Category Archives: RMG News

RMG NEWS : Origination Volume Up 25% in FY 2009

Volume of the FHA’s Home Equity Conversion Mortgage (HECM) grew to $30.2 billion in Fiscal Year 2009 according to budget documents released earlier this week. Despite only a slight increase in endorsed units, max claim volume grew 25% compared to … Continue reading

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RMG NEWS : The FHA Steps Up In Times Of Need

Every time the HUD makes a change or looks at its financial stability, the question arises: Should the government really be involved in homes and loans? Some members of Congress would like to see the FHA taken out of the HUD … Continue reading

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RMG NEWS : CCOA Announces Free HECM Counseling

Credit Counseling of Arkansas (CCOA) announced that it will be providing free reverse mortgage counseling to customers as of today. An $18,000 federal government grant from the U.S. Department of Housing and Urban Development (HUD) will allow CCOA to provide … Continue reading

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RMG NEWS : Reverse Mortgage Amendment Passes the House with Overwhelming Support

Financial Services Bill H.R. 4173 passed in the House of Representatives this afternoon by a vote of 223-202.  Included with it was the Reverse Mortgage Amendment proposed by Congresswoman Jan Schakowsky and Congresswoman Dina Titus.  The Amendment passed overwhelmingly by … Continue reading

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RMG NEWS : FHA Developing Mathematical Method to Determine Reverse Mortgage Eligibility

In the coming months the Federal Housing Administration will issue preliminary regulations that will be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage, according to Meg Burns, director of Single Family … Continue reading

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RMG NEWS : HUD Extends Higher Loan Limit for FHA Reverse Mortgage Program

The US Department of Housing and Urban Development (HUD) officially extended the loan limits for its FHA-insured reverse mortgage program with Mortgagee Letter 2009-50. The changes are effective immediately for loans closed on or after February 24, 2009. According to … Continue reading

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RMG NEWS : Reverse Mortgages Face The Music

In the last fiscal year, mortgage lenders funded 114,692 reverse mortgages under the FHA’s HECM program. Five years ago just 43,000 of reverse mortgage loans were written. Until a year ago, the reverse mortgage niche looked like a safe bet … Continue reading

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RMG NEWS : Fannie Mae Pricing Brings a More Diverse Investor Base

The secondary market for reverse mortgages is welcoming the expansion of adjustable rate securitizations through Ginnie Mae’s HMBS (HECM MBS) program. Leading the way for its sheer size is Bank of America – producing $200 million to $300 million a month … Continue reading

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