Generation Mortgage Applauds New CFPB Mortgage Servicing Proposals

Reverse mortgage lender Generation Mortgage today released a statement in support of recent mortgage servicing changes proposed by the Consumer Financial Protection Bureau that aim to make the mortgage servicing process more transparent to consumers. 

“Generation Mortgage strongly supports the adoption of mortgage servicing standards that ensure the appropriate and uniform protections for all borrowers,” said Jeff Lewis, Generation Mortgage president and CEO and Chairman of the Coalition for Independent Seniors. “In the Reverse Mortgage industry, it is paramount for us all to continue to strengthen and evolve the Home Equity Conversion Mortgage (HECM) program to a set of standards that are above reproach.”

The changes would apply first to forward mortgage servicing as a baseline, with future rules proposed for reverse mortgage servicers in early 2013, the agency told RMD upon announcing the proposed rules in August. The forward changes focus on billing statements, notices for adjustable rate changes, forced-place insurance, information management and several other areas. 

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“Generation Mortgage fully supports Director Cordray and the CFPB on the proposed national servicing rules,” Lewis said. “We look forward to working with Director Cordray and the CFPB on implementing appropriate enhancements to the servicing standards that provide borrowers with more confidence and comfort in the HECM program.”

Written by Elizabeth Ecker

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  • So let me get this straight, Jeff sends out a press release stating his support for the “forward” servicing practices proposed by the CFPB, and he is doing this why? Other than seeing his name in print, and making a comment that he welcomes the CFPB intrusion in our collective lives, I see no valid reason for the press release.

    Maybe its just me and I am having a bad day…

  • Generation Mortgage is a “reverse mortgage only” originator and servicer so one can assume that his comments apply only to the industry he represents. Ms. Eckert’s sentence about the “forward mortgage” industry is simply explaining that the new rules apply initially to that segment of the mortgage industry and later to reverse mortgages. Mr. Lewis is a highly respected voice for the reverse mortgage industry in Washington and his comments should be welcolmed by all of us who care about the future of our industry.

    • ediey1,

      There is little doubt Jeff has a charismatic speaking style and is a very, very popular voice in our industry.  Yet there are times when what is says is less than credible.  

      For example, observe Jeff’s comments about the program being self sustaining when in fact HUD has transferred a few billion from another portion of the Mutual Mortgage Insurance fund to the HECM portion just to offset projected losses and keep the fund positive.  Or how about his very confused comments about projected HECM losses having to be funded through the 2010 budget in early 2009.  These kinds of comments show Jeff still has a lot to learn from Peter Bell and other reverse mortgage leaders.  Then there was the strange prediction that last year we would see 100,000 endorsements.  

      I like Jeff but there have been moments….

  • reversemaniac,  Two things you need to remember.  Keep your name in the news, via print, TV, radio, etc. and butter up the people that control your income.

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