Friday Round-Up: Judge Dismisses Reverse Mortgage Suit, CFPB Eyes Loan Closings

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

Calif. Judge Dismisses Wells Fargo, FNMA Reverse Mortgage Lawsuit—A California judge dismissed a lawsuit filed in 2011 by a reverse mortgage borrower’s heir against Wells Fargo and Fannie Mae. The heir claimed he was not given the right to purchase the home at 95% of its appraised value, following the passing away of the borrower.

RMF Makes HECM Choice Available to Brokers, Principal Agents—Reverse Mortgage Funding continued the rollout of its new HECM Choice product, now making it available to brokers and principal agents in addition to approved correspondents. 

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Public Radio Show Talks Reverse Mortgages with AARP, CFPB—A Texas Public Radio show featured representatives from AARP and the Consumer Financial Protection bureau to get their take on reverse mortgage advertising, program changes and borrower cautions. 

CFPB Looks to Reduce “Pain Points” in Mortgage Closings—The Consumer Financial Protection Bureau is on a new mission to improve the mortgage closing process. In a request for comments, the agency is asking consumers and lenders for feedback on the process, how it can be streamlined and made easier for borrowers to understand and complete. 

Four More States Add Uniform LO Test, Brings Tally to 39—The Conference of State Supervisors announced four more states are on board for its uniform loan originator exam that allows originators to take one state test (instead of two) in addition to the national exam. The exam was rolled out last year and now counts 39 states that have adopted it. 

Written by Elizabeth Ecker

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