Nonbank Mortgage Lenders Under CFPB Scrutiny; Servicers First Target?

NewImage.jpgReverse Fortunes Weekly Podcast Episode #189

Reverse Fortunes’ latest podcast highlights the Consumer Financial Protection Bureau’s increased regulatory presence for nonbank lenders, ushering in a “whole new world of scrutiny” thanks to “unprecedented federal government capacity” that may pit federal regulators against state rights. Additionally, Reverse Fortunes’ Shannon Hicks taps mortgage servicers as the possible “first target” of the CFPB.

Also covered is the FHA’s announcement that it will be tracking former real estate owned (REO) properties, including HECM for purchase transactions. Hicks notes Celink’s move to exclusively subservicing reverse mortgages, with the company announcing its decision to focus, define and redirect its attention to the reverse world as the senior population increases.

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Hicks also touches on “the GOP effect,” with American Advisors Group capitalizing on the Republican primaries by airing ads featuring former GOP presidential candidate Fred Thompson.

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Talking Points:

  • New federal powers to collide with state regulations
  • Politics & Reverse Advertising: The Republican Effect
  • Celink goes reverse only
  • Exploding growth: RMS

Listen now“Reverse Fortunes is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editors Note: These posts are sponsored by Reverse Fortunes.

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  • Once again, the CFPB and its implimentation of regulation after regulation. They say they are protecting the consumer and our seniors. In reality they are hurting the consumer through over regulation practices.

    The CFPB is also hurting our seniors by effecting and destroying the very programs that help them. Doesn’t make much sense, does it?

    The Financial Regulatory Reform Bill” needs to be repealed! This bill controls our entire financial industry and the CFPB is the most dangerous part of the bill!!!

    John A. Smaldone

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