In case you missed it… here’s what happened in reverse mortgage news this week.
Romney released his plan to solve the housing crisis. Including harsh words on the Dodd-Frank Act, the Romney campaign is finally speaking out about its initiatives to solve the housing crisis, after being pretty mum on the topic in the early stages of the 2012 presidential campaign. Read more about the plan.
One Reverse Mortgage launched a new Henry Winkler commercial. Rather than being the one to do the talking, One Reverse spokesman Henry Winkler sits back to hear from reverse mortgage borrowers in the latest series of TV commercials launched by the lender this month.
Three states sued over Dodd-Frank’s constitutionality. Several states joined a lawsuit last week that challenges the constitutionality of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Oklahoma, South Carolina and Michigan are suing over a specific authority having to do with pension contributions they say puts those contributions at risk.
Some markets showed a strong reverse mortgage rebound. Some reverse mortgage markets are starting to make a comeback in terms of loan amounts, according to a report Tuesday from Reverse Market Insight. In spite of a national trend downward, three markets—Atlanta, Pensacola and Orlando—have risen to the top three spots for max claim amount, RMI finds, after treading water in the rankings for many months.
The CFPB slammed credit reporting agencies. An investigation by the Consumer Financial Protection Bureau announced this week revealed discrepancies in the credit reporting market that can cause meaningful differences between lender and consumer, the agency found.
Going to the NRMLA conference? Don’t miss the NCOA benefit event Monday night. Lenders are teaming up this year for a cause. Find out more here. Thanks to event sponsors: AAG, Generation, One Reverse, PRC, RMS, S1L & Urban and those pledging donations of $1,000 or more: Baydocs, JB Nutter, Landmark, Coester, ReverseVision and Mortgage Cadence.
Written by Elizabeth Ecker