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Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

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Originally posted by StayInHomeGuy

quote:

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Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

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I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

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Originally posted by JINGLISH

The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee.

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Originally posted by StayInHomeGuy

quote:

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Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

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I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

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quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee.

quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

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I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

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you have NO IDEA what you are saying, please educate yourself before spouting off. here is your proof guy, get reading:

http://www.bestreversemortgage.com/reverse-mortgage/who-can-be-paid-for-originating-a-reverse-mortgage/

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quote:

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Originally posted by swtrnsassy1

Ok, The FHA approval is not an issue, so that put aside, what lenders are still doing reverse mortgages?

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quote:

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Originally posted by JINGLISH

quote:

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Originally posted by swtrnsassy1

Ok, The FHA approval is not an issue, so that put aside, what lenders are still doing reverse mortgages?

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Sorry, we sometimes get off topic on here!! We primarily use Financial Freedom. Give them a shot.

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quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

quote:

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Originally posted by swtrnsassy1

Ok, The FHA approval is not an issue, so that put aside, what lenders are still doing reverse mortgages?

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Sorry, we sometimes get off topic on here!! We primarily use Financial Freedom. Give them a shot.

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We primarily use about 5 different lenders, depending on the product and pricing....in no specific order, B of A, Wells, Financial Freedom, Everbank, LLS....California is not a problem

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quote:

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Originally posted by JINGLISH

quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee.

quote:

---

Originally posted by StayInHomeGuy

quote:

---

Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

---

I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

---

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you have NO IDEA what you are saying, please educate yourself before spouting off. here is your proof guy, get reading:

http://www.bestreversemortgage.com/reverse-mortgage/who-can-be-paid-for-originating-a-reverse-mortgage/

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I am very aware of this, however when you do all of the work and give someone money for "initial education that you can provide" you are basically giving them a referall fee. Who's name goes on the 1003 as the LO?? I bet it's yours and not the LO that's sending the loan to you.

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quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee.

quote:

---

Originally posted by StayInHomeGuy

quote:

---

Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

---

I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

---

---

you have NO IDEA what you are saying, please educate yourself before spouting off. here is your proof guy, get reading:

http://www.bestreversemortgage.com/reverse-mortgage/who-can-be-paid-for-originating-a-reverse-mortgage/

---

I am very aware of this, however when you do all of the work and give someone money for "initial education that you can provide" you are basically giving them a referall fee. Who's name goes on the 1003 as the LO?? I bet it's yours and not the LO that's sending the loan to you.

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This will be my last response to you on this subject, it has become obvious that you don't know what you are saying. but i'll remind you....you said this:


"The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee."

If you would have bothered to read the link I posted you would have seen all of the legalities involved. The fact is that the third-party (whether they are FHA approved or not) is required to do some work to earn a fee. That makes it more than a referral fee because they have to perform a service to earn it. Primarily that is the education part of the process. I said I could provide that because as a part of our advisor program I am REQUIRED to train/educate out third-parties on RM's. If you would like to know more about how it really works feel free to visit our company website and find the link to our advisor program...this is a contractual agreement therefore you don't have to worry about "hoping" to get paid...I don't know why you would ask who's name goes on the 1003 as the LO here...this further exhibits your lack of knowledge in this segment of the industry. We use a 1009 in Reverse Mortgages, but to answer your question the obvious answer would be my name since I am the loan officer and the third party is the advisor.

You say you are aware of this yet you demonstrate the complete opposite. PLEASE do all of us a favor here at the BO and get your facts straight before you muddy up the water.

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quote:

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Originally posted by JINGLISH

quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee.

quote:

---

Originally posted by StayInHomeGuy

quote:

---

Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

---

I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

---

---

you have NO IDEA what you are saying, please educate yourself before spouting off. here is your proof guy, get reading:

http://www.bestreversemortgage.com/reverse-mortgage/who-can-be-paid-for-originating-a-reverse-mortgage/

---

I am very aware of this, however when you do all of the work and give someone money for "initial education that you can provide" you are basically giving them a referall fee. Who's name goes on the 1003 as the LO?? I bet it's yours and not the LO that's sending the loan to you.

---

This will be my last response to you on this subject, it has become obvious that you don't know what you are saying. but i'll remind you....you said this:


"The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee."

If you would have bothered to read the link I posted you would have seen all of the legalities involved. The fact is that the third-party (whether they are FHA approved or not) is required to do some work to earn a fee. That makes it more than a referral fee because they have to perform a service to earn it. Primarily that is the education part of the process. I said I could provide that because as a part of our advisor program I am REQUIRED to train/educate out third-parties on RM's. If you would like to know more about how it really works feel free to visit our company website and find the link to our advisor program...this is a contractual agreement therefore you don't have to worry about "hoping" to get paid...I don't know why you would ask who's name goes on the 1003 as the LO here...this further exhibits your lack of knowledge in this segment of the industry. We use a 1009 in Reverse Mortgages, but to answer your question the obvious answer would be my name since I am the loan officer and the third party is the advisor.

You say you are aware of this yet you demonstrate the complete opposite. PLEASE do all of us a favor here at the BO and get your facts straight before you muddy up the water.

---

Listen, its great if you happen to be one of the few people that actually pay a fee to a third party but do you realize how many people on here say that **** and never follow through with it. Lot of shills on here trying to steal loans. As for the 1003/1009 Financial Freedom will take either to start processing the loan. I asked that question because I wanted you to state the fact that you become the LO and the originater now becomes a third party. You can call it what you want but you are giving them a fee for giving you a loan. If they are FHA licensed there is no need for you and they can keep all the money for themself!

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quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

quote:

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Originally posted by StayInHomeGuy

quote:

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Originally posted by JINGLISH

quote:

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Originally posted by StayInHomeGuy

quote:

---

Originally posted by JINGLISH

The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee.

quote:

---

Originally posted by StayInHomeGuy

quote:

---

Originally posted by swtrnsassy1

Who is doing reverse mortgages in California, and do we need special approval to handle that type of transaction on the broker side?

---

I am licensed there, also we have an adivosr program whereas you can be paid 25% origination for putting the loan through my company. All you would be resonsible for is the intial education, which we could provide. You need not be FHA approved and yes this is 100% LEGAL. Feel free to shoot me an email if you would like more info.

Rob

---

---

you have NO IDEA what you are saying, please educate yourself before spouting off. here is your proof guy, get reading:

http://www.bestreversemortgage.com/reverse-mortgage/who-can-be-paid-for-originating-a-reverse-mortgage/

---

I am very aware of this, however when you do all of the work and give someone money for "initial education that you can provide" you are basically giving them a referall fee. Who's name goes on the 1003 as the LO?? I bet it's yours and not the LO that's sending the loan to you.

---

This will be my last response to you on this subject, it has become obvious that you don't know what you are saying. but i'll remind you....you said this:


"The only way you don't have to be FHA approved is if your giving your loan away to someone else and hope they pay you a referral fee."

If you would have bothered to read the link I posted you would have seen all of the legalities involved. The fact is that the third-party (whether they are FHA approved or not) is required to do some work to earn a fee. That makes it more than a referral fee because they have to perform a service to earn it. Primarily that is the education part of the process. I said I could provide that because as a part of our advisor program I am REQUIRED to train/educate out third-parties on RM's. If you would like to know more about how it really works feel free to visit our company website and find the link to our advisor program...this is a contractual agreement therefore you don't have to worry about "hoping" to get paid...I don't know why you would ask who's name goes on the 1003 as the LO here...this further exhibits your lack of knowledge in this segment of the industry. We use a 1009 in Reverse Mortgages, but to answer your question the obvious answer would be my name since I am the loan officer and the third party is the advisor.

You say you are aware of this yet you demonstrate the complete opposite. PLEASE do all of us a favor here at the BO and get your facts straight before you muddy up the water.

---

Listen, its great if you happen to be one of the few people that actually pay a fee to a third party but do you realize how many people on here say that **** and never follow through with it. Lot of shills on here trying to steal loans. As for the 1003/1009 Financial Freedom will take either to start processing the loan. I asked that question because I wanted you to state the fact that you become the LO and the originater now becomes a third party. You can call it what you want but you are giving them a fee for giving you a loan. If they are FHA licensed there is no need for you and they can keep all the money for themself!

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I know I said I wouldn't reply, but with you I just can't resist. Our program is not designed to "steal" loans, it is designed to enable mortgage brokers and banks who are NOT set up to do Revrse Mortgage the opportunity to extened that service to their customers. period. A true professional would like the ability to service ALL of his/her customers neeeds. We are not "giving" them a fee for "giving" us a loan. They are being paid for performing a service which they are required to do. I wish you would have just read the link I sent so I wouldn't have to respond to this nonsense, you would already know these answers. Lastly, being licensed with the FHA does not mean you are set up to do reverse mortgages, that is merely one step in the process.

I'm sorry if anything I said came off as a personal attack, I just find it extremely frustrating when dealing with professionals who are either uneducated or misinformed....it just makes my job that much harder.

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quote:

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Originally posted by rainmand

>>in no specific order, B of A, Wells, Financial Freedom, Everbank, LLS

You can't use Wells on the wholesale side - they only offer the HECM Advisor program on the wholesale side. BofA and Countrywide only offer their Jumbo programs via their retail side (they used to offer them wholesale, but recently stopped), but Countrywide offers a program similar to the HECM Advisor program, whereas they'll pay you 25% of the Origination Fee up to $10,000 if you'd like to offer their Jumbo.

Other wholesalers include Gold Reverse, JB Nutter, Sun West Mortgage, Generation Mortgage, 1st Reverse and All Reverse Mortgage (Cliff owns www.allrmc.com and routinely frequents BrokerOutpost with outstanding commentary and useful information). Gold Reverse offers the best equity to cash conversion ratio but are limited to 5 States. Personally, for my HECM's, I've been using Generation Mortgage. They're fast, easy to do business with and friendly.

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quote:

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Originally posted by rainmand

>> BofA and Countrywide only offer their Jumbo programs via their retail side (they used to offer them wholesale, but recently stopped)

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