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A host of federal agencies should strengthen their oversight of misleading reverse mortgage marketing claims, and the Department of Housing and Urban Development needs to improve its oversight of counseling agencies, according to a report by the Government Accountability Office. Full Story
LTC Global Inc., an investor in reverse mortgage lender Next Generation Financial Services, announced today that Brett Carter has joined LTC Global as director of business development in its mortgage division. Full Story
Financial Freedom had only 39 retail reverse mortgages endorsed by the Federal Housing Administration in June, a dramatic drop from the more than 300 it had been logging in each of the last few months. Full Story
Mortgage banker Security One Lending of San Diego has acquired OMNI Reverse in a stock transaction, pending approvals. Full Story
Premier Reverse Closings is ready to close reverse mortgages for manufactured homes in condominium projects, as per recently released Department of Housing and Urban Development guidelines. Full Story
The Federal Trade Commission will be utilizing new rule-making powers to expand its scrutiny of the reverse mortgage sector, despite receiving few consumer complaints. Full Story
Government officials and consumer advocates discussed a number of problems about the federally insured home equity conversion mortgage program, including aggressive marketing tactics, fraud and taxpayer liability, during a U.S. Full Story
A report released yesterday by the Government Accountability Office concluded that the Department of Housing and Urban Development "lacks effective controls" over counseling programs for reverse mortgages. Full Story
Receiving additional income from a reverse mortgage could affect a senior's eligibility for Medicaid and food stamps. Full Story
Dania Beach, Fla.-based Reverse Ultra, a division of mortgage bank Allied Mortgage Group, is reaching out to social workers and caregivers through its new Senior Care Partners Program to educate seniors about reverse mortgages. Full Story
Few lenders were ready to offer home equity conversion mortgages for home purchases until underwriting procedures were worked out recently, The New York Times reported in a recent article describing the Federal Housing Administration's reverse mortgage program. Full Story
The Department of Housing and Urban Development's first-ever subsidy request for home equity conversion mortgages will likely cause Congress to take a close look at the program. While HUD and industry leaders say the $798 million budget request is not indicative of any flaws in the 20-year-old program, some lenders fear changes could lead to fewer proceeds for seniors. Full Story
With concerns that reverse mortgage abuses could escalate and result in a situation similar to the subprime lending fiasco, the Office of the Comptroller of Currency is hinting at the regulatory guidance to come. Comptroller John Dugan recommended a series of regulations and programs that would first impact national banks providing home equity conversion mortgages and even suggested extending regulatory reach to proprietary reverse mortgage products offered by national banks. Full Story
As the Department of Housing and Urban Development prepares to roll out a new counseling protocol, NeighborWorks America will be taking over management of its reverse mortgage counselor training and certification exam from the AARP. Full Story
- HUD Updates Condo Approval Process
- Generation Mortgage to Issue HMBS
- Financial Freedom Encourages Refis of Jumbo Reverses
- Maryland Insurance Broker Charged with Mortgage Fraud
- FTC Warns Counselors About Deceptive Marketing
- First American Title to Target Major Reverse Lenders
