In case you missed it…here’s a recap of reverse mortgage news this week:
Urban Financial Group announced it has received HMBS Approval. Urban is the first to receive approval following new GNMA requirements that lifted the moratorium at the end of last year. The addition of Urban brings the total number of approved HMBS issuers to 10, according to a Ginnie Mae spokesperson.
A Texas bill aimed to extend the reverse mortgage repayment period. The bill, introduced in the Texas House of Representatives, would extend the repayment period for heirs of reverse mortgage borrowers to15 years. Heirs of borrowers would have 90 days to accept once the offer is provided.
HUD issued new advertising requirements. A mortgagee letter published April 15 by the Department of Housing and Urban Development specifies new guidelines for use of the agency’s logo, name and acronym in advertising materials for Federal Housing Administration approved mortgagees, including prohibitions for third party originators.
…and NAIHP voted to withdraw its loan officer compensation lawsuit against HUD. The National Association of Independent Housing Professionals announced that its board has voted to withdraw the association’s lawsuit against the Federal Reserve Board over the Fed’s loan officer compensation rule, which went into effect earlier this month. The Niche Report covered the action late last week.
Finally, an ABC News segment by David Muir covers the uncertain retirement situation for many baby boomers. According to data in the ABC coverage, 44% of baby boomers say they are not prepared for retirement. See the video below.
Written by Elizabeth Ecker