Reverse

Opus Capital Markets Consultants LLC, a wholly-owned subsidiary of Wipro Ltd., has announced the addition of Bruce Legan
CIT Group Inc. is exiting the reverse mortgage market by selling its Financial Freedom unit and reverse mortgage portfolio to an undisclosed buyer.   Financial Freedom became part of CIT Group when the latter acquired OneWest Bank in August 2015. The deal covers Financial Freedom’s mortgage... Keep Reading....
Homeowners who are 62-years-old and higher saw their home equity increase by a combined 2.4 percent to $6.42 trillion in the second quarter from $6.27 trillion in the first quarter, according to new data from the National Reverse Mortgage Lenders Associat
Homeowners who are 62-years-old and higher saw their home equity increase by a combined 2.4 percent to $6.42 trillion in the second quarter from $6.27 trillion in the first quarter, according to new data from the National Reverse Mortgage Lenders Association (NRMLA).   The new NRMLA/RiskSpan... more
A federal judge tripled the penalty enacted against two Texas-based mortgage companies, Allied Home Mortgage Corp. and Allied Home Mortgage Capital Corp., and their CEO Jim Hodge for violating the False Claims Act
A federal judge tripled the penalty enacted against two Texas-based mortgage companies, Allied Home Mortgage Corp. and Allied Home Mortgage Capital Corp., and their CEO Jim Hodge for violating the False Claims Act.   According to a Reuters report, a jury last November determined that the companies... more
The Federal Housing Administration (FHA) is proposing a new rule that it claims will strengthen its Home Equity Conversion Mortgage (HECM) program
The Department of Housing and Urban Development (HUD) has announced changed to its Home Equity Conversion Mortgage (HECM) program.   In a statement issued by HUD, the department noted that the initial mortgage insurance premium (MIP) will become two percent of the maximum claim account, effective... more
American Advisors Group has added Ted Zepfel as Vice President of Operations for Alternative Distribution
American Advisors Group has added Ted Zepfel as Vice President of Operations for Alternative Distribution, where he will oversee all operational facets of the national field sales and wholesale divisions, including loan setup, processing, underwriting and funding, as well as operations optimization... more