Friday Round Up: CFPB Releases Reverse Mortgage Consumer Guide

In case you missed it…here’s what happened in reverse mortgages over this Fourth of July week. 

The CFPB published a new reverse mortgage consumer guide. Sparking several comments from RMD readers, the guide includes consumer-facing information on reverse mortgage products in a four-page pdf. Click here to find out more. 

Mainstream news reported on the CFPB’s landmark reverse mortgage industry study. Headlines range from “Rise in Reverse Mortgages” to “Consumer Bureau Issues Warning on Reverse Mortgages,” with outlets spanning the New York Times and American Banker. 

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A court ruled mortgage LOs are not exempt from overtime pay. The decision is likely to be made ultimately in a court of appeals, according to analysis by K&L Gates.  

HighTechLending partnered with a reverse mortgage broker roll up. Company execs spoke with RMD about their reverse mortgage growth plans, including the broker “roll up” under the direction of several former Financial Freedom leaders. 

Inman News reported on FHA’s reverse mortgage role. “Should FHA Get Out of Reverse Mortgages?” the Inman column asks. Read on to find out why columnist Tom Kelly thinks the reverse mortgage market needs both FHA and non-FHA lenders. 

RMD hopes you had a happy Fourth of July holiday! 

Written by Elizabeth Ecker