Mike Harrison

(Utah Pulse) All of the recent analysis of federal stimulus funds has missed one key point – the wise use of a small amount of stimulus money by Gov. Gary Herbert and the Utah State Legislature has benefited Utah's housing market, construction workers, homebuyers and the overall economy in a big way.

Through the Home Run Grant program, administered by Utah Housing Corporation last year, some 3,645 home buyers received grants for the purchase of newly built homes. Utah Housing Corporation is an independent public corporation created by the state of Utah with a mission to provide affordable housing opportunities to low and moderate income Utahns.

An economic analysis by James Wood, Executive Director, Bureau of Economic and Business Research, University of Utah, outlines the following key benefits from Home Run related house sales:

* Financial assistance to 3,645 home buyers in the form of $4,000 or $6,000 Home Run grants
* Total value of homes sold: $830.9 million
* Jobs preserved or created through the construction of homes: 19,508
* Total earnings created: $659 million
* Total fiscal benefits: $62.4 million

Home Run grants resulted from the governor convening the Housing Advisory Council, with a charge to create programs to stimulate the sale of the inventory of newly built homes. The objectives of the Home Run Program were two-fold: (1) Reduce the inventory, helping to stabilize falling home prices; and (2) get residential construction workers back on the job. The Salt Lake Chamber supported Home Run in a big way because business leaders know that housing led Utah and the nation into recession and housing will lead us out. Home Run grants were available in two phases. The first phase provided 1,652 grants of $6,000 each last March through June. The second phase provided 1,993 grants of $4,000 each last September through November.

Wood said job creation is where Utahns got “the biggest bang for the buck.” Preserving nearly 20,000 jobs is a key part of the economic recovery we are experiencing. In addition, builders and realtors reported that Home Run created a sense of urgency for many home buyers, motivating them to shop for new and existing homes, even if they weren’t eligible for Home Run grants. Homebuyers benefited in many ways beyond Home Run grants– an $8,000 federal first time home buyer tax credit, a relatively new $6,500 tax credit for repeat buyers, historic low interest rates and low home prices.

No additional Home Run grants are planned, but other programs and market factors that encourage home sales still exist. Utah Housing Corporation offers the Equity Now down payment assistance program, which expedites the $8,000 federal tax credit to first time buyers. Rather than waiting until they file their tax returns, homebuyers receive cash at closing. Once homebuyers amend their 2008 federal tax returns, or file their 2009 federal tax returns to obtain the $8,000 tax credit and apply the cash to their mortgage they get instant equity. This program is especially attractive because Utah Housing Corporation recently sold its first series of bonds to purchase mortgage loans since the collapse of the markets for mortgage revenue bonds occurred in September 2008. Mortgage loans are made by more than 35 participating mortgage lenders to low and moderate income first time home buyers at a 4.75 percent thirty year fixed rate. Information is available at www.UtahHousingCorp.org

All in all, the Home Run grant program was launched and administered in a way that has helped lift the economy, and that continues to make Utah the best-managed state in America.

Original Article

Foreclosure rates up by smallest amount in 4 years

By ALAN ZIBEL (AP) – 12 hours ago

WASHINGTON — The foreclosure crisis isn't over, but the pace of growth may finally be slowing down.

RealtyTrac Inc. said Thursday that the number of U.S. households facing foreclosure in February grew 6 percent from a year ago, the smallest annual increase in four years. On the state level, foreclosures declined on a monthly and yearly basis in the hard-hit states of Nevada, Arizona and California, but still grew rapidly in Florida.

More than 308,000 households, or one in every 418 homes, received a foreclosure-related notice, the Irvine, Calif.-based foreclosure listings company reported. That was down more than 2 percent from January

Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.

"It's premature to declare victory just yet," said Rick Sharga, a RealtyTrac senior vice president. He did, however, allow that, "If this is the beginning of a slowdown in growth rates, that would be a good thing."

Banks repossessed nearly 79,000 homes last month, down 10 percent from January but still up 6 percent from February 2009.

The RealtyTrac report follows an encouraging report last month from the Mortgage Bankers Association. It said the percentage of borrowers who had missed just one payment on their home loans fell to 3.6 percent in the October to December quarter, down from 3.8 percent in the third quarter.

While that was a surprising piece of positive news, foreclosures were still at record high levels. The number of borrowers who have either missed a payment or are in foreclosure was at 15 percent.

A record 2.8 million households were threatened with foreclosure last year, RealtyTrac said, and the number is expected to rise to more than 3 million homes this year.

The foreclosure crisis forced the federal government and several states to come up with plans to prolong the process so delinquent borrowers can try to find help. But those efforts have barely dented the problem. Case in point: The Obama administration's $75 billion foreclosure prevention program has helped only 116,300 homeowners in the past year.

After a year of trying to enroll homeowners in the Obama administration's program, housing counselors are feeling deflated.

At many of the 100 mortgage companies charged with running the program, employees still "don't really know what the guidelines are — or refuse to adhere" to them, said Cheryl Cassell, manager of housing counseling at the National Community Reinvestment Coalition, a community group in Washington.

Foreclosed homes are typically sold at steep discounts, lowering the value of surrounding properties. Cities lose property tax dollars from homes that sit empty and lower property values.

Economic woes, such as unemployment or reduced income, are expected to be the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit, but homeowners with good credit who took out conventional, fixed-rate loans are the fastest growing group of foreclosures.

Among states, Nevada posted the nation's highest foreclosure rate, though foreclosures there were down 7 percent from January and down more than 30 percent from a year earlier. It was followed by Arizona, Florida, California and Michigan. Rounding out the top 10 were Utah, Idaho, Illinois, Georgia and Maryland.

The metro area with the highest foreclosure rate in February was Las Vegas. Though one in every 90 homes there received a foreclosure filing, foreclosures were down 9 percent from a month earlier. Foreclosures in the No. 2. metropolitan area, the Cape Coral-Fort Myers area in Florida, were up 31 percent from a month earlier.

Also topping the list of foreclosure hot spots were the California metro areas of Modesto, Riverside-San Bernardino-Ontario and Stockton.

Copyright © 2010 The Associated Press. All rights reserved.

Home Affordability Modification Program Has Been Extended

By Lani Rosales on March 3, 2010 | 1 Response

16 ► G-Tweet

Big fat HAMP

The Obama Administration has had a rough go of the Home Affordability Modification Program (HAMP) which continues to be scrutinized and Democrats and Republicans alike call it a failure. This $75 billion program designed to lower borrowers’ monthly payments by reducing mortgage rates and extending loan terms has failed to get even CLOSE to touching the four to five million homeowners that the administration projected HAMP would help (FHFA projects only 220,000 homeowners have received help since the program began).

In true political fashion, if you fail to meet a goal, just move the goal post, right? This week, FHFA announced that HAMP would be extended through June 30, 2011 instead of the originally scheduled in of June 10, 2010.

The idea is sound that homeowners that owe up to 25% more than their homes are worth to refinance at lower interest rates, but the red tape, alleged frequently lost paperwork, poor oversight and the inappropriately long wait time have kept hundreds of thousands of applicants from getting the help they are seeking.

So, if a program is failing horrendously and barely limping along as it is, shouldn’t it just be put out of its misery?

Posted in Mortgage, News | Tagged HAMP, Mortgage, Real Estate News

The Good News- Home Prices Up, Bad News- 25% Underwater

By Lani Rosales

The Good

Today%u2019s S&P/Case-Shiller Home Price Indices showed several cities enjoyed rising home prices recorded in the fourth quarter of 2009 like San Francisco where prices rose 4.8% from Q4 2008, followed by a 3% increase in Dallas and a 2.7% increase in San Diego. Washington, Denver, and Boston also saw price increases.

Nationally, the home prices dropped 2.5% but the numbers were massively drug down by cities like Las Vegas that dropped 20.6% and Tampa that dropped 11%, so the fact that so many cities increased is encouraging.

The Bad

Ending 2009, 25% of mortgage holders owe more than their homes are worth, according to First American CoreLogic with problem areas like Nevada plaguing the national average as 70% of borrowers underwater. More than 50% of borrowers Florida and Arizona as well as 33% of California borrowers are underwater.

The Ugly

The ugly of all of this news is that it%u2019s great that some cities saw home price increases, that saves some homeowners from being underwater, but for the areas that are suffering in home prices, the rate of those underwater is exaggerated. Some areas appear to be experiencing some stabilization but others (most notably Nevada) are still in critical condition.

via agentgenius.com

15 Fast Foreclosure Facts

{ February 15, 2010 @ 7:22 PM } { Cheryl Recommends, Cheryl's Teaching Topics, Mortgage Market Update, Short Sales and Foreclosures }
{ Tags: Center for Responsible Lending, Foreclosure Facts }

One of my favorite web sites to recommend to my awesome students is The Center for Responsible Lending. You can access this site at www.responsiblelending.org. It is a FANTASTIC resource of all kinds of incredible (if not depressing) information for you to utilize to help your clients. Remember R&D, baby!! (Rip Off and Duplicate!)

This is just one example of the cool info you can find on this site. Check it out!

Snapshot of the Foreclosure Crisis

15 Fast Facts (December 2009)

The magnitude of foreclosures and associated costs are daunting; the numbers tell the story. 

1.	Number of foreclosures initiated since 2007	Nearly 6 million
2.	Projected foreclosures on all types of loans during the next 5 years	13 million
3.	Portion of all homeowners late on their mortgage	1 in 7
4.	Portion of homes where owners owe more than property value	Nearly 1 in 4
5.	Drop in residential lending from 2008 compared to 2007	Over a trillion
6.	Between 2006 and 2008, % decline in existing home sales	24%
7.	Between 2006 and 2008, % decline  in new home sales	54%
8.	Between 2006 and 2008, % decline in new construction	58%
9.	In 2009, number of neighboring homes that will lose property value because of nearby foreclosures	69 million
10.	Average price decline per home (2009)	$7,200
11.	Total property value lost because of nearby foreclosures (2009)	$502 billion
12.	Percentage of 2006 subprime loans that went to people who could have qualified for prime loans with better terms	61%
13.	Typical rate difference between a 30-year, fixed mortgage and the initial rate of aggressively marketed ARM loans	Half to 8/10%
14.	Cumulative default rate for recent subprime borrowers with a similar risk profile to borrowers with lower-rate loans	More than 3x higher
15.	During first four years of a loan, the typical extra cost paid by subprime borrowers who get a loan from a mortgage broker, compared to other borrowers with similar characteristics	$5,222

Sources

1. Center for Responsible Lending, Continued Decay and Shaky Repairs: The State of Subprime Loans Today, p. 2, http://www.responsiblelending.org/mortgage-lending/research-analysis/continued-decay-and-shaky-repairs-the-state-of-subprime-loans-today.html
2. From 4th quarter 2008 to 2014.  Goldman Sachs Global ECS Research, Home Prices and Credit Losses: Projections and Policy Options (Jan. 13, 2009), p. 16; see also Credit Suisse Fixed Income Research, Foreclosure Update: Over 8 Million Foreclosures Expected, p.1 (Dec. 4, 2008).
3. Mortgage Bankers Association National Delinquency Study (November 19, 2009).
4. Ruth Simon and James R. Hagerty, %u201COne in Four Borrowers is Under Water,%u201D Wall Street Journal (November 14, 2009).
5. National Mortgage News (March 9, 2009).
6. US Census Bureau, http://www.census.gov/const/quarterly_sales.pdf and http://www.census.gov/const/www/quarterly_starts_completions.pdf
7. US Census Bureau, note 6.
8. US Census Bureau, note 6.
9. CRL research combined with data from Credit Suisse, Moody%u2019s Economy.com, and the Mortgage Bankers Association.
10. CRL, Credit Suisse, Moody%u2019s Economy.com, MBA; note 9.
11. CRL, Credit Suisse, Moody%u2019s Economy.com, MBA; note 9.
12. Rick Brooks and Ruth Simon, Subprime Debacle Traps Even Very Credit-Worthy As Housing Boomed, Industry Pushed Loans To a Broader Market, Wall Street Journal at A1 (Dec. 3, 2007).
13. Letter from Coalition for Fair & Affordable Lending to Ben S. Bernanke, Sheila C. Bair, John C. Dugan, John M. Reich, JoAnn Johnson, and Neil Milner (Jan. 25, 2007) at 3.
14. Lei Ding, Roberto G. Quercia, Janneke Ratcliff, and Wei Li, %u201CRisky Borrowers or Risky Mortgages: Disaggregating Effects Using Propensity Score Models%u201D Center for Community Capital, UNC at Chapel Hill (September 13, 2008).
15. Center for Responsible Lending, Steered Wrong: Brokers, Borrowers and Subprime Loans (April 8, 2008).

40.314117 -112.006882

15 Fast Facts (December 2009)

The magnitude of foreclosures and associated costs are daunting; the numbers tell the story. 

1.	Number of foreclosures initiated since 2007	Nearly 6 million
2.	Projected foreclosures on all types of loans during the next 5 years	13 million
3.	Portion of all homeowners late on their mortgage	1 in 7
4.	Portion of homes where owners owe more than property value	Nearly 1 in 4
5.	Drop in residential lending from 2008 compared to 2007	Over a trillion
6.	Between 2006 and 2008, % decline in existing home sales	24%
7.	Between 2006 and 2008, % decline  in new home sales	54%
8.	Between 2006 and 2008, % decline in new construction	58%
9.	In 2009, number of neighboring homes that will lose property value because of nearby foreclosures	69 million
10.	Average price decline per home (2009)	$7,200
11.	Total property value lost because of nearby foreclosures (2009)	$502 billion
12.	Percentage of 2006 subprime loans that went to people who could have qualified for prime loans with better terms	61%
13.	Typical rate difference between a 30-year, fixed mortgage and the initial rate of aggressively marketed ARM loans	Half to 8/10%
14.	Cumulative default rate for recent subprime borrowers with a similar risk profile to borrowers with lower-rate loans	More than 3x higher
15.	During first four years of a loan, the typical extra cost paid by subprime borrowers who get a loan from a mortgage broker, compared to other borrowers with similar characteristics	$5,222

Sources

1. Center for Responsible Lending, Continued Decay and Shaky Repairs: The State of Subprime Loans Today, p. 2, http://www.responsiblelending.org/mortgage-lending/research-analysis/continued-decay-and-shaky-repairs-the-state-of-subprime-loans-today.html
2. From 4th quarter 2008 to 2014.  Goldman Sachs Global ECS Research, Home Prices and Credit Losses: Projections and Policy Options (Jan. 13, 2009), p. 16; see also Credit Suisse Fixed Income Research, Foreclosure Update: Over 8 Million Foreclosures Expected, p.1 (Dec. 4, 2008).
3. Mortgage Bankers Association National Delinquency Study (November 19, 2009).
4. Ruth Simon and James R. Hagerty, %u201COne in Four Borrowers is Under Water,%u201D Wall Street Journal (November 14, 2009).
5. National Mortgage News (March 9, 2009).
6. US Census Bureau, http://www.census.gov/const/quarterly_sales.pdf and http://www.census.gov/const/www/quarterly_starts_completions.pdf
7. US Census Bureau, note 6.
8. US Census Bureau, note 6.
9. CRL research combined with data from Credit Suisse, Moody%u2019s Economy.com, and the Mortgage Bankers Association.
10. CRL, Credit Suisse, Moody%u2019s Economy.com, MBA; note 9.
11. CRL, Credit Suisse, Moody%u2019s Economy.com, MBA; note 9.
12. Rick Brooks and Ruth Simon, Subprime Debacle Traps Even Very Credit-Worthy As Housing Boomed, Industry Pushed Loans To a Broader Market, Wall Street Journal at A1 (Dec. 3, 2007).
13. Letter from Coalition for Fair & Affordable Lending to Ben S. Bernanke, Sheila C. Bair, John C. Dugan, John M. Reich, JoAnn Johnson, and Neil Milner (Jan. 25, 2007) at 3.
14. Lei Ding, Roberto G. Quercia, Janneke Ratcliff, and Wei Li, %u201CRisky Borrowers or Risky Mortgages: Disaggregating Effects Using Propensity Score Models%u201D Center for Community Capital, UNC at Chapel Hill (September 13, 2008).
15. Center for Responsible Lending, Steered Wrong: Brokers, Borrowers and Subprime Loans (April 8, 2008).

40.314117 -112.006882

 

Outlook improves for Utah small businesses
Deseret News
Feb. 9, 2010

The outlook continues to improve for Utah's small businesses, according to a monthly gauge released Tuesday by Zions Bank.

The Zions Bank Small Business Index for Utah was 88.7 in January, up from a revised 82.5 in December.

While the experts believe that what's being called "the Great Recession" ended in the summer of 2009, after a nearly two-year run, unemployment continues to dog recovery. Normally, having low unemployment rates is considered a bad thing for the index, which looks at economic conditions through the eyes of small-business owner or managers. Higher unemployment rates usually mean businesses have a larger pool from which to pluck good employees.

Utah's unemployment rate, estimated at 6.7 percent last month, was a continued climb from the previous 6.3 percent rate of the month before, with 34,700 jobs lost over 12 months. A year earlier, unemployment was 4.1 percent. Nationally, more than 8 million jobs have been lost.

The high unemployment, coupled with weaker consumer spending, has created "business challenges" that negatively impact the index, according to Jeff Thredgold of Thredgold Economic Associations, which prepares the report. A rising jobless rate "also suggests weaker job gains or greater losses, lesser income growth and slower retail spending, all factors which lead the index lower," he wrote.

The index notes that unemployment rates "have likely peaked in many states" but said others may move slightly higher in coming months.

The good news is that the U.S. economy has seen some growth over the past six months, and that will eventually benefit the states, which are still suffering effects of recession, according to Thredgold.

The index uses 100 points for calendar year 1997 as its base year and is revised as new data becomes available.

e-mail: lois@desnews.com
� 2010 Deseret News Publishing Company | All rights reserved

Labels: Utah economic development, Utah economy

Yep, that’s right. Something right out of the Jetsons. Ok, so maybe not something Cogswell could have dreamed up, but if you’re an web analytics junkie like me, you’re going to love this tool from Clicktale for tracking user behavior on your web site.

There are plenty of great tools out there for analytics: Google Analytics, StatCounter, etc. If you’re not tracking your stats for your site(s) today, then you definitely need to be looking at your web analytics.

If you’re new to analytics and aren’t even sure what’s important or where to start, then take a read of Peyman’s article Hits, Visits, Page Views – What’s Important?. That will give you a good intro as to what some basic analytics terms mean and what you should be looking at for tracking your site’s activity.

Today however, I wanted to introduce you to something that takes analytics to another level. Let’s face it, whenever we make a site change, the first thing we want to know is how our site visitors will interact with the new site design. Maybe it’s just an image tweak or new placement, or possibly a completely new home page design you’re about to launch.

The guys over at Clicktale have done an outstanding job of giving webmasters the ability to actually watch user sessions – yep, that’s right – by adding a couple pieces of javascript code to your site in the header and footer, you’ll be able to sample a % of your visitors (or 100%) of them into the Clicktale system. After doing this, it will give you the ability to watch exactly what your visitors are doing once they come to your site. Are they clicking something you have on the page that isn’t linked? Are they scrolling down to the footer only to find no content? This tool will show you what your users are doing on your site(s). Once you sign up for your free (or paid) account, you’ll be well on your way to knowing what your visitors are doing once they get to your site.

After being in this business for well over 10 years now, I’ll say this is by far one of the coolest pieces of tracking software I’ve seen to date. It literally made me say “WOW!, That’s amazing.”

Here’s an example of how the Clicktale investment paid off for us in the first 10 minutes of being used.

We all should be monitoring our sites from the server side for script errors (HTTP 500, 404’s etc.), either by looking at the raw log files from your server or by creating email handlers that intercept these errors and notify you when something’s broken on your site (if you’re not doing this already, or don’t know what the above sentence means, then stay tuned, I’ll be writing a piece on this in the weeks to come).

The one area that’s always been of frustration to me is Javascript errors. You can just ask Shane from our days back at Headhunter.net. They (js errors) can be so frustrating as an engineer because you can’t physically see them happen like you can with server side errors. Since javascript errors occur client side, how would you ever know if one happened unless you discover it testing yourself or using an automated testing tool like selenium.

That being said, we turned on Clicktale for sell my house fast, a new site we launched as part of a national TV campaign we started in January of this year that’s running nationwide on the Comcast, Time Warner, and Cox Cable footprints in major US markets. We wanted to make sure that we were not only monitoring server side errors, but also making sure our users were able to understand and use the site so we could ultimately help them in their time of need.

After turning on Clicktale for all of about 10 minutes, we already had several user sessions recorded and started the playback inside the control panel. What we found was amazing. Not only can you see every mouse click, scroll, and user filling out of a form on the site, you can also see any client side scripting errors. Beautiful! This investment had paid for itself in just 10 minutes.

Not only does Clicktale give you top notch user session play back they also give some incredible heat map tools as well as overlays. It’s probably only a matter of time before some of their features are incorporated into Google Analytics and other analytics software I would imagine.

We’d love to hear what your favorite analytics packages are and what tools you are using to monitor your site(s), etc. Do you have experience with Clicktale? What are you thoughts?

Cheers, Matthew

$8000 - $6500 Tax Credit - Tick Tock, Tick Tock

 

Somewhere In, UT

Tick tock, tick tock, the clock is ticking on the tax credit currently available to first time home buyers and those that have lived in their homes for 5 years who are looking to buy.  The program comes to a close on April 30, 2010.   First time home buyers in Utah have the most to gain as the government by way of the IRS is going to line your pockets with $8000 big ones just for signing on the dotted line(s) at closing.  Yes line(s) is plural because there are hundreds of lines you will be signing on.

Where was my $8000 handout when I bought my first home?  No where to be found I can tell you that.  All I got was a crappy 2/228 arm from Long Beach mortgage with a 7.25% rate and a cheap welcome package from our builder.  Man o man what I would have given to get the $8000 bucks that these kids are getting today.  I have some clients that are using it to buy furniture, some are planning to landscape and still some others are paying off their car loans.  No matter how you use it, you can't really lose as long as you don't miss out.

Slightly less enticing but still amazing is the $6500 available to those that have lived in their current home consecutively for the last 5 years or more.  Although not quite the $8000 being shoveled out to the greenies $6500 seems to be enough to get some of the fence sitters off the fence and into the game.  I have several clients out looking right now so they can cash in just in time to claim their prize.  One lovely lady I explained this move up credit to was attentively writing down notes so that she could go back to her husband with exactly what they qualified for and see if she could use her best methods of persuasion on her husband to get him to leave their home of 26 years and cash in on one of the many bank owned deals of a century that are to be had right now in Utah County.   I didn't ask what her method was.....moving on.

The moral of the story folks is to make sure you understand the time lines and deadlines to this program.  As much as I would like to see it extended over and over again, I tend to think that all good things must come to an end, at least that's what my Mom used to tell me when we were leaving Lagoon after our annual Questar family day, boy how I hated to see those days end.

We can get mortgage's done start to finish in as little as 7 days but why wait till the last tick of the clock?

For more useful information and frequently asked questions on the federal tax credit go to http://www.federalhousingtaxcredit.com/ I found this site to have some great information on the topic.

Your comments are always welcomed.  Stetson Lowe is a expert in the mortgage industry specializing in FHA, Conventional, USDA and Utah Housing Loans.  Don't attempt to blog like this at home:)

The US Department of Housing and Urban Development updated its Frequently Asked Questions (FAQ) document for the Real Estate Settlement Procedures Act (RESPA).

The updates address a range of topics ranging from Appraisal Management Companies to requiring verification of documents as a condition of issuing the new Good Faith Estimate.  

 

Below are a couple of the new questions answered in the updated FAQ:

Q: If a mortgage broker provides the initial GFE and the lender accepts the loan, can the lender issue a new initial GFE?

A: No. The lender is bound by the charges and terms disclosed on the initial GFE provided by the mortgage broker.

Q: If an appraisal is ordered through XYZ appraisal vendor management company and the appraisal is subcontracted to ABC Appraisal Company, what name is identified in Line 804 on the HUD-1?

A: XYZ appraisal management company must be identified on Line 804.

Q: If a revised GFE is provided due to changed circumstances or a borrower requested change, must a loan originator complete Line 2 in the “Important Dates” section on the revised GFE if the shopping period has ended and the borrower has already expressed intent to continue with the application?

A: Yes, the loan originator must complete Line 2 in the “Important dates” section with the same date from the last GFE. The borrower is not required to re-indicate the intent to proceed with the revised GFE because the borrower has previously expressed an intent to move forward with the transaction.

There were no updates specifically addressing FHA’s reverse mortgage product.  To see the rest of the updates (in bold) click the link below.

New RESPA Rule FAQs (updated 01/28/2010)

 

via reversemortgagedaily.com