HUD Secretary Backs Better Forecasting Tools for HECM; Comments on Co-Ops and Recent Reg Changes

Testifying before the House Financial Services Committee this morning, Housing Secretary Ben Carson said he would consider adopting better tools for FHA to assess and manage risk in the Home Equity Conversion Mortgage program, including the creation of a separate insurance fund just for HECMs. “Those are things worth pursuing,” said Secretary Carson, in response … more HUD Secretary Backs Better Forecasting Tools for HECM; Comments on Co-Ops and Recent Reg Changes

New Oregon Law Requires Additional Disclosures

By Weiner Brodsky Kider, PC Effective January 1, 2018, Oregon-licensed mortgage lenders and brokers must provide clear and conspicuous summaries of reverse mortgage terms – including costs, repayment options and borrower responsibilities – in all advertisements, solicitations or communications sent to prospective clients. Last month, the Oregon legislature enacted, and Governor Kate Brown signed, House … more New Oregon Law Requires Additional Disclosures

Reverse Mortgage Face-to-Face Counseling Legislation Halted in CT

The Connecticut legislature adjourned for the year before lawmakers could pass a bill that would have required the reverse mortgage closing or counseling session be conducted in-person. Under this legislation proposed in the state’s Senate, lenders would have been required to provide a list of five HUD-approved reverse mortgage counselors to every prospective client, prohibited … more Reverse Mortgage Face-to-Face Counseling Legislation Halted in CT

Proposed Budgetary Impact on Seniors

NRMLA has compiled a partial list of news articles that summarize the impact that President Trump’s proposed Fiscal Year 2018 budget will have on elderly Americans, including prospective and current HECM borrowers. Trump’s Budget For Seniors: Bad, But It Could Have Been Worse by Forbes.com contributor Howard Gleckman The best that can be said about … more Proposed Budgetary Impact on Seniors

Administration’s Budget Praises HECM and Proposes End to Cap

Recognizing the significant improvements that have been made to the HECM program that reduce risk to the MMI Fund and ensure responsible lending to aging homeowners, President Trump published a proposed Fiscal Year 2018 budget this week that would permanently remove the cap on the aggregate number of reverse mortgages that FHA can insure. The … more Administration’s Budget Praises HECM and Proposes End to Cap

Combating Isolation and Loneliness

The Senate Select Committee on Aging held a hearing on April 27 that examined the consequences of isolation and loneliness among America’s aging population and explored programs and resources for at-risk adults. “The consequences of isolation and loneliness are severe: negative health outcomes, higher health care costs and even death. The root problem is one … more Combating Isolation and Loneliness

TN Implements Further Regulations on Authorization Requirements for Reverse Mortgage Lenders

By Weiner Brodsky Kider, PC The Tennessee Home Equity Conversion Mortgage Act (“HECMA”, Tenn. Code Ann. § 47-30-101, et seq.) has and continues to require mortgage lenders that wish to engage in the business of making reverse mortgages in Tennessee to submit an application to the Tennessee Department of Financial Institutions (“DFI”) and obtain authorization … more TN Implements Further Regulations on Authorization Requirements for Reverse Mortgage Lenders

Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing

At his five-hour long confirmation hearing today, Treasury Secretary nominee Steven Mnuchin took questions about his positions on monetary policy, tax reform, foreign investment and economic sanctions, housing finance and the future of the Government Sponsored Enterprises, and on his personal and professional dealings with various companies including OneWest Bank. Mnuchin was asked repeatedly about … more Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing

NRMLA Tracking State Bills

NRMLA is closely monitoring reverse mortgage legislation that has been introduced in New York and Colorado in recent days. In New York, lawmakers introduced A01053 and A01266, both of which include reverse mortgages in the definition of a home loan for purposes of requiring prior notice in mortgage foreclosure actions. Both bills have been referred … more NRMLA Tracking State Bills