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Sun American Mortgage - Reverse Mortgage Lender

Sun American Mortgage is a lender, seller and servicer of the government insured Reverse Mortgage. Over twenty years ago, we closed the first ...

First American Mortgage Solutions President Kevin Wall Named HousingWire Vanguard

“I am deeply honored by this recognition, which represents much more than just my efforts,” said Wall. “First American’s enduring influence on the housing market is a result of the dedication of our exceptional people, who share a commitment to serving our customers, lenders and investors with excellence.”

Selected by HousingWire’s editorial staff, this year’s 40 Vanguard Award winners were chosen for their demonstrated leadership and influence on the housing industry at large.

"The HousingWire Vanguards continued to impress going into its second year; the winners are second-to-none, and this list represents the finest cross-section of mortgage talent available," said Jacob Gaffney, HousingWire editor-in-chief.

Wall joined First American in 2013 to manage the consolidation of several previously separate organizations under the First American Mortgage Solutions banner. Establishing a shared strategic vision for the new group was among Wall’s first priorities. Under his direction, First American Mortgage Solutions codified its focus on a total quality manufacturing process and superior customer experience as the Pursuit of Certainty in Lending™.

Feds fine reverse-mortgage lenders for false advertising - Chicago ...

In the future, the lenders will have to modify their advertising so that borrowers know that unless they continue to pay all related homeowner insurance and real estate taxes and maintain their property, they can lose their property through foreclosure.

Another type of misrepresentation raised by CFPB relates to heirs of the property. Heirs can retain ownership only if they either repay the outstanding loan, or 95 percent of the assessed value. In the future, these lenders will have to be more specific regarding the rights of heirs.

The CFPB also called out the fraudulent practice of telling prospective borrowers that they only had until the end of the day to make a decision on a loan offer. The agency pointed out that this type of threat is false. Again, the aforementioned lenders will no longer be able to use this pressure tactic.

Another illegal practice the CFPB pointed out is the suggestion that a reverse mortgage is a government benefit or a loan from the government. Neither is true. Lenders will no longer be able to imply an affiliation with the government.