Disqus - Latest Comments for rainmand

Re: Beware the Appraisal: They Can Delay Sales

Raymond — Thu, 10 Dec 2020 13:08:58 -0000

The seller could request another appraisal, but that isn’t a guarantee of a higher price.

Only with Conforming appraisals - not FHA or VA

Re: In his final days, Vietnam War medic finds home for his memories at Westminster museum

Raymond — Thu, 20 Aug 2020 16:32:54 -0000

He wasn't a Medic, he was a Corpsman - and his Marine family called him Doc, or by his first name. Soldiers and Airmen are Medics - but not not Sailors.

in Vietnam, the other side got smart and started calling "Doc - help" on the battlefield, resulting in a unnecessary loss of Corpsmen lives. That's why all Corpsman tell their Marine Brothers NEVER call for Doc, always call for me by my first name.

It's a sensitive subject for Sailors with the Hospital Corpsman Rating.

Re: Restoration of Entitlement: How to Reuse Your VA Loan Benefit in Full

Raymond — Fri, 17 Apr 2020 17:36:34 -0000

I'm not understanding what you said, Chris. Are you saying the property is always a VA-backed property, once its had a VA mortgage against it? I'm thinking refinancing it with a Conventional mortgage would release VA's involvement with the property ... that it would no longer be VA-backed, because the Lien would be released via the refinance. Is my understanding incorrect? I researched this subject, and can't find the answer.

Re: Wait! That’s My Listing Photo!

Raymond — Thu, 19 Sep 2019 21:56:37 -0000

Too lengthy? Really? I agree it's an informative article, and the few minutes it took me to read it was a worthwhile use of my time.

Re: AAG Adds VA Loans to Retirement Product Offerings

Raymond — Wed, 14 Nov 2018 15:47:10 -0000

Yep

Re: HECM Originators Get Creative to Solve Short-to-Close Issues

Raymond — Mon, 22 Oct 2018 16:25:22 -0000

I've had lots of short to close files, and Underwriting has always requested the previous 3 months - the Borrower can't borrow the funds, but that doesn't mean the funds gifted to them can't be borrowed.

Re: Startup ‘Figure’ Brings Online Home Equity-Tapping Alternative to Market

Raymond — Thu, 11 Oct 2018 12:40:25 -0000

Personally, I appreciate RMD reviewing alternatives to Reverse. I like knowing other methods of "addressing home equity", so I can assist Homeowners as they exercise their due diligence, looking for the solution that fits their situation best. Please "stay the course" RMD.

Re: FHA to Require Second Reverse Mortgage Appraisals Beginning October 1

Raymond — Thu, 04 Oct 2018 16:22:44 -0000

That's what I said - if a second appraisal is required, it can be paid as a Mandatory Obligation.

Re: One Year Later, Reverse Mortgage Leaders Reflect on the October 2017 Changes

Raymond — Wed, 03 Oct 2018 12:07:28 -0000

Not yet, but I will be shortly.

Re: One Year Later, Reverse Mortgage Leaders Reflect on the October 2017 Changes

Raymond — Sun, 30 Sep 2018 17:15:07 -0000

>> I have developed a “blue ocean” business model and launched it in April of this year in order to keep my mortgage company profitable and growing.

Now you've got us curious, Michael ... how does that model work?

Re: FHA to Require Second Reverse Mortgage Appraisals Beginning October 1

Raymond — Fri, 28 Sep 2018 15:21:57 -0000

The Borrower - it can be paid for from the proceeds, so looks like HUD is classifying it as a Mandatory Obligation.

If the second appraisal comes in lower then the first ... be prepared for some extremely upset Homeowners.

Re: Silvernest Targets Senior Home-Sharing Market with $3M Cash Influx

Raymond — Mon, 17 Sep 2018 17:24:01 -0000

I like the idea a lot. I've met a lot of Older American's that could benefit from a house mate, and have suggested it several times. But, even with 2 or 3 spare bedrooms, once you get used to living with yourself, somebody else sharing your house with you is usually a last resort thought.

Re: Teaching Real Estate Agents to Spread the Word on HECM for Purchase

Raymond — Mon, 17 Sep 2018 14:27:16 -0000

>>I would rate my own success in the Purchase Reverse Mortgage arena somewhere between pitiful and pathetic… truly!

Me too, Michael. I've been emphasizing h4p for over 5 years ... "somewhere between pitiful and pathetic" is how I'd rate my success too.

Re: Teaching Real Estate Agents to Spread the Word on HECM for Purchase

Raymond — Wed, 05 Sep 2018 12:41:50 -0000

H4P is embarrassing to present anymore. I used to be able to say "with only 40% down, you can buy a home and not have a monthly mortgage payment obligation". That was a good deal - the program was appealing to many. Then the rules changed, and 40% became 50% ... then the rules changed again, and 50% became 60%. Couple that with 25k in fees - it's embarrassing. And if the rules change next month, and the PLF is reduced again ...

Re: ReverseVision Folds Proprietary Reverse Mortgages into Origination Software

Raymond — Fri, 31 Aug 2018 11:55:28 -0000

It'd be wonderful if I could use RV to originate RMF's Equity Edge program ... learning Tango again is frustrating.

Re: Why Reverse Mortgage Lenders Should Pay Attention to HUD’s Facebook Crackdown

Raymond — Fri, 24 Aug 2018 14:37:16 -0000

With that said, HUD should be cracking down on Zillow, Trulia, and Realtor dot com too. They sell leads to Realtors, based upon zip codes. And Google's paid-per-click model ... the bottom line is, they all work the same way as Facebook.

Re: Why Reverse Mortgage Lenders Should Pay Attention to HUD’s Facebook Crackdown

Raymond — Wed, 22 Aug 2018 17:35:55 -0000

>>as well as those who lived in certain ZIP codes

They're not blocking Consumers from other zip codes ... they're enabling Consumers in specific zip codes - the zip codes close to their place of business, so they can meet them at their kitchen table.

The glass is half full or half empty.

Re: Reverse Mortgage Originators Step Up for Borrowers Long After the Loans Close

Raymond — Fri, 17 Aug 2018 17:44:32 -0000

>>Sadly, many of the front-line servicer personnel with whom our borrowers speak are apparently ill-prepared to deal with seniors and as a result our borrowers leave those conversations more confused and frustrated than when they started and they turn to us for help.

That hasn't been my experience. Throughout the years, when I've had to contact the Servicer, the front line Representatives have been good to excellent.

Re: Expert Calls for Lower Costs on Reverse Mortgages Used in Retirement Plans

Raymond — Fri, 03 Aug 2018 22:14:17 -0000

It's been a while - thank you for correcting me

Re: Expert Calls for Lower Costs on Reverse Mortgages Used in Retirement Plans

Raymond — Fri, 03 Aug 2018 11:07:26 -0000

it was called the HECM Saver.

Re: Expert Calls for Lower Costs on Reverse Mortgages Used in Retirement Plans

Raymond — Wed, 01 Aug 2018 19:28:18 -0000

>>“HUD might be justified in imposing lower insurance premiums on such HECMs.”

Been there, done that ... Homeowners used to be able to get a standby credit line with a .05% upfront insurance premium.

It's ashame that same homeowner has to pay 2% now ... standby credit lines don't make sense anymore.

Re: Jumbo Reverse Mortgage Helps Couple Sidestep FHA Condo Hurdles in SF

Raymond — Wed, 25 Jul 2018 19:38:03 -0000

>>at a rate of 7% and with an origination fee of $17,000

The origination fee should have been $13,000 - 1% of the property's value when 7% is selected.

Re: Proprietary Reverse Mortgages Open Doors for New, Existing Borrowers

Raymond — Mon, 09 Jul 2018 17:53:30 -0000

>> the Jumbo loan also has some relaxed qualifying requirements

I don't know about that, John ... I can't think of any. And if the homeowner fails FA, the interest rate increases .25%

Re: New Trade Group Seeks to Educate Realtors on the HECM for Purchase Program

Raymond — Sat, 07 Jul 2018 16:00:34 -0000

For the past 5 years I've been working with Realtors specializing in 55+ communities. 70% of Older American's that are downsizing pay cash. That's a primary market for me, because I can show the leveraging aspect of the h4p. But for a Realtor, that means they need to present an offer with a Mortgage Contingency. And there isn't a DU or LP for me to use, to I have to wait until I receive a Conditional Approval from Underwriting, and that usually takes 25-30 days, so the Mortgage Contingency has to be written for 30 days, and the Purchase Agreement has to be 45 days. That's the only way to safely protect the Buyers good faith deposit.

As far as Realtors are concerned, an all cash offer is much easier, and take much less time - 14 days is common. They don't have to worry about a Mortgage, or the Appraisal process, and they're paid much quicker. Their risk is reduced significantly.

The only time a h4p makes sense, in their eyes, is when somebody wants to buy a 600k property, but only have enough cash for 360k. Have you tried to get an offer accepted with that Mortgage Contingency? It's still a Sellers market in my area, and has been for 3 years. I've heard some RMLO's tell Realtors the RPA needs to be written for 60 days ... good luck with that.

Want to get Realtors to accept h4p? Come up with a way to underwrite the file via software, like LP or DU. That'll reduce their risk, and make it easier to get a Purchase Agreement accepted.

Re: Editor’s Take: Reverse Mortgage Industry Can’t Bite the Helping Hands Reaching Out

Raymond — Thu, 21 Jun 2018 20:20:29 -0000

How long did it take you to write that, Alex? If you're like me, it'd take quite a while.