Reverse Mortgage

Mortgage Industry Compliance Expert

Nelson Locke is one of America's foremost mortgage compliance experts.  He or his entities have originated over $1 billion in mortgages. Mr. Locke and his staff are skilled in all aspects of conventional, reverse, agency mortgages, and commercial compliance.

Over the years, Mr. Locke has assisted many borrowers with obtaining the proper mortgage product for their needs. These include FHA, VA, USDA, conventional, and private lender mortgages. He has also assisted many seniors by arranging the correct reverse mortgage for them or by resolving problems caused for the family by an ill-advised reverse mortgage. His NMLS License # is 149450.

One area of special expertise is the Reverse Mortgage Loan Sector. Reverse mortgage loan problems typically surface due to counseling, origination, or closing errors where the senior or their heirs are negatively affected. For example, not counseling or improperly counseling a non-borrowing spouse. Broker steering the senior into a less than optimal program based on broker compensation. Using a life estate without proper counseling and disclosure - affecting the rights of the remaindermen. Not delivering copies of the mortgage and note up front at time of application, along with the required booklets. Force placed insurance or premature foreclosure issues. Occupancy issues, foreclosure of non-borrowing spouse.

Alternatively, lenders can find themselves under attack by borrowers with "buyers remorse". Locke can expertly review the document file and assist the Lender to quickly resolve frivolous litigation. After more than 3,000 reverse mortgages, he knows what constitutes a lender standard of care and fully knows the borrower's duties as well.

Issues recently handled include non-borrowing spouse foreclosures, failure to make required repairs, and improper counseling where incapacity or NBS issues were or should have been obvious to the counselor and were ignored. He has also defended against government regulatory actions involving failure to follow regulations and the false claims Act.

Nelson Locke is one of the reverse mortgage industry's founders, a former director of the National Association of Reverse Mortgage Lenders, a former president of the largest mortgage broker association in the United States, and currently a legal and compliance expert for all types of mortgage banking.

He can assist either side. If licensed in the client's jurisdiction we will represent the client directly. Or act as a subject matter expert witness, not giving any type of legal opinion but focusing on industry best practices and how to apply the statutes and regulations. Or act as co-counsel pro hac vice under a locally licensed attorney. The choice is yours.

To discuss your situation with us call (800) 656-4584.