July Fourth Round-Up: Knight Merger Complete, HUD Closed Friday

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

Knight closed its merger with Getco. Knight Capital Group (NYSE: KCG), parent company of Urban Financial, has completed a deal to merge with electronic trading firm Getco, the companies stated today in a filing with the Securities and Exchange Commission. Business will continue as usual for the reverse mortgage division, Urban Financial Group says. 

Ten more states adopted the new uniform mortgage LO test. The number of states having adopted the National Secure and Fair Enforcement (SAFE) test for mortgage loan originators, made available in April now stands at 30. New states include Alabama; Alaska; Indiana; Kansas; Montana; Nebraska; New Jersey; Tennessee; Vermont; and Wyoming. 

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A house spending bill extended the HECM cap. A spending bill passed last week by the House Appropriations Committee would extend a suspension on the cap placed on the number of government-insured reverse mortgages. The cap, initially set under the Home Equity Conversion Mortgage statute in 1987 at 2,500 loans, was later revised to a count of 275,000 in 2006 and has been suspended numerous times since. 

HUD is closed Friday. As one of HUD’s mandatory furlough days due to budget restrictions, the department’s offices will be closed Friday. Remaining furlough days include July 22, August 2, August 16 and August 30. 

RMD is wishing our readers a happy Independence Day! We will see you back on Monday, July 8. 

Written by Elizabeth Ecker

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