With much uncertainty about upcoming regulatory changes in the reverse mortgage industry and what April 1 compensation rule will bring, an upcoming National Reverse Mortgage Lenders Association conference hopes to provide some answers. The NRMLA West conference, to take place March 15-16 in Newport Beach, California, has seen registration numbers well ahead of any meeting of the [...]

During a week of financial regulation funding discussions prompted by the release of President Obama’s proposed 2012 budget, the U.S. Treasury Department announced hires for the leadership of the Consumer Financial Protection Bureau (CFPB) implementation team on Thursday. Elizabeth Warren, assistant to President Obama and special advisor to the secretary of the treasury for the [...]

National home prices continued to fall during the fourth quarter of 2010 accordind to the latest data from the S&P/Case Shiller Home Price Indicies. During the quarter, the National Index fell 4.1% versus the fourth quarter of 2009, which is the lowest annual growth rate since the third quarter of 2009, when prices were falling at [...]

As the implementation date (April 1) for the Federal Reserve Board’s originator compensation rule draws closer, the National Reverse Mortgage Lenders Association is requesting additional clarification on how the rule applies to the industry. Specifically, NRMLA is asking the Fed to define the “amount of credit extended” on reverse mortgages and suggests it should be the [...]

Despite the number of reverse mortgages endorsed being down 35% in 2010, one broker managed to become a top-10 lender over the course of the downturn. John Mitchell, founder of Reverse Mortgage USA, has continued to grow his company over the past seven years to become the 8th largest lender and biggest broker in the industry [...]

The Financial Crimes Enforcement Network (FinCEN) published an advisory to assist the financial industry in reporting instances of financial exploitation of the elderly on Tuesday. The advisory contains examples of “red flags” based on activity identified by various state and federal agencies and provides a common narrative term that will assist law enforcement in better [...]