For Immediate Release

GENERATION MORTGAGE COMPANY BECOMES BETTER BUSINESS BUREAU ACCREDITED, EARNS A+ RATING

ATLANTA, Dec. 15, 2009-Generation Mortgage Company™, America’s largest privately owned reverse mortgage retailer and wholesaler, recently became a national Better Business Bureau Accredited Business. In addition, the business has earned an A+ Rating from the BBB.

“While those of us who work for Generation Mortgage know that we offer top quality service to our business partners and our boomer and senior homeowners nationwide, the rigorous Better Business Bureau accreditation process is one more way to prove that treating our clients fairly and honestly is the primary goal of our organization,” said President and CEO Scott Peters, Generation Mortgage Company. “We’re incredibly proud to have achieved the highest rating possible upon accreditation.”

Better Business Bureau ratings are determined by a proprietary formula. The organization grades from A to F with pluses and minuses. A+ is the highest grade and F is the lowest. The grade represents the Better Business Bureau’s degree of confidence that the business is operating in a trustworthy manner and will make a good faith effort to resolve any customer concerns. Details as to any issues identified by the Better Business Bureau are contained in each organization’s Reliability Report.

Businesses that apply for Better Business Bureau accreditation undergo a detailed review and commit to abide by a set of ethical standards for marketplace conduct. After accreditation, each business is monitored for continued adherence to BBB standards.

Licensed in nearly 50 states, Generation Mortgage offers FHA-insured HECM (Home Equity Conversion Mortgage) loans. The company is an Equal Housing Lender and a member of the National Reverse Mortgage Association.

About Generation Mortgage
Generation Mortgage Company is one of the nation’s leaders in reverse mortgage lending, and a member of NRMLA (National Reverse Mortgage Lenders Association). With its sole focus on reverse mortgages, Generation Mortgage Company offers seniors “A New Generation in Reverse Mortgages™” and pledges to deliver outstanding customer service, as exemplified by its loan Servicing – Generation services all its reverse mortgage loans and does not outsource them. For more information, visit www.generationmortgage.com.

Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed at 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418 by the New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2009 Generation Mortgage Company. All Rights Reserved.

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So it only took 6 days, 3 emails to Chase customer service, 2 emails to Chase employees, a couple of phone calls, and a rant on Facebook BUT someone at Chase has taken their head out of their ass and managed to respond to me.  Here is the response.  <If I could insert a drumroll here I would. > 

If you’re unable to read the email it basically says that she thought we were going to submit another loan application so she didn’t process our refund.  Umm, no- didn’t Ryan basically tell me to go find another bank.  Then she says that it takes 30 days for the refund to be processed through the “Corporate Accounting Channel”.  Do you think it took 30 days for them to take the initial fee?  Then she passes the buck to some poor guy named Al to send my denial letter.  Hey, Al it’s only been two months.  I’m sure if you wait another eight, you could ask your summer intern to do it.

So in response to Sallie’s email, I just want to say “Thank You, Sallie!”  It only took you 6 days to respond to my email.  Great Job!  Hey, if you’re as appreciative as I am for Sallie’s commendable customer service efforts feel free to send her an email at sallie.cusano@chase.com (she doesn’t do so well with voicemails).

Even though we had it on good authority (we even had it in writing that unless someone complained it would take place January 20), USDA has postponed the 2-tiered income system, which will allow more buyers to qualify for this program, until March 20.  I have heard that the reason for this postponement is that they have already used their FY2009 congressional appropriations in the first quarter, from October 1, 2008 – December 31, 2008 (actually, I believe they were used up as of January 9, 2009).

While they have used all of the current appropriated funds, USDA RURAL HOUSING LOANS ARE STILL ABLE TO BE ORIGINATED AND CLOSED!  Here in our market, there are several lenders telling Realtors and clients that “USDA Rural Housing is out of money”.  Congress has promised a perpetual appropriation this year and it is up to the discretion of the lender if they decide to move forward and continue doing these mortgages.  Also, it is important to note that the USDA does NOT lend money; they insure loans.  The investors are the ones that provide the money and our investors are still doing exactly that.

Here at Northstar Mortgage, we are still able to do them and to get them to closing!  We are having no interruption of business with the USDA Program at all.  If you are buying a property, or a Realtor who has sold a property, in FL, AL, GA, NC, SC, or TN and need it to get to closing quickly on the USDA Program, please have your client contact me or you can contact me.  I hate to think that because some people are not doing these loans while others are that some buyers and sellers may lose the ability to get their loans closed and miss out on the great rates that we are currently able to get.  I recently locked in a USDA program mortgage on a 30 year fixed rate mortgage at 4.875% with NO POINTS and NO ORIGINATION FEES!  These rates won’t last forever so don’t miss out on this great opportunity to buy a home, or have your clients get a home, with NO MONEY DOWN!