In case you missed it…here’s what happened in reverse mortgage news this week.
The MBA testified before a house committee, expressing concerns about regulation. Mortgage Bankers Association board member Hank Cunningham urged the House committee to take a closer look at the QRP proposal, risk retention requirement, SAFE Act and loan originator compensation rule. “Most lenders know we will never be ‘too big to fail,’ but we also wonder if we are ‘too small to comply,’” he said.
HUD got a new acting commissioner. President Obama appointed former Department of Housing and Urban Development deputy assistant secretary for multifamily housing Carol Galante to serve as acting commissioner, replacing Bob Ryan, who vacated the position to become a senior advisor to HUD Secretary Shaun Donovan.
NRMLA proposed a potential HECM financial assessment to FHA. The assessment details a process by which lenders would determine whether borrowers are able to meet the obligations of their HECM loans. HUD has said a financial assessment is coming later this year.
The debt debate continued. One policy expert told RMD that if the debt ceiling is not raised, the Federal Housing Administration, as a “non-essential” agency, would face a shut down, leading to a halt in FHA lending.
Premiere Reverse Closings’ Alissa Prieto welcomed a baby boy. Premier Reverse Closings’ Alissa Scott Prieto and husband Adrian Prieto welcomed baby Julian Cole, 8 lbs, 9 oz on July 11. Congratulations to Alissa and Adrian!
Written by Elizabeth Ecker