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
Legislation
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
Update: Senate Passes, President Signs Stop-Gap Spending Bill
With less than an hour to spare before a government shutdown, the U.S. Senate late last Friday passed a short-term Continuing Resolution for Fiscal Year 2017 that funds the federal government through April 28, 2017. After passage by a vote of 63 to 36 on December 9, the bill was signed into law and enacted … more Update: Senate Passes, President Signs Stop-Gap Spending Bill
Government Funding Extended; No Break in FHA Insuring Authority
President Barack Obama signed a Continuing Resolution (HR 5325) into law today that keeps the federal government running through December 9. The Continuing Resolution funds federal agencies, like HUD, and gives FHA the authority to continue insuring Home Equity Conversion Mortgages. The CR was cleared by the House of Representatives on Wednesday night on a … more Government Funding Extended; No Break in FHA Insuring Authority