MISSION VIEJO, CA (August 7th, 2008) – OmniHome Financing, Inc. announced today that it had moved to a newly expanded headquarters in Mission Viejo, California.  According to Reverse Mortgage Insight, OmniHome Financing is the largest privately held reverse mortgage originator in the country.

"We are very excited about expanding our business into a new state of the art corporate headquarters.  This facility will allow us to recruit and grow our sales and operations team to keep up with the demand," said Sean Browning, CEO of OmniHome Financing Inc. "The new facility is a result of our successful growth and will allow us to operate more efficiently while also providing for continued growth," said Browning.

According to the National Reverse Mortgage Lenders Association Reverse Mortgages showed significant growth in 2007.  FHA insured reverse mortgage loans or Home

Equity Conversion Mortgages (HECM) have seen unprecedented growth over the last three years as the demand for these products continues to accelerate.

Update from NRMLA on new bill

HUD Briefing On New Law

Earlier this afternoon, we participated in a telephone briefing on the new FHA Modernization legislation conducted by FHA Commissioner Brian Montgomery and his staff. Here is what we have learned:
 

Maximum HECM Loan Limit – HUD’s lawyers have still not resolved whether the bill creates a single national loan limit at $417,000 or $625,500, or area limits at 115% of area median home value, with a floor of of $417,000 and a cap of $625,500. If, in the end, the lawyers conclude that there is a single national loan limit at either of the two option levels, HUD will be able to implement that fairly quickly, probably with a Mortgagee Letter issued by October 1 that would take effect on November 1. If the lawyers conclude that the maximum loan limit will be based on the 115% of area median standard, it will take until January 1, 2009 to implement. We hope to get the lawyers’ final decision within the next day or so.

HUD expressed serious concern about companies marketing with new loan limits before the Department actually figures out what those limits might be. Companies that do so might find themselves subject to disciplinary action for false or misleading advertising, so we advise you to wait until the issue is resolved before sending out any marketing information based on new loan limits. Also, such advertising would be a violation of NRMLA Code of Ethics & Professional Responsibility, leading to sanctions by the Association.