In this week’s Reverse Focus podcast, Shannon Hicks discusses protection for surviving spouses. While this regards traditional mortgages, rather than reverse mortgages, Congress members wrote a letter to the Department of Housing and Urban Development, detailing the “troubling situation” many surviving spouses find themselves under a mortgage loan on which their names do not appear.
The San Diego-based Security One Lending has made a “giant leap” in connecting financial advisors to reverse mortgage professionals through the launching of an online portal to broaden planners’ reverse mortgage education.
Also discussed, the Federal Housing Authority (FHA) came under more scrutiny last Tuesday during a hearing before the Senate subcommittee as it continues to seek Congressional authority to make changes to its Home Equity Conversion Mortgage (HECM) program.
Lastly, the Consumer Financial Protection Bureau (CFPB) released exam procedures for the newest regulations, outlining changes regarding appraisals, escrow accounts and loan originator compensation and qualifications set to go into effect January 2014.
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- Congress members ask for foreclosure protection for surviving spouses
- Security One launches portal for financial advisors
- Congress wants FHA to make immediate changes to HECM program, but has yet to give them authority
- New CFPB rules mean new exam questions
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Editor’s Note: These posts are sponsored by Reverse Focus.