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Community Commentary provides analysis and perspective on events affecting the mortgage and housing industry from members of our community that work in the marketplace on a daily basis.

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The Implications of SAFE Act Fingerprinting

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by Brett on January 25 2011, 10:57 AM

The Bill of Rights within the Constitution of the United States is a precious thing to Americans who value freedom. It serves to protect us from what our founders recognized as the inherent potential for abuse found in all forms of government. Since the...
The Fatal Flaw in HAMP: Lack of Servicer Oversight

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by Steven Gillan on December 10 2010, 2:13 PM

Twenty months into HAMP, many troubles still exist and the program seems to have run out of steam.This is evident from all the processing problems we see and hear about on a daily basis. From lost documents, improper calculation of income, poor knowledge...
Redefining Sustainable Homeownership: Lessons Learned from the VA

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by Chris Birk on October 22 2010, 10:42 AM

A long, hard look at the continuing stability of the VA Loan Guaranty program should be requisite for those helping to reshape and redefine sustainable homeownership in America....
How Do Reverse Mortgages Compare to Conventional Mortgages?

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by Beth Paterson on September 27 2010, 12:02 AM

A Reverse Mortgage is similar to a conventional mortgage because it is a lien against the property and the title remains in the name of the borrower. As with the conventional mortgage, the borrower is responsible for maintaining the property and paying...
Borrower Feedback: The Bank Won't Help Me Keep My Home!

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by Jeff nelson-bungert on September 15 2010, 11:08 AM

My sister-in-law said the problem was that I was thinking like a borrower instead of a lender. I told her I would stop thinking like a borrower if the bank started thinking like an institution that is getting government money to help people avoid foreclosure...
HECM Saver: Enough To Save the Reverse Mortgage Industry From Imploding?

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by Dennis Haber on September 13 2010, 2:39 PM

While the HECM reverse mortgage industry is banking on the HECM saver, a reverse mortgage program with lower costs and less benefits, some wonder whether this is a case of "too little too late"....
Are HECM Regulators Acting Unethically Toward the Reverse Mortgage Program?

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by Dennis Haber on July 29 2010, 12:06 PM

I recently spoke on two interesting panels at the American Conference Institute’s two day symposium on Reverse Mortgages. The conference attracted a virtual who’s who in the mortgage and reverse mortgage industry. The speakers and the attendees formed...
Tax and Insurance Responsibilities of a Reverse Mortgage Borrower

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by Beth Paterson on June 28 2010, 1:01 PM

The issue that has caused the biggest problem for reverse mortgage lenders: when borrowers don't pay their the property taxes and hazard insurance. Even though there are a large number of borrowers who fall into this area, to date there have been...
Understanding Reverse Mortgage Closing Costs

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by Beth Paterson on May 24 2010, 11:54 PM

As with a conventional mortgage, there are costs associated with a reverse mortgage. While perceived as high, once understood you’ll see the reverse mortgage costs are comparable to a conventional loan. Most people don’t understand the fees, what they...
USDA Rural Housing Update: Fundings Dry Up Across the Country

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by John Rodgers on May 20 2010, 3:34 PM

USDA Section 502 Single Family Housing Guaranteed Loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including...
Misguided "High Cost" Rules Limit Access to Affordable Housing Funds

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by John Rodgers on May 13 2010, 3:08 PM

This week USDA announced that lenders could continue to fund loans despite a budget shortfall that had threatened to put an early end to 2010 USDA loans. As opposed to being the actual “lender,” the USDA “guarantees” loans by charging borrowers an upfront...
Fixing the Housing Market: Subsidize Responsible Homeowners

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by Amy Tierce on April 29 2010, 3:38 PM

We are dumping millions of dollars to support people who are in trouble on their mortgages, in many cases these are people who over stretched to begin with and really can’t be helped because they never qualified for their mortgage obligations. But what...
Fixing The Housing Market: A Foreclosure Prevention Alternative

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by Frank Ceizyk on April 19 2010, 6:32 PM

Jonathan Spurr, a like-minded colleague of mine and a wholesale account rep for 18 years came up with this idea which we just pitched to the Arizona Department of Housing . This could be a model for all us to help our individual states reduce the likelihood...
Does Elimination of the Origination Fee Benefit The Reverse Mortgage Industry?

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by Beth Paterson on April 13 2010, 11:02 AM

Recently lenders have been offering an option of ‘no origination fee’ on the HECM fixed rate reverse mortgage program. This sounds good on the surface but let’s look at the real implications....
Is Equity Required to Qualify For A Reverse Mortgage?

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by Beth Paterson on April 08 2010, 2:47 PM

It is a common belief that one must have a lot of equity in their home to qualify for a reverse mortgage. In reality, a reverse mortgage can be done if there are enough proceeds from the reverse mortgage to pay off any current liens. Even if there aren...

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