At the time of this writing, House and Senate Republicans and Democrats had not finalized committee and subcommittee assignments, and it is not unusual for some assignments to remain in play into the first few weeks of the new year, Fennel and Olson say. House Financial Services Committee ranking member Patrick McHenry, R-NC, will likely return to his previously held position as chairman of that committee, Fennel says. He is expected to continue to seek to restrain the undo exercise of authority by federal regulatory agencies, she adds. With Democrats again in control of the Senate, Olson adds, they will be able to confirm nominations for open political positions. During the first two years of the Biden administration, Democrats confirmed Julia Gordon as FHA commissioner, Alanna McCargo as Ginnie Mae president and Rohit Chopra as CFPB director, among other posts, Olson points out. Over the next two years, Senate Democrats should be able to fill any positions that become vacant, he says. That stability might be welcomed in that, over the years, posts would go unfilled for long periods of time, he and Fennel say. “Not having someone in place is a problem,” Olson says, adding that a lack of leadership can hinder an agency’s ability to take decisive action. Making the Rounds The new Congress will include dozens of new members who will need to learn about the HECM program. “The process of education is ongoing, and we have come a long way,” Fennel says. “But there’s always a long way to go.” The HECM program’s success in recent years has helped those efforts, Olson says. “It’s been very sound financially,” Olson says. “If you look at the history of financial regulation, almost everything happens when there are problems. And there haven’t been issues for a long time with reverse mortgages. But it’s important for the industry, for people that work for the industry, to be in there contacting people early on and educating them because it is different from the traditional forward mortgage.” In the broader society, there has been an increasing focus on aging in place, which can help when talking about reverse mortgages. The costs of medical care and nursing homes are constant reminders of how the elderly need financial help. “HECMs are important tools in that respect,” Olson says. “That’s been our experience. As long as the program isn’t encountering financial difficulties—and it’s very strong right now— there’s a lot of bipartisan support.” If HECM supporters sought broad enhancements to the product, Horne suggests, a standalone bill would have bipartisan support. That would be preferable to legislators tacking proposed changes onto an unrelated or divisive bill. “In terms of reverse mortgages, if there are things that can be done with reverse mortgages, it’s a bipartisan issue,” Horne says. “So, a singular piece of legislation that focuses only on reverse mortgages, it’s likely to be supported and could pass.” Simplify your rate sheet process RMI Pricing Platform RMINSIGHT.NET/LP/PRICING-PLATFORM CALL FOR DEMO: 682-651-5632 SALES@RMINSIGHT.NET REVERSE MORTGAGE / JANUARY–FEBRUARY 2023 23
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