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Broker Services

The Academy Mortgage Preferred Broker Network was implemented to give non-FHA licensed brokers an outlet for Reverse Mortgage business.  This focused and specialized department is in place to help you increase your revenue by giving you the ability to add a stable and profitable product to your portfolio. Our goal is to allow our expertise to make you look like an expert.

Academy Mortgage is an industry leader with over 16 years experience. We Know Reverse Mortgages.  By becoming a member of the Academy Mortgage Preferred Broker Network, you can utilize our experience to maximize your Reverse Mortgage production and increase your revenue. We will make you look like an expert in the reverse mortgage business by making everything from application to closing easy and timely. In addition, you will see the benefit of the generous splits we offer faster.

To find out more about the Academy Mortgage Preferred Broker Network and how our experience can help you increase your potential income, please use the links to the left.

Reverse Mortgage Product Summary

• No income or credit qualifications,
• No monthly repayments,
• Non-recourse loan – no personal liability for repayment if the outstanding balance exceeds the value of the property,
• No restrictions on the use of funds received,
• Borrowers retain full ownership of the property,
• Cash received is tax-free and does not affect Social Security or Medicare,
• No prepayment penalty,
• No minimum home value, and
• Proceeds of the loan must be enough to pay off any existing liens on the property.

NATIONAL REVERSE MORTGAGE

LENDERS ASSOCIATION

Code of Conduct

• Treat all clients with respect and dignity.
• Protect the client’s privacy and confidentiality and do not distribute personal financial information to any third party without permission from the client.
• Encourage clients to discuss the loan transaction with family members and/or other trusted advisors.
• Inform clients at no charge about all of the member’s Reverse Mortgage programs available and assist each client to determine the program most suitable for his or her needs.
• When estimating potential Reverse Mortgage benefits, clearly and accurately identify all costs.
• Take reasonable steps to check out the background and procedures of third parties before accepting referrals of business from them, and refuse to accept referrals from those that are found unacceptable. All brokers shall disclose to clients any third party with a financial interest in the Reverse Mortgage transaction.
• Not imply to a borrower that he or she is obligated to purchase any other product or service offered by the member or any other company in order to obtain a Reverse Mortgage.
• Pay all loan proceeds directly to the borrower, except to retire existing debt, pay a contractor from the borrower’s repair set-aside account, or pay property taxes or hazard insurance premiums from the borrower’s set-aside account for taxes and insurance.
• Employ individuals who have passed a background check and are found to be of good moral character.
• Report any suspected violations of the Code of Conduct to Academy Mortgage.
• Make a good-faith effort to resolve concerns received from clients about a Reverse Mortgage transaction.
• In all of their loan origination arrangements, comply (with the advice of qualified counsel as appropriate) with all applicable regulatory requirements including: (i) provisions of the federal Real Estate Settlement Procedures Act barring referral fees; (ii) state mortgage regulatory provisions requiring licensing by loan originators, if applicable; and (iii) with respect to FHA-insured HECM Reverse Mortgage loans, FHA provisions requiring licensing and restricting employment arrangement.