NRMLA to CFPB: Guidance Doesn’t Go Far Enough to Protect Sensitive Data

In comments submitted to the Consumer Financial Protection Bureau, NRMLA requested that the consumer watchdog initiate formal public rulemaking that gives stakeholders the opportunity to adequately address consumer privacy dangers and data protection threats that the disclosure of expanded Home Mortgage Disclosure Act data poses. “We believe that the Bureau should undergo further and formal … more NRMLA to CFPB: Guidance Doesn’t Go Far Enough to Protect Sensitive Data

NRMLA Advocates Reverse-Specific Disclosures to CFPB

In advance of today’s public hearing of the Consumer Financial Protection Bureau’s Consumer Advisory Committee in Tampa, FL, NRMLA submitted comments urging the CFPB to replace the current disclosure regime under Regulation Z and designating reverse mortgages as a separate class of consumer credit transaction with separate, specific disclosures. “NRMLA supports clear, concise, timely, and … more NRMLA Advocates Reverse-Specific Disclosures to CFPB

New CFPB Issue Brief Questions Social Security Delay Strategy

The Consumer Financial Protection Bureau today published a report evaluating the financial impact of using HECM loan proceeds to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB also released a new video and guide explaining reverse mortgages to consumers. “For consumers whose main asset is their home, taking out a reverse … more New CFPB Issue Brief Questions Social Security Delay Strategy

CFPB Temporarily Increases HMDA Reporting Threshold

The Consumer Financial Protection Bureau today issued a rule that increases the benchmark that determines whether a financial institution must comply with new Home Mortgage Disclosure Act (HMDA) reporting requirements. NRMLA submitted comments to the CFPB on July 31 supporting the threshold increase. “We are pleased with the CFPB’s decision to increase the reporting threshold, … more CFPB Temporarily Increases HMDA Reporting Threshold

CFPB Updates HMDA Loan Scenarios Guide

The Consumer Financial Protection Bureau posted an updated version of its HMDA Loan Scenarios guide that financial institutions can use as an illustrative aid to help them file Home Mortgage Disclosure Act (HMDA) data. Last week, the CFPB updated its Resources for HMDA Filers webpage by posting new versions of the Technology Preview, Filing Instructions Guide for data … more CFPB Updates HMDA Loan Scenarios Guide

New CFPB Resources for HMDA Filers

The Consumer Financial Protection Bureau this week updated its resources page for financial institutions that must file Home Mortgage Disclosure Act (HMDA) data. Modifications have been made to the Technology Preview, Filing Instructions Guide for data collected in 2017, Filing Instructions Guide for data collected in or after 2018, and Frequently Asked Questions (FAQs). These materials are also accessible from the Federal Financial … more New CFPB Resources for HMDA Filers

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

NRMLA Responds to CFPB Press Release

The Consumer Financial Protection Bureau announced yesterday in a press release that it had finalized consent orders with three reverse mortgage companies for misleading advertising practices. In response, NRMLA President and CEO Peter Bell made the following statement: The National Reverse Mortgage Lenders Association works hard to educate industry participants on appropriate advertising practices. We … more NRMLA Responds to CFPB Press Release