Friday Round-Up: Supreme Court and CFPB, Reverse Mortgage Wholesale Heats Up

In case you missed it, here’s what happened in reverse mortgage news this week. 

RMD took a look at new reverse mortgage wholesalers in the business. Many are working on big growth plans for 2012. How are they doing to date? Read more

New reverse mortgage product coming soon to Texas? A Reverse Mortgage for Purchase in Texas could be a little bit closer to reality as primary voting season wraps up and new efforts toward introducing the loan in the state launch this week. Read more.  

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The Supreme Court ruled in favor of Quicken Loans, sending a potential signal to the CFPB. The decision, made last week in a longstanding case filed over split fees charged by a Quicken loan officer, had implications for the interpretation of the Real Estate Settlement and Procedures Act (RESPA) by the Department of Housing and Urban Development, and more recently, by HUD. The CFPB had filed an amicus brief favoring the HUD interpretation. The decision could be a seen as a “warning” to the CFPB, one lawyer says. 

The Mortgage Bankers Association announced its president, David Stevens, is leaving for SunTrust. Former housing official David Stevens, who has served as Mortgage Bankers Association president and CEO for the past year, will leave his MBA post in June to become president of SunTrust Mortgage, the MBA announced Wednesday

CFPB officials met with Treasury Department and mortgage industry reps on the topic of loan originator compensation. Those in attendance reported that the CFPB’s flat-fee compensation plans are a “done deal,” and National Mortgage News’ Paul Muolo summed it up late last week…

Written by Elizabeth Ecker

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