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
ReverseVision has added Jason Meches as chief technology officer (CTO) In this role, Meches will have responsibility for the development and operations of ReverseVision technology products. Meches’ background includes roles as VP software development, system architect, software engineering manager and lead developer at firms such as Seamgen (custom software), Fidelity Info Services (investment management) and Protocol Marketing Group (digital marketing.) His projects have included development teams based in both the US and overseas in India and China.Click to continue
ReverseVision Inc. has announced the addition of appraisal services from Landmark Network to the ReverseVision Reverse Loan Origination System (RLOS) platform. ReverseVision’s RLOS offers a library of tightly integrated services that streamline the reverse lending process. The addition of Landmark Network’s appraisal service enables ReverseVision users to simply order an appraisal with the click of a button. Not only does the integration place the order, but also it automatically updates the loan record with details from Landmark as the appraisal is being processed.Click to continue
ReverseVision has announced its newest client, Universal Lending Corporation (ULC). The ReverseVision platform streamlines the reverse lending process and creates efficiencies for its users. In fact, the software is an integral part of supporting the origination, processing and closing of reverse mortgage loans for more than 5,000 firms and over 20,000 users.Click to continue
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