California reverse mortgage borrowers may be required to obtain HECM counseling in person if a new bill becomes law. Introduced by Assemblymember Susan Bonilla (D-CA), AB 2010 follows the Department of Housing and Urban Development’s guidelines but goes one step further and requires the prospective borrower meet with a counselor face-to-face. “A lender shall not [...]

Legislation proposed to extend payroll tax cuts for two months could cause some Federal Housing Administration mortgage fees to rise, essentially leading to an increase in the cost of those mortgage loans for homeowners. The House is scheduled to vote on the legislation Monday night. The legislation has been hotly contested as a means to [...]

A recent finding from Investor’s Business Daily finds that yes, the Dodd-Frank Act, signed into law last year, has already cost Americans hundreds of thousands of financial jobs, with many more on the way. “The level of real GDP could be 2.7% less by the year 2015 than would otherwise be the case for the [...]

Reverse mortgage reform is a leading concern in California, with the California Senior Legislature rating reverse mortgage transparency legislation as a top-ten state priority. In the past few months, the state has focused on other reverse mortgage legislation, recently passing a bill to prohibit reverse mortgage and insurance cross-selling. The 31st Annual Legislative Session, which [...]

Even though Texas’ Homestead law will continue to prevent the state from offering the HECM for Purchase program until at least 2013, some lenders are preparing to enter the market they believe will open up if the constitution is amended to allow the product. The state’s warm climate, low cost of living, and lack of income [...]

California Govenor Jerry Brown (D-CA) signed into law a bill on Wednesday that aims to prohibit inappropriate conduct by insurance professionals in the sale of reverse mortgages. Authored by Assemblyman Mike Eng (D-CA), AB 793 is designed to prohibit unscrupulous insurance agents and brokers from participating with, employing, or making referrals to an individual involved [...]