In case you missed it, here’s what happened in reverse mortgage news this week…
Federal regulators put Walter under inspection. The Department of Housing and Urban Development Office of Inspector General and the Federal Trade Commission are among federal regulators requesting documents related to the company’s mortgage practices.
Lenders and builders saw mutual reverse mortgage benefits. Lenders successful in marketing reverse mortgage for purchase loans said success requires relationships with both realtors and 55+ housing builders.
CFPB released a financial planner guide for seniors. The guide issued by the Consumer Financial Protection Bureau (CFPB) warns that choosing a financial planner is tougher than it sounds.
A new tool pairs consumers with reverse mortgage counselors. The CFPB launched another consumer tool that aims to help consumers find local housing counseling agencies, including those offering reverse mortgage counseling.
Financial assessment launch date to arrive soon. Following last week’s announcement that the forthcoming financial assessment will be delayed, the Federal Housing Administration said formal guidance on the rule is expected to arrive within a week.
Written by Jason Oliva