Disqus - Latest Comments for reversemaniac

Re: Dave Cesario — You Will Be Missed

reversemaniac — Fri, 26 Sep 2014 08:18:33 -0000

David was one of the finest gentleman I have met in this industry. He was a big man, with a big smile, and and even bigger heart. He loved working with seniors and was respected as one that would always treat the borrower like his own grandmother. I am saddened by his passing, but I am so grateful for all he did for the reverse mortgage market.

Re: Nationstar Q2 Earnings Soar on Servicing and Originations Channels

reversemaniac — Thu, 07 Aug 2014 08:31:27 -0000

Interesting that there was no mention of their reverse mortgage division.

Re: AAG Targets New Audience in Latest Reverse Mortgage Ad Rollout

reversemaniac — Fri, 16 May 2014 08:19:06 -0000

I think this new approach is brilliant!

Re: Live Well Financial Introduces New Fixed Advantage Reverse Mortgage

reversemaniac — Fri, 20 Dec 2013 12:00:33 -0000

It is my understanding that RMF worked closely with HUD and the end result is the HECM Choice does not allow the borrower to take all remaining loan proceeds on day 366. They must sign up for term or tenure payments. The HECM Choice, therefore, fulfills HUD's desire to not have borrowers drain all the money available to them, which as we know, was responsible for a huge increase in T&I defaults.

I am concerned that the the product created by Live Well will be viewed as nothing but a "loophole" to the recent changes HUD implemented. HUD has been very clear on the intent of the program changes and that is to not allow the borrowers to take all the funds available. Having the borrowers automatically receive all remaining funds on day 366 will likely draw a very negative response from HUD, as well as other industry participants.

Re: Senate Passes Reverse Mortgage Bill, Grants HUD Authority for Program Change

reversemaniac — Wed, 31 Jul 2013 07:43:19 -0000

Kudos to NMLA staff and its legislative team.! We can finally exhale.

Re: AARP Blog: Reverse Mortgage Changes Now An Emergency Response?

reversemaniac — Fri, 26 Apr 2013 06:12:14 -0000

Why is the AARP so hell bent on being overly critical of a program that could help so many of their members?

Re: New Micro-Loan Launches as Reverse Mortgage Foreclosure Rescue

reversemaniac — Mon, 17 Dec 2012 10:25:24 -0000

Hmmmm, if the borrowers are unable to pay their taxes, why would you think they can repay a loan?

Re: Generation Mortgage Applauds New CFPB Mortgage Servicing Proposals

reversemaniac — Wed, 22 Aug 2012 16:20:22 -0000

So let me get this straight, Jeff sends out a press release stating his support for the "forward" servicing practices proposed by the CFPB, and he is doing this why? Other than seeing his name in print, and making a comment that he welcomes the CFPB intrusion in our collective lives, I see no valid reason for the press release.

Maybe its just me and I am having a bad day...

Re: AARP Launches New Program to Help Keep Seniors at Home

reversemaniac — Fri, 27 Jul 2012 07:50:10 -0000

AARP could far better serve seniors if they provided grants to destitute borrowers who are willing but unable to pay thier taxes or homeowners insurance.

Re: CFPB says Reverse Mortgages Confuse Seniors, But Fails to Talk to Borrowers

reversemaniac — Mon, 09 Jul 2012 07:06:23 -0000

I found the research on facts in the report rather extensive, but at the same time, many of the references were rather dated. Surveys done prior to the housing and financial meltdown have little significance in drawing conclusions in today's world.

What I find deeply disturbing is the CFPB represented opinions, feelings, and beliefs as facts and these comments are now the fodder for countless negative articles on our industry.

The CFPB should issue a clarification immediately, as well as an apology for misrepresenting the truth.

Re: Consumers Union Calls on CFPB for Stricter Reverse Mortgage Protections

reversemaniac — Mon, 25 Jun 2012 15:57:00 -0000

This Norma Garcia is quite concerning because she is the absolute worst possible commentator on the state of our industry. She is misinformed and yet, her voice carries a lot of weight.

She should be ashamed for ignoring all the good that reverse mortgages have done for our seniors but instead, her organization is demanding even more regulations that would only result in less seniors having access to the equity in their homes.

If she was allowed to be honest and candid about her feelings about us, rather than listing her additional "protections", she probably would have said. "I want to destroy the reverse mortgage industry".

I sure hope this

Re: Cantor Fitzgerald Presents Reverse Mortgage “Mythbuster”

reversemaniac — Wed, 16 May 2012 10:10:13 -0000

Thank you Liz!

Re: Cantor Fitzgerald Presents Reverse Mortgage “Mythbuster”

reversemaniac — Tue, 15 May 2012 19:16:47 -0000

"What does this mean for investors?"

Sorry, but what does this mean for us poor "Wall Street illiterates"?

Re: [Update] MetLife Shuts Down Reverse Mortgage Business

reversemaniac — Fri, 27 Apr 2012 07:50:10 -0000

If the origination channel, retail and wholesale, would have been included in the sale this would have been a good deal. Unfortunately, for about 500 MetLife employees, it did not happen. Even worse, it's one more prime time player that leaves a huge hole in not only the industry, but in NRMLA as well.

Re: Jeff Taylor: The Reverse Mortgage, From Pilot Program to Pioneer

reversemaniac — Mon, 05 Mar 2012 08:38:07 -0000

This industry has been blessed with Jeff Taylor and we should all appreciate the humble nature of this man, especially in light of the great things he has accomplished.

Thank you Jeff, for all that you have done, and all that you continue to do, for all of us in the reverse mortgage industry.

Re: CFPB Begins Mortgage Audits. What Can Lenders Expect?

reversemaniac — Tue, 07 Feb 2012 19:32:44 -0000

I pity the poor people who are the first ones to be audited. We were one of the first companies audited by HUD and it was stunning to see how little the auditors knew about reverse mortgages.

Thank goodness we were not one of the first selected by the damnable CFPB. They are gunning us for us, folks, so all y'all better be prepared.

Re: Reverse Mortgage Industry Poised for New Product in 2012?

reversemaniac — Tue, 10 Jan 2012 09:06:47 -0000

I don't understand why every time there is talk of a non-HECM product, it moves toward "jumbo". While I think that would be terrific for our industry, I think it would be far, far better if someone came up with a standard non-HECM, privately insured, reverse mortgage.

What keeps me up at night is what will the "new" HUD do with the HECM, and what will the CFPB do with the HECM? Every year we wonder if MIP is going up, or will principal limits be reduced, or if the HECM cap will be eliminated. Even further, what will GNMA do, or how will we resolve the loan sale with the HMBS program?

Our entire world is controlled by the Federal government and until we figure out anyway to move away from them being in that position, we will forever be this small niche market hoping upon hope that the Feds won't pull the rug out from under us.

Re: Urban Hires Former Generation Exec to Run Wholesale and Retail

reversemaniac — Fri, 06 Jan 2012 22:47:21 -0000

Interesting in that Urban has picked off two Generation Mortgage executives in the last few weeks. What's up with Generation losing all this talent?

Re: After Big Bank Exits, Urban Steps in to Fill Void With New Executive Leadership

reversemaniac — Wed, 04 Jan 2012 22:05:48 -0000

Bryan Hendershot, Jason Levy, and David Fontanilla, that's a lot of talent leaving the industry!

Re: Reverse Mortgage Leads Provider Sees Opportunity in Financial Assessment

reversemaniac — Wed, 21 Dec 2011 16:10:59 -0000

More defaults will lead to foreclosures, which will inevitably lead to some seniors being displaced from their homes. Do you think HUD wants to be involved with a program that could negatively impact seniors?

Re: Reverse Mortgage Leads Provider Sees Opportunity in Financial Assessment

reversemaniac — Wed, 21 Dec 2011 06:59:14 -0000

The business model of this company is quite disturbing.

Regardless of what you think, MetLife has taken a proactive approach to help reduce the sheer volume of tax and/or insurance defaults. If this industry fails to deal with this critical issue, HUD will run from this program like a rabbit being chased by a dog.

So now we have a company that is actively promoting that they will find leads of those seniors that would not qualify under a prudent lending standard. This company is doing nothing other turning a blind eye to an industry-wide problem, and in effect helping seniors get a reverse mortgage that will eventually go into default.

Personally, I hope this "new offering" fails miserably.

Re: EquiPoint to Wind Down Reverse Mortgage Business

reversemaniac — Wed, 21 Dec 2011 06:36:30 -0000

It has nothing to do with California Assemby Bill 793.

What it does "have to do with" is a company named LTC Global that came into this industry with naïveté and total ignorance about our industry. They bought two good, solid lenders in1st Mariner and Equipoint and because of LTC's total ineptness, destroyed jobs and opportunities for many people.

I have seen this before and unfortunately, it will happen again. Damn shame for all those people losing thier jobs.

Re: Barney Frank to Retire, Reverse Mortgage Industry Loses Supporter

reversemaniac — Tue, 29 Nov 2011 07:01:54 -0000

Any way you look at it, this is huge loss to our industry. Yes, Barney was irascible at times, but we could always count on him as the voice of reason when it came to our issues.

I heard that Maxine Waters will replace him as the Minority leader on the House Financial Services Committee and all I can say about that is, "God help us all!"

Re: MetLife Looks to Sell Forward Mortgage Business, Reverse Remains

reversemaniac — Thu, 13 Oct 2011 07:16:56 -0000

If anyone was wondering what the impact of Dodd-Frank, plus the OCC punishing big banks/servicers was going to be, need to look no further. Bank of America has been the poster boy of what this administration wants to accomplish, and consumers will suffer greatly from all this over-regulation.

I am not sure how many employees at MetLife will lose their jobs because of this recent decision, but it has to be in the thousands.

In the famous words of Rick Santelli, "Are you listening President Obama?"

Re: 101-Year-Old Former HECM Borrower Allowed To Return Home

reversemaniac — Fri, 16 Sep 2011 06:20:30 -0000

Mr. Sullivan, I am the one who is thunderstruck by your picking and choosing who you are going to help when us lenders have no such option. HUD has mandated that we work diligently to cure the default, and the current foreclosure moratorium aside, and if unable to do so, requires us to move to calling the loan due an payable which in many cases will result in foreclosure. We don't get to look at "extraordinary circumstances" and give passes because of someone's age, health, years lived in a home, or anything else for that matter. The regs are cut and dried and allow no room for compassion as Ms. Jolley has commended HUD for, although I believe they did it strictly because it was making headlines.

Mr. Sullivan and HUD owes us more than just passing this off as extraordinary yet at the same time, holding "our feet to the fire" and totally without the same opportunity to do the right thing.