Friday Round-Up: HECM Counseling Funding Changes, CFPB on LO Comp

In case you missed it… here’s what happened in reverse mortgage news this week. 

HUD said it will change the way reverse mortgage counseling is funded. Reverse mortgage counseling funds will no longer be allocated separately from the overall pool of housing counseling funding, HUD announced this week through a Notice of Funding Availability. 

One Reverse Mortgage launched a national sweepstakes to spark reverse mortgage interest. The sweepstakes, open to U.S. citizens ages 62 and older, offers cash prizes to three winners in the amounts of $10,000 for the grand prize and two runner-up prizes of $5,000 each. 

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NCOA released its reverse mortgage consumer guide for 2013. The National Council on Aging revamped its “Use Your Home to Stay at Home” booklet, which is the official reverse mortgage consumer booklet approved by the Department of Housing and Urban Development. NCOA updated and adapted the guide with new changes this year. 

Generation mortgage said goodbye to former CEO Jeff Lewis. After six years as chairman and CEO of Generation Mortgage, Jeff Lewis has announced his departure from the company. In his time as Generation CEO, Lewis not only represented the company, but also reverse mortgage products on a national level. 

The CFPB released its final LO comp rule. The agency announced a final rule that addresses compensation paid to loan originators and mortgage brokers which prohibits steering incentives, dual compensation and also establishes new qualification and screening standards for originators.

Written by Elizabeth Ecker

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