Connecticut Governor Dannel Patrick Malloy signed reverse mortgage counseling legislation into law this week that emulates existing rules mandated under the federal Home Equity Conversion Mortgage program. The … more CT Governor Signs Reverse Mortgage Counseling Bill
By Jim Milano, Weiner Brodsky Kider PC On April 12, 2018, the New York legislature enacted and Governor Cuomo signed, Assembly Bill 9508, a budget bill. Obscured in … more New York Law Requires New Pre-Foreclosure Notice for Reverse Mortgages
NRMLA Executive Vice President Steve Irwin submitted letters on behalf of the association to lawmakers in Philadelphia and Connecticut this week in response to legislation introduced in both … more NRMLA Comments on Legislation in Philly and CT
In response to the District of Columbia City Council’s proposed Reverse Mortgage Foreclosure Prevention Act of 2017 (B22-0505), National Reverse Mortgage Lenders Association Executive Vice President offered testimony … more NRMLA EVP Steve Irwin Testifies on DC Reverse Mortgage Bill
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 … 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 … more Reverse Mortgage Face-to-Face Counseling Legislation Halted in CT
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 … more TN Implements Further Regulations on Authorization Requirements for Reverse Mortgage Lenders
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 … more NRMLA Tracking Reverse Mortgage Bills in NY and CO
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’ 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.