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Fannie Program Helps Disabled/Seniors’ Families Purchase Homes

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by Ted Rood on July 10 2015, 1:01 PM

One of the biggest challenges (and greatest opportunities) loan officers face today is the maze of constantly changing guidelines, programs, and policies. The rewards of these opportunities can be life changing though, and I was privileged to see that...
Do's and Don'ts for Prospective Home Buyers: Christmas Edition

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by Ted Rood on December 19 2014, 9:54 AM

Here's a special Christmas edition of Do's and Don'ts for prospective buyers or refinancing homeowners embarking on, or already engaged in the mortgage process. In case it needs to be said, the "Don'ts" are strictly for comedy (though many are based on...
How the Mortgage Industry Already Protects Consumers

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by Denny Ceizyk on May 01 2015, 1:37 PM

As the Consumer Finance Protection Bureau enters its second year as the oversight regulator for the mortgage industry, the bulk of media focus is on how difficult it is to get a loan now, and on reporting enforcement actions for business practices that...
Do's and Don'ts of the Mortgage Process: Christmas Edition

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by Ted Rood on December 24 2013, 2:38 PM

Here's a special Christmas installment of Do's and Don'ts for prospective buyers or refinancing homeowners embarking on, or already engaged in the mortgage process. In case it needs to be said, the "Don'ts" are strictly for comedy (though many are based...
Sometimes "No" Isn't The Final Answer When it Comes to Getting a Loan

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by Ted Rood on August 10 2016, 11:20 AM

The following is a true story (though the names have been changed to protect privacy) of how Carey and Jan bought their new home despite no down payment, and a 586 credit score, and an undisclosed old meth lab on the property. Jan sounded down when she...
Is The Reverse Mortgage Industry Strong Enough To Overcome Change?

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by Dennis Haber on April 01 2010, 8:57 PM

The reverse mortgage industry started out as a fulfiller of dreams to the greatest generation. For its first 17 years of existence, regulators outside of HUD, showed little interest in the burgeoning industry. However, it seemed that once we broke through...
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...
How Do Reverse Mortgages Compare to Conventional Mortgages?

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by Beth Paterson, CRMP 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...
Beginning the Housing Healing Process with HARP 2.0

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by Denny Ceizyk on March 20 2012, 12:36 PM

Dear Fellow Mortgage Industry Professionals, I know that the industry is in a fit over what to do with the HARP 2.0 program , but I would submit to you, that the findings I received today for my customers on the new LP Relief Refinance Program are the...
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...
More Lowlights than Highlights in HUD's Report to Congress

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by Ted Rood on November 20 2012, 1:23 AM

HUD's report on FHA's finances to Congress was a mere 64 pages. Here's the top (or bottom!) 10 summary for those who lack the time or motivation to peruse the entire report: FHA is losing money hand over fist. Despite increasing loan quality and mortgage...
Is Equity Required to Qualify For A Reverse Mortgage?

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by Beth Paterson, CRMP 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...
Housing is NOT a Lousy Investment: Part II

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by Denny Ceizyk on January 06 2010, 10:49 PM

Homeownership is more than down payment, interest rates, tax deductions, yearly appreciation, deferment of capital gains, asymmetrical liquidity and divisibility of assets. I was reminded of that when I received a Merry Christmas thank you call from...
Mortgage Industry Leads Accountability and Transparency Reform

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by Denny Ceizyk on November 20 2009, 5:12 PM

Transparency is the new buzz word in the financial world, especially in the mortgage industry. While government officials and financial pundits pay "TRANSPARENCY" plenty of lip service, those of us working on the front lines of origination live...
Impact of the Economic Crisis on the HECM Program

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by Jonathan Glowacki on January 08 2010, 1:47 PM

The U.S. Department of Housing and Urban Development (HUD) endorsed its first HECM loan in 1989 and has endorsed over 525,000 loans since, with about 400,000 of those endorsements occurring between 2004 and 2008. HECMs account for nearly 90% of the entire...

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