By joining REMALO™, you have the ability to dramatically impact your Reverse Mortgage business....

• Your REMALO™ Membership gives you your own personal Membership access.

• By joining REMALO™ you get resources and information exclusively for Reverse Mortgage Loan Officers - Branch Managers - Brokers - Correspondents

• REMALO™ is your place to find answers to your questions.

• Join in the REMALO™ discussion forum with loan officers throughout the world to exchange ideas and express constructive opinions. Get daily information posted on our informative Blogcast.

At REMALO™ we know serving the Senior Market is challenging, changing and exciting. Seniors need education and guidance that can only be provided by reverse mortgage loan professionals who have access to the right information.

Your REMALO™ membership gives you the ability to provide everything your Seniors deserve.

 

HUD Develops HECM Q&A Page HUD has initiated a new Q & A Portion in their web site to answer questions. The most recent deals with clarification of HECM purchases, Mortgage Limits and Origination. Also, included is a link to all the most recent mortgage letters. . . . keep reading 2009 FHA Maximum Mortgage Limits Home Equity Conversion Mortgages: Under the authority contained in HERA, the national mortgage limit for all Home Equity Conversion Mortgages (HECMs) insured under Section 255 of the National Housing Act, will be set in conformance with Section 305(a)(2) of the Federal Housing Loan Corporation Act (12 U.S.C. 1454(a)(2)). For all HECMs insured on or after November 6, 2008, the national mortgage dollar amount limit will be the national conforming limit for Freddie Mac of $417,000. . . . keep reading HUD Issues Two New Mortagee Letters HUD has issued two new mortgagee letters, explaining the maximum loan limits and new HECM origination fee limits. . . . keep reading HECM for Purchases Mortgagee Letter Announced by HUD 08-33 Today HUD published Mortgagee Letter 08-33 which establishes the HECM for purchase program. FHA insured HECMs can now be used to purchase a principle residence (1- to 4-family dwelling unit) with the loan proceeds as long as the FHA case number is assigned on or after January 1, 2009. . . . keep reading New Loan Limits Some Lenders Are Taking New Applications, Reflecting New Loan Limits . . . keep reading 2008- A 4.3% Increase for Reverse Mortgages Interestingly enough the number of reverse mortgage program actually grew in the middle of the worst mortgage meltdown seen in decades. . . . keep reading HECM limits go to $417,000 Target date of 11/01/08. Brian Montgomery, FHA Commissioner, just announced the new HECM loan limit would be $417,000.00 across the board target date 11/01/2008. . . . keep reading Prohibition on Mortgagee Funded Home Equity Conversion Mortgage (HECM) Counseling Prohibition on Mortgagee Funded Home Equity Conversion Mortgage (HECM) Counseling . . . keep reading Are You Getting New Business from Old Business? Can you believe nearly 50% of your clients will offer referrals if you would only ask. But . . . keep reading A $700 Billion Bailout is Urged By the President! The Bush administration Saturday sent Congress a $700 billion plan to purchase bad mortgage debt from financial institutions in a bid to confront the worst U.S. financial crisis since the Great Depression.... . . . keep reading Are you able to make sense of the Financial Crisis? With uncertainty is fear. Obviously, the lack of understanding and the unknown it brings is reason for trepedation. So what really has happened to cause the shakeup in the financial world? . . . keep reading HUD Issues Mortgagee Letter 2008-24 Defining Requirements on Mortgage Originators.... Important notification: HUD issued MORTGAGEE LETTER, 2008-24, which establishes requirements on mortgage originators. . . . keep reading Top Seven Mistakes Seniors Make When Considering Their Finances! Do you know the Seven Mistakes Seniors Make when they are considering their finances. Use these to incorporates these mistakes in your senior marekting strategies. . . . keep reading Can you really make money in the Reverse Mortgage space? Do you know if your market is large enough to give you the income you need to maintain a viable livelihood for your family and your future business. . . . keep reading Important Counseling note from HUD A few days ago, HUD released the following information via email: "The purpose of this email is to provide clarification on HUD policy as it relates to HECM fees. The Housing and Economic Recovery Act of 2008 (H.R. 3321) was enacted into law on July 30, 2008. The new legislation prohibits lenders from paying either directly or indirectly for HECM counseling. This new policy is effective October 1, 2008. . . . keep reading Big Takeover The US government established a conservatorship last week for mortgage giants Fannie Mae and Freddie Mac, i.e., the control and oversight of both companies is now the responsibility of the government for an unlimited period of time. . . . keep reading Fannie and Freddie Seized by US Government WASHINGTON - The U.S. government on Sunday seized control of mortgage finance companies Fannie Mae and Freddie Mac in an aggressive move to help the distressed U.S. housing market and economy. . . . keep reading New FHA Final Rule Posted New FHA Final Rule Published: SPAN st . . . keep reading Unintended Consequences HR3221, Housing and Reform Act legislated on July 30, 2008 has some great changes and improvements to assist and help our seniors 62 and over. Yet, there are some unintended consequences in the new legislation . . . keep reading Feeling the Pinch Survey finds that retirement funds are being tapped by seniors, to help make ends meet. The cost of medicine, food and energy are all increasing and adding to seniors worries. . . . keep reading More