The Consumer Financial Protection Bureau this week released a five-year blueprint that establishes its mission, strategic goals and strategic objectives. The Bureau’s strategic plan includes three strategic goals: Ensure that all consumers have access to markets for consumer financial products and services. Implement and enforce the law consistently to ensure that markets for consumer financial … more CFPB Releases Strategic Plan
President Trump released a Fiscal Year 2019 budget on Tuesday that expressed support for HECM and the role it plays improving seniors’ lives, highlighted recent changes that strengthened the program, and hinted that further refinements may be forthcoming. The president’s proposed budget is largely ceremonial – just last week Congress approved a spending plan that … more Administration’s FY19 Budget Praises HECM
In his latest “Eye on Housing” blog, National Association of Home Builders Senior Economist Paul Emrath cited statistics from the Federal Reserve’s latest Survey of Consumer Finances (SCF) which shows that households age 55 or older earn about half of all household income in the U.S., but hold over two-thirds of the residential equity and … more Fed: Households Age 55+ Hold Two-Thirds of U.S. Home Equity
A new retirement preparedness study from Prudential, titled Planning Your Retirement? Expect the Unexpected, concluded that 51 percent of retirees left the workforce earlier than planned. While early retirement may seem like welcome news, only 23 percent said they did so because they either had enough money to retire, wanted to retire, or were tired … more Prudential: Half of Retirees Left Workforce Earlier Than Expected
The HMBS market began 2018 much like it began 2017, with a month of just under $870 million in total new issuance and range bound in total outstanding float. This may change in 2018 as the new Principal Limit Factors (“PLFs”) start to reduce origination volume. In January, HMBS float rose by over $112 million … more New Year’s Resolution: Use HMBS Data Properly
We are deeply saddened by the passing of Jeff Taylor, NRMLA’s founding chairman, a visionary executive who foresaw the potential of reverse mortgages and served as an important advocate and leader in building the HECM program and the industry that serves it. Jeff passed away yesterday, surrounded by his immediate family, after a heroic battle … more Remembering Our Founding Chairman, Jeff Taylor
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At a hearing titled Turning 65: Navigating Critical Decisions to Age Well, experts from the public and private sectors testified last week before the Senate Special Committee on Aging on the challenges facing Baby Boomers when they enroll in Medicare and Social Security. “People turning 65 face a staggering number of decisions related to their … more Senate Aging Committee Examines Challenges Facing Americans Turning 65
By Weiner Brodsky Kider, PC The full D.C. Circuit Court of Appeals on Wednesday reinstated a three-judge panel’s decision holding that the CFPB’s interpretation of Section 8 of the Real Estate Settlement Procedures Act (RESPA) is contrary to law and violated PHH’s due process rights. By reinstating the panel’s unanimous decision regarding RESPA, the court … more Full D.C. Circuit Rejects CFPB Interpretation of RESPA, But Upholds Agency Structure
The following page shows annual HECM production from 1990 to the present by federal fiscal year and by calendar year from 2001 onward.