In case you missed it…here’s what happened in reverse mortgage news this week.
Will regulatory changes force reverse lenders to consolidate? While the reverse mortgage industry has been marked by substantial acquisition activity in the past year, recent regulatory changes might make the notion of consolidation a necessity for some to stay afloat.
New HUD process could bar reverse mortgage entrants. Changes to the Department of Housing and Urban Development’s (HUD) approval process for direct endorsement lenders might raise barriers to entry for reverse mortgage business.
Senator calls CFPB “creepy.” During a Senate Banking Committee hearing, Senator Mike Johanns (R-Neb.) called the data-collecting methods of the Consumer Financial Protection Bureau (CFPB) “downright creepy” for delving into the finances of Americans.
House Committee discusses return of private capital. Encouraging the return of private capital to the housing market could avoid a future mortgage disaster, according to the House Financial Services Committee, but that might call for an elimination of Fannie and Freddie.
HUD restructures, closes offices. The agency announced it will restructure its multi-family programs, closing 16 of its small regional field offices in an effort to cut costs and bolster financial stability of the department.
Written by Jason Oliva