http://www.reversemortgageconcepts.com Created for Reverse Mortgage Originators Mon, 24 Nov 2008 15:58:28 +0000 http://backend.userland.com/rss092 en 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 http://www.reversemortgageconcepts.com/2008/11/24/hecm-to-hecm-refinance/ Two New Reverse Loan Products We are pleased to introduce two new products for reverse mortgage loans that are available today: • Home Equity Conversion Mortgage (HECM) Fixed Rate This is an FHA-insured Reverse mortgage program with a fixed rate, rather than an adjustable rate. • Home Equity Conversion Mortgage (HECM) Monthly LIBOR ARM This is an ... http://www.reversemortgageconcepts.com/2008/11/17/wells-fargo-introduces-fixed-hecm-and-libor-hecm/ LIBOR---MONTHLY ADJUSTING HECM http://www.reversemortgageconcepts.com/2008/11/11/jb-nutter-brings-back-libor-hecm/ Today HUD established the HECM for purchase program which is detailed in Mortgagee Letter 08-33. FHA insured HECMs can now be used to purchase a principle residence (1- to 4-family dwelling unit) on or after January 1, 2009. I encourage you to read the letter thoroughly. Specifics about property flipping ... http://www.reversemortgageconcepts.com/2008/10/29/hecm-for-home-purchase-gets-seal-of-approval/ [caption id="" align="alignleft" width="610" caption="Senior Lending Network Spokesperson Robert Wagner"][/caption] Recent news from the Senior Lending Network states: Effective Wednesday, October 29, 2008, we will need to temporarily suspend all new applications for our proprietary products (the jumbo Equity Plus Advantage and the Simple60) for the next 60 days. Therefore, we will ... http://www.reversemortgageconcepts.com/2008/10/28/another-jumbo-bites-the-dust/ CMT--MONTHLY ADJUSTING HECM http://www.reversemortgageconcepts.com/2008/10/19/jb-nutter-offer-cmt-175-50/ 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 ... http://www.reversemortgageconcepts.com/2008/10/09/new-hud-lending-limits-soon/ 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. http://www.reversemortgageconcepts.com/2008/09/19/fha-mortgagee-letters-link/ Image by Getty Images via Daylife It amazes me that mortgage companies are continuing the assault on consumers with the newest trick of the trade, loan modification. In the last few days I have been innundated with calls from mortgage companies looking to modify loans of my existing customers for ... http://www.reversemortgageconcepts.com/2008/09/17/loan-modification-for-hire/ Image via Wikipedia The FHA’s share of the mortgage market soared to 23 percent in July, compared with a market share of just 3 percent for all of 2007. At the current pace, FHA is on track to account for about 30 percent of all new mortgages made by the ... http://www.reversemortgageconcepts.com/2008/09/06/fha-market-share-surges/