late 1970s, the financial services industry was thoroughly different from the environment we know it as today. How different was it? Well, in those days, contractors were able to handle sales finance papers for their clients. And most contractors saw nothing wrong with charging upwards of 21 percent for a sales finance paper.Click to continue

The Reverse Mortgage Domino Theory

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Back during the Vietnam conflict, many politicians subscribed to what was called "The Domino Theory,” which was, essentially, the notion that should Vietnam fall to Communist rule, so would the rest of Asia. It never happened.Click to continue

ReverseVision Launches New Reverse Online University

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ReverseVision, Inc. has announced the launch of RV University (RVU), an online education platform created to teach mortgage professionals about the reverse mortgage industry. Many of RVU’s courses will offer continuing education credits from the Nationwide Mortgage Licensing System (NMLS) and the National Reverse Mortgage Lenders Association (NRMLA) for its coveted Certified Reverse Mortgage Professional (CRMP) distinction.Click to continue