Lenders Mortgage Service

Information may not be reliable

Since 1988, LENDERS MORTGAGE SERVICE has assisted thousands of Washington State residents buy and refinance residential real estate. Along the way, we have made some great friends, and enjoyed so many referrals we have actually served third generation members of some families- What a blessing!

In 2006, after careful research and consideration, we began offering FHA-insured reverse mortgage loans for clients 62 and better. But something else happened in 2006: The beginning of the collapse of the mortgage industry, commonly referred to as the mortgage meltdown. A website, www.mortgageimplode.com continues to track the fallout from mismanagement, greed, and corruption, as more than 350 major U.S. lending operations, including large banks, have closed their doors.

By 2008 and into 2009, the Federal Government realized they had a crisis on their hands and began passing stimulus packages and new laws designed to create greater regulation on an industry that had failed to adequately police itself. HERA, the Housing and Economic Recovery Act of 2008, and SAFE, the Secure And Fair Enforcement for mortgage licensing act of 2008, $8,000 First Time Home Buyer Credits, and HVCC, the Home Value Code of Conduct, have all been in the process of implementation. Some of the actions being taken are well reasoned and will serve to make the home mortgage industry better, with some consumer protections designed to curtail fraud and abuse. However, in our opinion, some of the laws are actually going to cripple the process for those of us who operated honestly and ethically. We are actually losing on this issue twice: First, because we did not participate in the outrageous lending behavior that lead up to the collapse, we did not make the millions of dollars in commission on faulty loans. Second, since we are still in business, we (and our clients) must now endure enhanced regulation and oversight, put in place because of a problem we did not create.

Because reverse mortgage loans are so unique, the process to complete them and the regulations protecting senior citizens requires an immense amount of focus and dedication. Couple this with new the regulations for a traditional mortgage loan, we felt we could not provide both products with the same level of technical expertise and service our clients expect and deserve. We made the decision to offer only reverse mortgage loans in the belief that we would rather turn you down, than let you down.