In case you missed it… here’s what happened in reverse mortgage news this week.
President Obama signed a reverse mortgage reform bill into law. The Reverse Mortgage Stabilization Act authorizes the Secretary of HUD to establish additional requirements to improve the fiscal safety and soundness of the Home Equity Conversion Mortgage Program.
Stifel Financial launched a nationwide reverse mortgage platform. Stifel, Nicolaus & Company, Incorporated (NYSE: SF) announced it has entered the reverse mortgage business through a new origination and securities trading platform and its recent acquisition of Knight Capital Group’s Fixed Income Unit.
The CFPB updated its mortgage exam guidelines. The Bureau on Thursday released a second update to its exam procedures to offer guidance to the industry regarding what it will look for in examinations following the issuance of new mortgage regulations in January 2013. “We are committed to transparency around our examination process,” said CFPB Director Richard Cordray in a statement.
AAG launched four new reverse mortgage TV ads. The new ads, featuring AAG’s spokesman Fred Thompson, present new takes on reverse mortgages, including combatting some of the common misperceptions about the loans.
A hiring flurry continued among lenders. Personnel moves included Diane Coats named as Senior Operational Oversight Specialist for Generation Mortgage; Michele Zachensky was hired by Reverse Mortgage Funding to lead fulfillment; and Security One Lending hired Peter Klamkin and Rob Cooper to join its retail management team.
Written by Elizabeth Ecker