State / Local

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

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

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

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 the balance of their mortgage or the value of a home equity line of credit. NRMLA submitted comments on behalf of the Servicing Committee last December to … more MA Regulator Finalizes Flood Insurance Guidelines

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 disclosures and place limitations on the distribution of reverse mortgage proceeds. The Reverse Mortgage Act, or Senate Bill 1440, takes effect on January 1, 2016, and would: … more Illinois RM Bill implements Cooling Off Period and Educational Documents