The Consumer Financial Protection Bureau is taking legal action against a Maryland-based mortgage company for disseminating deceptive reverse mortgage advertising.
Regulations
Defining Ineligible NBSMembers Only
A new term has entered the reverse mortgage vocabulary: Ineligible Non-Borrowing Spouse.
HUD Issues Guidance on NBS and Seasoning Requirements
The U.S. Department of Housing and Urban Development today issued new guidelines on non-borrowing spouses and procedures for documenting existing non-HECM liens.
Industry Seeks Flood Rule ExemptionMembers Only
NRMLA submitted comments to federal regulators requesting an exemption for reverse mortgages from a proposed regulation that establishes new flood insurance escrows for “forward” mortgages.
MMI Fund Sees Strong Two-Year Recovery
In its 2014 Annual Report to Congress on the Financial Status of the FHA Mutual Mortgage Insurance Fund, HUD reported an impressive two-year gain of $21 billion dollars from a 2013 negative value of $16.3 billion to a 2014 positive value of $4.8 billion.
CFPB Should Delay HMDA Reporting for ReversesMembers Only
NRMLA asked the CFPB to delay further implementation of a proposed regulation that would require reverse mortgage companies to submit HMDA data until concerns raised by the industry are addressed.
Nevada Supreme Court Rules on Unpaid HOA DuesMembers Only
On September 18, the Supreme Court of Nevada held that Nevada law gives a homeowners’ association (“HOA”) a super-priority lien on an individual homeowner’s property for up to nine months of unpaid HOA dues.
Federal Agencies Adopt Final “Skin in the Game” Securitization RuleMembers Only
Federal regulators issued the final Risk Retention Rule as required by the Dodd-Frank Act.
NRMLA Supports Proposed QA EffortsMembers Only
NRMLA submitted comments last week to the Department of Housing and Urban Development supporting the Federal Housing Administration’s proposed Loan Quality Assurance Methodology.
CFPB Updates Its Consumer Reverse Mortgage Guide
The Consumer Financial Protection Bureau updated its reverse mortgage consumer guide to include information on initial disbursement limit restrictions and non-borrowing spouse protections.