Midterm Elections Impact Reverse Mortgage Industry, Home Prices Improve

ReverseFocusReverse Focus Weekly Podcast Episode #335

In this week’s Reverse Focus podcast, Shannon Hicks reviews the midterm elections, noting that the GOP now holds a majority in the U.S. Senate and House.

Both parties have fought when it comes to legislative issues that impact lenders — such as Dodd-Frank and the Consumer Financial Protection Bureau (CFPB) — but things could change even more in the future, according to the American Bankers Association.

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Hicks also highlights findings from Trulia, which show that home prices in 40 of the 100 largest metro markets have increased and accelerated. Tune in to find out which cities came out on top.

Although there’s been an uptick in more positive media articles about reverse mortgages, horror stories are still sometimes associated with the product. If this were any indication, one might think that reverse mortgages would be the top complaint made to the CFPB.

But it turns out reverse mortgages only account for 1% of all complaints. In contrast, broader mortgage products show a 23% share of complaints made to the bureau.

Finally, the podcast also discusses the National Reverse Mortgage Lenders Association’s (NRMLA) request to the CFPB to delay implementation of the Home Mortgage Disclosure Act (HMDA), noting it could result in increased costs and privacy breaches for reverse mortgage lenders.

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Talking Points:

  • Midterm elections could lead to changes in CFPB
  • Trulia: Home prices gain in 40% of largest markets
  • Reverse mortgages not the top complaint to CFPB
  • NRMLA urges CFPB to delay HMDA reporting

Listen now“Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”

Editor’s Note: These posts are sponsored by Reverse Focus.

Written by Emily Study

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