NRMLA’s letter expresses support for House Bill 1466, but seeks revisions to clarify certain sections of the bill and to align the legislation with multi-state and industrywide standards.
HB 1466 extends mandatory counseling to proprietary reverse mortgages originated in Pennsylvania and requires that the HUD-approved counseling agency be located in Pennsylvania.
Why it matters: In its letter, NRMLA noted that there are only six HUD-approved counseling agencies domiciled in the commonwealth and it’s possible some or all theses counselors have not received training in the proprietary reverse mortgage options available to residents.
Bottom line: The letter asks the bill’s sponsors to remove the requirement that a counseling agency be Pennsylvania-based and requests that the Bill be revised to require that a licensee provide a list of approved housing counseling agencies while also requiring that no reverse mortgage may be closed without the completion of such counseling.
NRMLA Submits Comments On PA Counseling Bill
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