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Ibis Reverse Mortgage Resume |
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1992-94
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Gerald Wagner (bio)
performed due diligence for buyers of a national
bank that had invested in a participation in
reverse mortgages. The bank's position was sound,
but Wagner determined that the loans were usurious.
The borrowers had received a letter from the
lender "offering
... a no points, no fee opportunity ... to
modify their program to better meet their
needs." Wagner alone studied the details. One widow received a one-time advance of $2,000.
The loan amendments caused:
- an immediate $10,896 increase in her loan balance
- after one year owing $25,994 more than
under her original loan
- after two years owing $41,968 more than
under her original loan
- all for the one-time $2,000 advance --
no kidding -- call for details
As a result, Wagner gained extensive experience in reverse mortgage
calculations, provisions, and litigation.
The case made the front cover and lead article in
Barron's on July 1, 1994. The headline was "Reversal
of Fortune". |
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1994-95
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Ibis Capital, LLC formed. Sent many comments
to the FED re their modification of Reg Z for RMs.
The examples in Appendix K of the amended Reg Z
(showing RM examples) are basically those submitted
by Ibis. Designed an optional lifetime
annuity for HECM reverse mortgages that added 20%
to the monthly income available to HECM borrowers
and was portable. This became the Hartford Lifetime
Income Plan. The Ibis Reverse Mortgage
Originator (RMO) software was introduced and
quickly became very popular. |
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1996
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The first ever Fannie Mae HomeKeeper reverse
mortgage was calculated and disclosed by the Ibis
RMO Software.
Intensive work in a short period of time as Colorado,
at that time, had its own TALC disclosure page,
and Wendover (Jeff Taylor) wanted to do the first
HomeKeeper. Ibis formed alliances with Wendover
Funding (the largest RM servicer) and the Hartford
Life Insurance Company. The Hartford Lifetime Income
Plan was launched using Ibis' concepts and software. |
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1997
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In conjunction with the National Center for
Home Equity Conversion, Ibis developed "The Reverse
Mortgage Counselor" software which was used by the majority
of "approved" HECM counselors. The
"Quick Quote" feature was added to the Ibis RMO
software. |
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1997-99 |
Extensive work analyzing Transamerica's reverse
mortgage portfolio for securitization working with
EDS (Wendover's parent) and Donaldson, Lufkin, &
Jeanrette (DLJ). The Hartford Lifetime Income
Plan was totally fair, square, and beneficial,
but combining annuities with reverse mortgages
-- and to do it right -- is cumbersome. The
program was ahead of its day. |
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1998
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Ibis was the first to explain reverse mortgage
characteristics and risks to rating agencies. Prior
to our presentations, S&P and Duff & Phelps had
little knowledge of RM's. Ibis launched the first
ever online RM calculator -- "Quick Quote". To see our many licensees
plus calculators in Spanish, click
here |
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1999
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Extensive work analyzing the HECM portfolio
for potential securitization. Line-of-Credit draws
and maturities can be forecast. Ibis developed sophisticated
software to analyze borrower databases and find
those loans that would materially benefit by refinancing.
The software produces solicitation letters, disclosures,
and has full CRM. Assisted HUD with the beta testing
of their "new" Windows software. A real trial.
Ibis
materially helped HUD get their software working
correctly before Y2K. |
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2000
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Ibis created "The Reverse Mortgage Analyst".
The first software to match the AARP RM consumer
disclosure model specifications. We were the
first, but our development slowed
when Ibis was told that Fannie Mae was also
building
a version that would be given away for free. |
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2001 |
Ibis created online Refi software that is valuable to consumers, lenders, and servicers.
Refi's are a major revenue source for lenders
and servicers. The software calculates the
current Principal Limit with precision. |
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2002
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Ibis develops a Jumbo RM product -- "thinking-outside-the-box"
-- that will turn
the industry on its ear. Patents pending --
awaiting USPTO decision. Ibis licensed proprietary
code to a major lender for their in-house loan system.
Ibis is the expert on TALC calculations and can
tell you why others fail -- most all do. |
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2003
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Ibis updated and released "The Reverse Mortgage
Analyst" software for Wells Fargo Home Mortgage.
Fannie Mae never came up with their announced version
-- see 2000 above. This RMA software meets the latest
AARP specs and is so acknowledged -- Click
AARP and then scroll down to "Professional
Commitment:" Ibis converted its online RM tools
to a system using COM objects rather than Applets.
This was prompted by the disputes between Microsoft
and Sun. A pain, but MS no longer supported Java. |
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2004
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Ibis expanded its online tools to include amortization
schedules, term loans, APR's and program/plan selection.
This online model does more than HUD's PC software
and can be used for front-end "what if" scenarios,
as well as final docs such as TALC' disclosures
and amortization schedules. Ibis added email features
to its online RM tools. Estimates can be sent to
prospects, their children, their advisors, lenders,
counselors, etc.
Ibis created software that could calculate
how much a person could have received from a HECM
or HomeKeeper back to any day since inception (1989
for HECM). Enter a birth date(s), loan date,
home value then, and zip code, see the loans' Principal
Limit and Net Proceeds. This software includes past
interest rates and HUD 203(b) lending limits. Licensed
to GMAC Mortgage on a non-exclusive basis. Great
for refi calculations. HUD calls Ibis when it
needs a lending limit for a County in the
distant past.
The Ibis Refi Software was updated to
handle HECM streamlined refi's wherein borrowers
get credit for their prior initial MIP. Scanning
databases, Ibis Software finds those existing HECM's
that meet various cost/benefit criteria.
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2005 |
Comprehensive online counseling package prepared
for the AARP Foundation. Two more provisional patents
filed. Major project helping a jumbo RM investor. |
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2006
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Patents still progressing -- more back
and forth with the USPTO. Retained by HUD to address
SFSA issue. AARP counseling package launched on
June 1st -- version 1. A similar application (IbisRMO)
that is a full solution for loan originators launched
in November 2006 -- version 1. |
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2007 |
Enrolled three large originators in IbisRMO
online solution -- version 1. Designed several loan
programs and software packages for proprietary loans.
Launched version 2 of the IbisRMO online solution
comparing many HECM's and Jumbos. Filed second RM
patent -- a new outside-the-box product. |
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2008 |
The FHA adds the Ibis' AARP counseling package
(IbisRMA) to its protocol -- version 2. Large
originators converted to version 2 of the IbisRMO
online solution. Several elect to host v2 on their
own servers. Six reverse mortgage jumbo programs
(14 plans) added to IbisRMO v2. Flexible and improved
IbisRMC Quick Quote for consumer websites launched -- every
HECM and a dozen jumbos. Pick 3 to 5 to show on
your website. |
