More regulation, hope this is helpful.
Effective 11/24/08, all new loan submissions must be accompanied by the HECM Anti-Churning Disclosure and show an increase in the Principal Limit of at least five (5) times the cost of the new loan
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New Mortgage Laws's archives
HECM to HECM Refinance
Posted by admin in November 24th 2008
New HUD Lending limits soon
Posted by admin in October 9th 2008
There should be a new FHA mortgagee letter issued regarding the new national HECM lending limit that was pegged at $417,000. The letter will detail the HECM origination fee structure and allow originators to start using the new limits as soon as November 1, 2008. We all expect the $6000 cap on origination fees but [...]
FHA Mortgagee Letters Link
Posted by admin in September 19th 2008
FHA Mortgagee Letters
Click the link to read all current and future FHA Mortgagee Letters. Some of the more pertinent information can be found for Home Equity Conversion Mortgages here.
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12 Month Occupancy Seasoning for Reverse Mortgages
Posted by admin in September 5th 2008
To reduce risk to the lender and to avoid any potential fraud related to property flipping, SLN will now require 12 month occupancy on all reverse mortgage transactions. read about it here
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About Me
- Michael Manfredi is a Reverse Mortgage Originator and the CEO of Mortgage Concepts, LLC in Scottsdale, AZ.
View my page on Reverse Mortgage Concepts
