In case you missed it, here’s what happened in reverse mortgage news this week.
A former NY Life team talked new reverse mortgage plans. A group led by former New York Life employees is in the planning stages of a standalone reverse mortgage business that will ultimately offer both Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgage products in a “socially responsible” way. See what founder Mike Gordon had to share with RMD.
South Dakota’s AG issued a reverse mortgage alert. South Dakota Attorney General Marty Jackley’s office this week issued a consumer advisory on reverse mortgage offers, alerting consumers to be cautious when considering reverse mortgage options. View the alert.
Inman news wrote about the reverse mortgage fixed rate, under fire. Touting the inception of the government-insured Home Equity Conversion Mortgage, and later the fixed-rate HECM reverse mortgage, Inman news looks at the most recent fixed rate phenomenon: its critics.
Reports said the CFPB was going undercover on banks and others. The Consumer Financial Protection Bureau is going undercover to gain a look into banks and providers of financial products and services, according to a report from the Washington Times. The publication points to a series of ads recruiting for investigators who will be hired to establish and conduct surveillance to develop intelligence and evidence toward investigations that show the CFPB’s efforts in this direction.
Urban Financial stressed its stability in light of the Knight crisis. Operating as a separate and independent entity, Urban Financial is alive and well, and even more so—it’s growing, Urban President and CEO Steve McClellan told RMD in an interview granted by email.
Written by Elizabeth Ecker