LOOK WHAT'S COMING!!!
Nebraska Governor Signs Reverse Mortgage Bill: "Nebraska Governor Signs Reverse Mortgage Bill"
Tuesday, March 9, 2010
Thursday, February 25, 2010
Clear tampering with an FHA appraisal by mortgageee UW
Prior to Underwriting Condition
U1 Appraiser to address the following:
a) appraiser to make report subject to any repairs necessary to bring it to minimum FHA standards, not based on a renovation. ( this
will reduce value & comps will not support value - please make sure to pull comps that will support the new value)
b) is city septic available to subject;
c) did appraiser notice any seepage around septic tank?
d) appraiser indicates subject is or has been on the market in the 12 months prior to the effective date of appraisal then contradicts
himself on the 'report data sources used.....". appraiser to address.
e) should comp 1 & 2 have an adjustment for 1/2 bath which is more than the subject has?;
f) does appraiser feel there should be an adjustment for the large difference in the age of the comps as compared to the subject ?;
g) appraiser to add case #492-8698636 to appraisal
U1 Appraiser to address the following:
a) appraiser to make report subject to any repairs necessary to bring it to minimum FHA standards, not based on a renovation. ( this
will reduce value & comps will not support value - please make sure to pull comps that will support the new value)
b) is city septic available to subject;
c) did appraiser notice any seepage around septic tank?
d) appraiser indicates subject is or has been on the market in the 12 months prior to the effective date of appraisal then contradicts
himself on the 'report data sources used.....". appraiser to address.
e) should comp 1 & 2 have an adjustment for 1/2 bath which is more than the subject has?;
f) does appraiser feel there should be an adjustment for the large difference in the age of the comps as compared to the subject ?;
g) appraiser to add case #492-8698636 to appraisal
Wednesday, February 10, 2010
Four Reverse Mortgage Companies Issued Cease and Desist Orders
Four Reverse Mortgage Companies Issued Cease and Desist Orders: "Four Reverse Mortgage Companies Issued Cease and Desist Orders"
Friday, February 5, 2010
Efforts to reform financial regulation have stalled, Dodd says - washingtonpost.com
Efforts to reform financial regulation have stalled, Dodd says - washingtonpost.com: "Efforts to reform financial regulation have stalled, Dodd says"
HECM Refinances Difficult in Current Economic Climate
HECM Refinances Difficult in Current Economic Climate: "While HECM refinances played a big role in reverse mortgage endorsement volume for FY 2009, Generation Mortgage Chairman Jeff Lewis notes that the current economic climate has stepped in to change that.
For a HECM refinance to be possible, either the value of the home has to rise or the person has to get a lot older. And even if the person might get more from being older, the house would still need to be at least back where it was when the reverse mortgage was taken out. “Given how difficult it is in this appraisal context, [it’s] hard to think of many cases when a refinance would be possible, “ said Lewis in a conversation with RMD."
For a HECM refinance to be possible, either the value of the home has to rise or the person has to get a lot older. And even if the person might get more from being older, the house would still need to be at least back where it was when the reverse mortgage was taken out. “Given how difficult it is in this appraisal context, [it’s] hard to think of many cases when a refinance would be possible, “ said Lewis in a conversation with RMD."
Thursday, February 4, 2010
Former GNMA CEO Says Enough With All the Negative Press Related to Reverse Mortgages Feb 03, 2010 01:14 pm | admin
We are all frustrated with the amount of negative press reverse mortgages receive and former Ginnie Mae CEO Joe Murin has joined the club. In his Voice of Housing column for Mortgage News Daily, Murin writes, “I have had about all I can stand with the negative press related to Reverse Lending.” Speaking for Baby Boomers ...
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