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

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 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 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 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

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 a definition of reverse mortgage, requires disclosures, limits fees and requires borrowers to go through independent counseling before applying for a reverse mortgage, among other provisions. S.B. … more Utah Enacts Reverse Mortgage Legislation