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Current Reverse Mortgage Headlines
Last Updated Friday, February 05, 2010 04:48 PM Texas Time

Former NFL Quarterback Joins CA Mortgage Firm
A big mortgage servicing executive was named at Bank of America Corp.'s mortgage unit, while President Barack Obama disclosed his nomination for the chairman of the Federal Agricultural Mortgage Corp. and Florida's biggest reverse mortgage originators has changed companies. But the most timely appointment -- given Sunday's championship game between the New Orleans Saints and the Indianapolis Colts -- was that of a former professional football player to a California mortgage firm.

Bank of America Home Loans named Matt Vernon short-sale and real-estate-owned executive, a news release yesterday said. Vernon, who has spent 15 years with BoA, noted that "processes and efficiencies" need to be improved with sales and post-foreclosure REO activities.

He is moving to the servicing side from his role overseeing mortgage cross-selling activities at BoA's more than 6,000 banking centers. Before that, he managed BoA's retail mortgage channel, including 150 offices and more than 2,000 mortgage loan officers.
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Compliance Solutions Address New Rules
As service providers team up to help originators with a complex array of revised mortgage regulations, a new report indicates that investors of residential mortgage-backed securities will see the value of their investments decline as a result of the revisions. One mortgage broker is calling for originators to go a step further than required in disclosing yield spread premiums. One firm helps reverse originators track disclosures.

MetLife Production Eases
Forward- and reverse-mortgage originations eased during the latest quarter at MetLife Home Loans, while mortgage headcount dropped by nearly 100.

HUD Reports Rise in HECM Originations
During its last fiscal year, endorsements of reverse mortgages by the Federal Housing Administration jumped by a quarter.

Bank Retakes Lead in Reverse Production
A monthly tally of reverse mortgage originations by lender indicates that the top spot has changed hands again. But the biggest wholesale lender in the reverse mortgage arena maintained its title.

Reverse Requirements Revised
Proposed reverse mortgage requirements at financial institutions wouldn't apply to proprietary products. Reverse program updates were announced for Federal Housing Administration loans and for servicers of Federal National Mortgage Association loans, while a trade group hosted an online event about reverse mortgage advertising.

Reverse Mortgage Help
The latest version of one loan origination system helps reverse mortgage originators meet new disclosure requirements, while setup fees are being waived by a provider of reverse mortgage Web sites. The biggest revers

Reverse Lenders Launch
Two reverse mortgage operations recently launched, with one promoting itself through a new retail Web site and the other staffing up with managers and originators. Two other reverse firms, including a top-10 lender, have been touting their credentials.

3 Face Sentences for Mortgage Crimes
A former mortgage broker who stole more than $100,000 from a reverse mortgage borrower has been sentenced to six years in prison despite showing up at his sentencing with a $50,000 check for his victim. In another case, a Texas woman was sentenced for cleverly diverting proceeds from loan closings to her personal accounts. A third case has a former bank executive admitting that he cooked the books and facing sentencing along with two other related defendants who are accused of mortgage fraud.

Recent mortgage-related criminal legal actions

FHA Volume Higher But Headed Lower
Originators reversed a four-month losing streak and pushed government originations higher. But if new applications are any indication -- this month's volume is headed for a tumble. The decline in new applications, which came despite an increase in reverse mortgage applications, was driven by a steep drop in refinance activity. Meanwhile, serious delinquency got more serious.

FHA News | Government Resources | Mortgagee Letters
FHA, VA and HECM mortgage news. HUD and Ginnie news also. Originations, servicing and FHA approval.

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.

HECM Loan Limit


HECM Volume Statistics


Q1 2009 reverse mortgage lawsuits


FHA News | Government Resources | Mortgagee Letters
FHA, VA and HECM mortgage news. HUD and Ginnie news also. Originations, servicing and FHA approval.


Reverse Mortgage Lenders