Jan-Feb2020

According to a HUD press release, the MOU is intended to address concerns that uncertain and unanticipated FCA lia- bility for regulatory defects led many banks and credit unions to stop originating FHA loans. Today, depository institutions originate less than 14 percent of FHA-insured mortgages, down significantly from approximately 45 percent in 2010. In addition to the MOU, FHA is simplifying the certifica- tions that lenders make in connection with the FHA program. The certifications will better track statutory requirements and address materiality and culpability considerations. FHA is also refining its defect taxonomy that it uses to assess the appropriate remedies for identified loan underwriting defects. Together, these new and revised components are intended to make FHA-insured mortgages more accessible to qualified borrowers, reduce risks within the FHA program and preserve appropriately tailored remedies. CFPB Issues Final HMDA Rule The Consumer Financial Protection Bureau (CFPB) issued a rule that extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under the Home Mortgage Disclosure Act (HMDA). The rule also clarifies partial exemptions from certain HMDA requirements, which Congress added in the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA). For open-end lines of credit, the rule extends for another two years, until Jan. 1, 2022, the current temporary coverage threshold of 500 open-end lines of credit. For data collection years 2020 and 2021, financial institutions that originated fewer than 500 open-end lines of credit in either of the two preceding calendar years will not need to collect and report data with respect to open-end lines of credit. For the partial exemptions under the EGRRCPA, the rule incorporates into Regulation C the clarifications from the Bureau’s August 2018 interpretive and procedural rule. This final rule further effectuates the burden relief for smaller lenders provided by the EGRRCPA by addressing certain issues relating to the partial exemptions that the August 2018 rule did not address. Recent Government Departures Deputy Assistant Secretary for Single Family Housing Gisele Roget departed from HUD Nov. 8 to take over as deputy chief of Staff and director of External Relations at the National Credit Union Administration. Roget, a political appointee who joined HUD in July 2017, was directly responsible for managing the Home Equity Conversion Mortgage program. Several weeks earlier, Ginnie Mae Acting President/ Executive Vice President and Chief Operations Officer Maren Kasper announced her departure effective Oct. 18 to pursue an opportunity in the private sector. Kasper was named to the top leadership position at Ginnie Mae in January 2019. In the interim, Seth D. Appleton, HUD assistant secretary for Policy Development and Research, will concurrently serve as principal executive vice president of Ginnie Mae. Appleton joined HUD in July 2017. Additionally, Michael Drayne will assume the role of acting executive vice president of Ginnie Mae. A frequent speaker at NRMLA events on issues related to the HECM Mortgage-Backed Securities (HMBS) program, Drayne is currently senior vice president for Strategic Planning and Policy. Drayne joined Ginnie Mae in March 2011. Congratulations, New CRMPs NRMLA congratulates the following individuals for becoming Certified Reverse Mortgage Professionals (CRMPs): • Eric Alon, Finance of America Reverse, San Diego, CA; • Linda Carney, Finance of America Reverse, San Diego, CA; • Robert Commerford, Finance of America Reverse, Lakeside, CA; • Tim Pearce, Finance of America Reverse, Murrieta, CA; • Jill Portilla, Finance of America Reverse, San Diego, CA; and • Ernie Sambrano, Finance of America Reverse, San Diego, CA. And now you’re up to date. LET US KNOW WHAT YOU’RE TALKING ABOUT. This forum is the place for readers to share their opinions with fellow colleagues about the direction of the reverse mortgage business and other retirement trends. Submissions should be limited to 100 words or less and submitted to Associate Editor Darryl Hicks, at dhicks@dworbell.com. REVERSE MORTGAGE / JANUARY-FEBRUARY 2020 11