CFPB Calls for Public Hearing on Reverse Mortgages

The Consumer Financial Protection Bureau announced Wednesday it will hold a field hearing on reverse mortgages on June 27 in Tampa, Florida.

Richard Cordray, the CFPB’s director, is scheduled to provide remarks, along with Deputy Director Raj Date, and Skip Humphrey, who leads the bureau’s Office of Older Americans.

Additionally, testimony will be provided by consumer and civil rights groups, industry representatives and members of the public.

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Lender representation is expected at the hearing. The agency is currently working on a required reverse mortgage study under a July 21 deadline, mandated by Dodd-Frank. In a February annual report to Congress, the agency reported that work on the study was under way, and that the CFPB planned to continue to seek information from industry participants as the study progressed.

The event is open to the public. Find more information here.

Written by Elizabeth Ecker

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  • What timing!! This will have most of our interest. Jeff Lewis is a great guy but I hope he will not come and speak about a self-sustaining program as he normally does or about 100,000 endorsements for next year like he did in New Orleans. No doubt he will come representing CIS.

    It would be great if Peter Bell, Jeff Taylor, Joe Demarkey, and Bart Johnson went to those meetings representing the industry. I think they would have a calming but well spoken influence at the meeting and its representatives.

  • Does anyone know who will be representing our industry? It would be great if a few actual Loan Originators were able to speak and note just NMLA and Lender CEO’s. I am also hoping that they have a few real Reverse Mortgage customers that have benifited as well.

  • These meetings were announced in February of this year. I have to wonder what has been done in since February by the committee in establishing what regulations are going to drive the industry after July 21st.

    We can be assured that surprises will be coming out of the bag and many new regulations are not going to be what we will want to see.

    It is be imperative for us to have the right people representing our industry at the June 27th meeting. This will be the last and only chance we will have to make the impact needed on this committee!

    My only hope is that we have had a group established by now that will be representing us. I also hope this group (If established) has a strong agenda put together in our favor!

    Make it a great weekend,

    John A. Smaldone

  • This was just sent to me-
    The field hearing will feature remarks from CFPB Director Richard Cordray, as
    well as testimony from consumer and civil rights groups, industry
    representatives, and members of the public. Representatives from the reverse
    mortgage industry invited to testify include NRMLA President & CEO Peter
    Bell, Sherry Apanay, Managing Director of Sales at Urban Financial Group, and
    veteran loan originator David Levitt, CRMP, Founder and Chief Executive of
    Circle Mortgage Corporation, based in Hollywood, FL.

    I do not think that this would be the forum to talk about 100,000 endorsements but to talk about how regulated we all ready are and how important it is that the banks and the brokers work TOGETHER to make sure we are all working on the same playing field and how we can better serve our senior customers.

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