Edward L. Golding, Principal Deputy Assistant Secretary for the Office of Housing at HUD, testified before Congress that extensive reforms to the HECM program over the past two … more Golding to Congress: HECM Reforms Working
Legislation
MA Regulator Finalizes Flood Insurance Guidelines
The Massachusetts Division of Banks published a final regulation this week that prohibits creditors from requiring residential property owners to buy flood insurance in an amount that exceeds … more MA Regulator Finalizes Flood Insurance Guidelines
Illinois RM Bill implements Cooling Off Period and Educational Documents
Illinois Governor Bruce Rauner (R ) signed legislation into law that would implement a 3-day “cooling-off” period, impose restrictions on the cross-selling of insurance products, create new borrower … more Illinois RM Bill implements Cooling Off Period and Educational Documents
Rhode Island Amends Reverse Mortgage StatuteMembers Only
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Utah Enacts Reverse Mortgage Legislation
The Utah state legislature recently passed the Utah Reverse Mortgage Act, which was signed into law on March 27 by Governor Gary Herbert. The bill, S.B. 120, includes … more Utah Enacts Reverse Mortgage Legislation
F2F Counseling Remains In Effect in MAMembers Only
The Massachusetts legislature this week failed to restore a two-year delay for mandatory face-to-face counseling.
State of Georgia Bans Two Lenders for Employing Felons
The Georgia Department of Banking and Finance barred lenders from ever again applying for mortgage banker or mortgage broker licenses. Find out why.
California Governor Approves Reverse Mortgage Consumer Protection Bill
California Gov. Jerry Brown signed a new consumer protection bill that imposes a 7-day “cooling off” period between the time a borrower is counseled and the application begins.
Massachusetts In-Person Counseling Requirements
Massachusetts’ Division of Banks confirmed with NRMLA’s outside legal counsel that those seniors who received counseling on or before July 31, do not have to be re-counseled in-person.