President’s Day Round-Up: HUD Delays Reverse Mortgage Financial Assessment

Reverse Mortgage Daily will be observing President’s Day on Monday, Feb. 16, 2015, but will return to our normal posting schedule Tuesday, Feb. 17. Until then, we’d like to wish all of our readers a safe and enjoyable holiday weekend.

In the meantime, in case you missed it, here’s what happened in reverse mortgage news this week:

HUD To Delay Reverse Mortgage Financial Assessment Date—Citing a delay in the delivery of “certain system enhancements” required to support Financial Assessment policies, the Department of Housing and Urban Development on Thursday once again delayed the implementation date of the new rule.

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[Updated] CFPB Report Reveals Top Reverse Mortgage Complaints—Frustrations with loan terms, servicer processes and foreclosure issues were just some of the complaints reverse mortgage borrowers submitted to the Consumer Financial Protection Bureau from December 2011 –  2014.

Reverse Mortgage Lenders Train for Change as Financial Assessment Nears—Long awaiting the arrival of the Financial Assessment, reverse mortgage lenders have been ramping up various training initiatives at their companies, from educational webinars to leveraging technology to drive their businesess in preparation for the landmark change.

CFPB Nabs NewDay for Deceptive Mortgage Advertising, Kickbacks—Alleging deceptive forward mortgage advertising and kickbacks, the CFPB took action against former top-15 reverse mortgage lender NewDay Financial.

Congressmen Press HUD Chief on Reverse Mortgage Co-Ops, Stability—Though reverse mortgages weren’t necessarily the center of debate during a Financial Services Committee hearing Wednesday, the issue of expanding their eligibility to co-op housing owners rose to the surface.

Written by Jason Oliva

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