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Posts Tagged ‘reverse mortgage’

I’m 77 Years Old & I Have No Electricity!

Sunday, May 2nd, 2010

I’m 77 Years Old & I Have No Electricity!
post by Sam Collins
electric

The perfect storm!  You are retired, living on social security and a very small pension.  The electric company knocks on your door and informs you the electric is being turned off in 30 minutes!  Oh my!

Last Thursday, I received a call from a frightened  daughter, who explained to me the scenario just described.  Her Mom was desperate because her electric had been turned off.  The only  glimpse of hope was her Mom owned her home with no mortgage, “Could I help them with a reverse mortgage?”

My team shifted  into immediate action to go visit one on one  with the daughter and her Mom that evening.  With flashlight in hand, I completed an application and by noon the next day, the daughter and her Mom had taken HUD counseling.  

The next day we attempted to help get the electric turned back on.  Unfortunately, there was over $6000 past due.  Not to detail it all, the Mom had been very benevolent and found herself in a pickle, unable to pay her electric.   To top things off the house does need some repairs, but nothing that cannot be solved with a reverse mortgage. 

Thanks to her daughter, her Mother will be able to stay with her why we continue to work  with social services to restore her electric.  I feel confident we will have things on track soon, electric restored,  Mom back in her home and another reverse mortgage comes to the rescue. 

I feel so proud of our profession as reverse mortgage originators.    Yes, we can and do  make a difference in seniors lives!  

Keep moving forward to stay ahead in reverse.

NRMLA Roadshow rolls out important information & updates

Thursday, April 22nd, 2010

NRMLA Roadshow rolls out important information & updates
Post by Sam Collins

Just returned from the NRMLA road show in Philadelphia.    NRMLA provided insightful information about  new changes and challenges going forth in the reverse mortgage industry.   

Peter Bell, NRMLA President, announced the updated new FHA rule on Lender Approval and net worth. 

  1. The final rule is being published in the Federal Register, but here are some highlights. The new rule has set new net worth requirements, when FHA approved mortgage lenders may begin approving non-FHA approved  brokers/bankers.  The term for non-FHA approved brokers is being called TPO’s, or third party originators. 
  2. In other words, lenders will now set the parameters and guidelines for those whom it wants to consider doing FHA loans, both forward and reverse.  These guidelines will be forthcoming from lenders. 
  3. During the remaining 2010, currently approved loan correspondents may continue to originate FHA loans, as an  FHA approved loan correspondent through its current lender sponsor.  New changes will go into effect January 1, 2011.

Other useful topics and information, along with valuable insights was given by HUD representatives, lenders, and participating members was well done by panel and staff. 

If you have yet to attend a NRMLA  roadshow or the annual convention, this is an excellent way to keep updated in your profession and gain knowledge to thrive and prosper in our ever changing industry.
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Don’t miss our member call in next week, April 28th.  This should be an interesting call relative to all the changes by lenders and new HUD ruling.  To attend go to the calendar of events, click on the 28th. This is a free call.

Lenders add a new landscape to reverse mortgage originations!

Sunday, March 28th, 2010

Lenders add a new landscape to reverse mortgage originations!
by Sam Collins
house-with-money

Competition is heating up in the reverse mortgage arena and the winners are senior homeowners.

Bank of  America, Genworth, and Met Life are among the first to announce the elimination of the service set aside (SFSA) and monthly servicing fees for fixed rate products   This announcement  is a tremendous benefit for senior homeowners, since it will add thousands in cash to monies they will recieve.  But, this is a two way street and most lenders are tieing the elimination of the SFSA by reducing the  upfront origination fees being charged.   The  reduction in origination fees will add even  more cash benefits for senior homeowners.

Originations of late  have been lackluster and for the first 2 months of 2010 down to 2007 levels.    From our propective we have senior interest, but combining lower home values and the reduction in Principal loan limits, many senior homeowners are just not eligible.   However,  with the elimination of SFSA  this may impact many senior homeowners who were not eligible a month ago, but just may be eligible today.  Check your data base for shortfalls and see if they now may qualify.

Look for other lenders to follow the lead of the previous mentioned to hold market share and remain competitive. 

Remember keep moving forward to saty ahead in reverse.
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Join us next Tues. April  6th for training webinar, and April 14th for  our special guest webinar.
Here is the link to register for both:  http://www.remalo.org/public/mgcal.cfm?calID=1&cmonth=4/1/2010

 

Nationwide Mortgage Licensing System for Reverse Mortgage Originators

Thursday, March 25th, 2010

Nationwide Mortgage Licensing System for Reverse Mortgage Originators
By Sam Collins
go-to

During our REMALO member call in this week  there seemed to be confusion among some loan originators, as to whether they were responsible for registering  with the NMLS, Nationwide Mortgage Licensing System. 

Provided is the link for you to visit the NMLS  web site for more information and explanation of the requirements:
http://mortgage.nationwidelicensingsystem.org/licensees/MLOs/Pages/default.aspx

There are time deadlines for you to follow and they may vary by state.  Once registered there are testing requirements for both National and State and these too may vary.    Be sure to check your state requirements.
Here is the link to give you a quick guide for more information:
http://mortgage.nationwidelicensingsystem.org/licensees/resources/Pages/QuickGuides.aspx

It is very important for you to make sure you adhere to the new SAFE Act by registering.
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Remember, keep moving forward to stay ahead in reverse.
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April Calendar of Events is posted. 
Two events coming up soon, April 6th and April 14th.  Register now!

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