Disqus - Latest Comments for jamesanelson

Re: Why America’s Grandmas need Obama’s Voice Now | Reverse Review -leading source for mortgage news,articles,advice and information.

jamesanelson — Wed, 09 Jun 2010 20:13:52 -0000

It is absolutely amazing to me how smart people can act so stupidly. The Obama Administration has had much to contend with since taking Office, most of which not of their making. To lose sight of the fact that Seniors vote with greater regularity than other segments of the Citizenery and have (most of us) long memories is a serious error. Maintaining a financially healthy FHA HECM program should be a no-brainer; keeping
capable Seniors in their own homes while using their own equity to help pay their bills and put food on the table just makes great sense for the US Taxpayer as well as deserving Seniors.

Re: The Underage Spouse in Reverse Mortgage Situations | Reverse Review -leading source for mortgage news,articles, stats, advice and information.

jamesanelson — Thu, 27 May 2010 00:55:39 -0000

Mr. Veale: It's good to cross your illustrious path again: However, I would rather substitute a new word "all" for your word "many". Would it be, Sir, that Life were perfect. At my age, if I have learned anything, it's that it never is.

Re: The Underage Spouse in Reverse Mortgage Situations | Reverse Review -leading source for mortgage news,articles, stats, advice and information.

jamesanelson — Thu, 27 May 2010 00:55:18 -0000

Re: The Underage Spouse in Reverse Mortgage Situations | Reverse Review -leading source for mortgage news,articles, stats, advice and information.

jamesanelson — Wed, 26 May 2010 15:58:49 -0000

As long as a Loan Originator believes in full disclosure, this is a simple decision which the Homeowners/borrowers ultimately have to make. It all revolves around how badly one either needs funds or wishes to stop a house payment. Because I "robbed the cradle" (my Wife is eight years younger),
with our debt and Home Value, the FHA HECM formula wouldn't work with my Wife's name on the title. Because I have $350,000 worth of life insurance, I told my wife she could, upon my death, use the Insurance proceeds to pay down the mortgage debt and, then, get an FHA HECM in her own name. A simple will takes care of who inherits my estate as well as Washington State Law. Currently, I am working with a couple who for financial reasons desperately need an FHA HECM: The Wife is only 48 years old, making the decision a no-brainer. What's difficult is when the Wife is 55 to 61 with no insurance on the older Partner and the financial need just as great. Younger partners just have to understand other financing will be necessary, if they don't qualify for an FHA HECM at the older partner's demise.

Re: A Response to McCaskill's Amendment by Reverse Mortgage Veteran, John Smaldone | Reverse Review -leading source for mortgage news,articles, stats, advice and information.

jamesanelson — Thu, 20 May 2010 11:45:16 -0000

Mr. Smaldone: Did you really mean to say to Mr. Silverberg that "a loan officer should be able to make $10,000 offour Seniors?" I cannot believe you really believe or meant to make that statement. The next sentence contains the word "breads" when I suspect you actually meant "breeds." Please clarify.

Re: A Response to McCaskill's Amendment by Reverse Mortgage Veteran, John Smaldone | Reverse Review -leading source for mortgage news,articles, stats, advice and information.

jamesanelson — Wed, 19 May 2010 18:33:14 -0000

Mr. Smaldone: I am curious if the FHA HECM Industry Lender Lobby Group, NRMLA and its much heralded Leader Mr. Peter Bell, have met or attempted to meet with the good Senator Clair McCaskill to contribute to a better understanding of the FHA HECM Industry and the important role we play with Seniors? I suspect you enjoy a good income in this Industry and live a rather short Airline trip to Washington, D.C. (or the State of Missouri for that matter): Have you attempted to meet (or have you met) with Senator McCaskill? I have always been very impressed with your FHA HECM knowledge and overall erudition. I would think you could share
your wisdom and Industry experience with the Honorable Lady in a way that would help us all. Also, unlike those unbelieveable U.S. Presidential Cabinet Officers who criticize the State of Arizona Immigration law without actually having read it, I would like to read what Senator Clair McCaskill's
Bill actually states: Do you know where one can read what She is proposing?

Re: Spring Sale in Reverse Country | The Reverse Review

jamesanelson — Thu, 29 Apr 2010 09:46:43 -0000

Mr. Grant: Yours is a very interesting and valid comment. I've been
been absolutely appaled at how much money is made off Seniors by Mortgage Brokers and Loan Originators (and Banks) for so little work with the FHA HECM program. Origination Fees ARE TOO HIGH for the amount of time one expends to generate the money; however, you seem to want to single out the
Loan Officer--how about the Mortgage Brokerage Owner who, in large part, sits on his butt living off the 30 to 50% override from the production of five to ten Loan Originators? As far as the back end money, it is my understanding that this money is coming from other sources than just
increasing the interest rate (In fact in some instances, the Lender has reduced the interest rate from the standard fixed rate of 5.56%. ) Furthermore, I only use the FHA HECM program when the Senior Client (s) determines the best plan for their financial situation is to borrow as much as the formula will allow for their age, home value and debt. My job, I believe, is to disclose all options including Snoopy Dog's no origination fee program (Oh,-- in my opinion-- if it didn't take soooooo long to process a loan through them: What a GREAT Company.) As far as letting the Industry mail Applications all over the Country for the Senior to sign on his own and mail it back to the Company, I think that is a travesty--unless the Senior is given a HUGE reduction in fees for doing HIS OWN work. Talk about the need for a PUBLIC OPTION--HUD ought to think about that one. I truly believe face to face interviews are the ONLY way to go.

Re: Spring Sale in Reverse Country | The Reverse Review

jamesanelson — Wed, 28 Apr 2010 13:38:07 -0000

This is a boon for Seniors, forever how long the reduction in fees last.
The challenge for Loan Originators is to forthrightly disclose to Clients
the choices. I am in the process of an FHA HECM where the loan product or Lender was changed three times within three days. My processor was very upset with me but I told her to think first of the Client and she would survive
the extra work. First, the Processor selected Financial Freedom; then, I asked her to change FF"s Product when FF reduced their interest from 5.56% to 5.39%; whereupon, Bank Of America announced a 1% reduction in the MIP so once again we changed to a new Lender as well as product. Ultimate savings to the Client: Amost $9,000 in upfront fees. Whether one's state requires that a Loan Officer have a fiduciary responsibility or not, I believe it is ethically the only way to function. (Interestingly enough in the State Of Washington according to a Lawyer at the Department Of Financial Institutions, A Loan Originator has a fiduciary responsibility to Clients if their Company is licensed under the Mortgage Broker Laws but not if their Company is licensed under the Consumer Lending Act. How about those Horseapples!

Re: MetLife Bank Unveils New Reverse Mortgage Pricing Option that Allows Seniors Ability to Unlock More Equity at a Lower Cost

jamesanelson — Sun, 28 Mar 2010 17:36:02 -0000

Mr. Wolf: In my opinion, For most Seniors, Origination Fees in the FHA HECM Industry have been too high, especially when one considers that Origination Fee funds are generated many times from a Senior's last or foremost asset. (While I believe one should be adquately paid for his efforts in behalf of others, this is one Profession where concern for your Client's well being is and always should be the motivating factor; and sometimes, just the satisfaction of knowing another Human Being has been genuinely helped in a trying time of their need is compensation enough. And yes, there have been times when I took a reduced or zero fee to make the FHA HECM formula work for a particular Senior's age, Home Value and Debt. (I have no doubt most LOs in the Industry can claim the same.) I suspect many Broker or Branch Managers will bemoan the loss of Origination Fees because this is how most Loan Originators are paid: 20,30,40, 50, 60, 70, or in my case, 80 per cent with the remainder going to the Branch Office; however, not once in three years of working in this Industry have I ever received one cent of the so called "back end" or YSP. I suspect this money will now have to be shared with LOs. Also, perhaps this action may now lead to LOs being paid totally by salary which I feel would be a good thing for the Industry and its Senior Clients, reducing the sales pressure which sometimes occurs when a Loan Originator himself is in need of money for living expenses. Frankly, I feel, and always have, that if money is your primary reason for working with Seniors, one is in the wrong business. If one wishes to make big money in the Real Estate Mortgage Business, best stick with Conventional Mortgages.

Re: MetLife Bank Unveils New Reverse Mortgage Pricing Option that Allows Seniors Ability to Unlock More Equity at a Lower Cost

jamesanelson — Sat, 27 Mar 2010 09:58:59 -0000

Actually, this news is absolutely outstanding for Senior Clients and the reverse mortgage industry. Any step the Industry can take to put more money in the pockets of Seniors during the last years of their life should be appluded, not critcized. I'm certain if Loan Originators are important to the process, a way will be created to adequately compensate them for their efforts. I'm just sorry I could not have offered these benefits to my previous Clients.