In case you missed it, here’s what happened in reverse mortgage news this week…
We looked into the reverse mortgage comments received so far by the CFPB. We found many companies in the business were not making use of the opportunity to submit comments. Hear from RMD’s John Yedinak on the comments, and the countdown to the CFPB’s deadline coming up on August 31.
Ocwen hinted it may be looking into reverse mortgage servicing… While the company has yet to state that it is getting into the business, Ocwen said in its most recent quarterly SEC filing that is looking into becoming a reverse mortgage servicer.
The CFPB proposed new mortgage origination and LO comp rules. Among the changes: requiring lender to make a no-point, no-fee loan option available, requiring an interest rate reduction when consumers elect to pay upfront points or fees, and implementing additional requirements for loan originators in terms of background checks, training and steering.
And… We launched the 2nd Annual Reverse Mortgage Daily Awards! Visit our awards site to nominate your company for the best-of 2012.
Written by Elizabeth Ecker