Reverse Mortgage Tips from David Gold - Pricing and Marketing

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Current Pricing is effective through November 21, 2008. Pricing can be found on both the Home Page and the Program Guides page.
Current Turn Times are 72 hours for underwriting and 24 hours each for clearing conditions, drawing closing docs and reviewing a funding file.

Marketing Tip:
Provisions of the recent housing bill will open many doors for you. Starting on or about November 1st, FHA limits for HECM’s will be set at $417,000. You need to be reaching out to your clients and prospects that:
· Had a value greater than your old HECM limit and did not proceed with a reverse mortgage
· Had a value greater than your old HECM limit and got a reverse mortgage; they’ll have equity that you can now use.
· Utilized one of the Jumbo or Proprietary products or the FNMA Home Keeper; the new limit combined with the CMT or LIBOR programs should improve their rate and give them more principal benefit.
· ***Be Cautious in refinancing existing HECM’s that you originated – check your contract to make sure you are not violating any provisions***

Inquiry Tip:
Make it a habit to check our current pricing (located on our Home Page of www.libertyreversebroker.com) before entering your borrower into the benefit calculator. You can select any margin and service charge combination available on our Pricing Alert. The benefit calculator defaults to the lowest margin we offer.

Submission Tip:
Files can be faxed or emailed (see bottom of wholesale submission checklist for fax number and email address) to us. Original files are not required. If you fax in the file, the appraisal must be submitted via email. If you email in the file, send the appraisal as a forward of your appraiser’s email. If you have not received an acknowledgment of the receipt of your file within 5 business hours, email or call Frank Castillo and/or Paul Barreras to check on the status of your file.

Processing Tip:
Our Processing Manual has been updated. Visit the Education Page and download a current version from the Educational Materials section.

“You can’t build a reputation on what you are going to do.” -- Henry Ford
"The roots of true achievement lie in the will to become the best that you can become." -- Harold Taylor
"Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great." --Mark Twain

Do not hesitate to contact us if we can help you change a senior’s life with a reverse mortgage.

David GoldWholesale Regional Account ManagerLiberty Reverse Mortgage
A Genworth Financial Company10951 White Rock Road, Suite 200Rancho Cordova, CA 95670Direct:(407) 271-9694Broker Care: (866) 871-1353
Fax: (866) 791-3184dgold@libertyreverse.com