In case you missed it… here’s what happened in reverse mortgage news this week.
Nation’s Largest FHA Lender Sues DOJ, HUD —Detroit-based Quicken Loans Inc. recently filed suit in Federal District Court against the United States Department of Justice (DOJ) and Department of Housing and Urban Development (HUD). The lawsuit follows three years of probing by the DOJ.
Liberty Home Equity Solutions Names Mike Kent New President — Mike Kent will be joining Liberty Home Equity Solutions, Inc. as the company’s new president, effective April 27.
Reverse Mortgage Player Approved to Educate NY Lawyers on HECMs — FirstBank’s Marketing Manager Ed O’Connor has been approved as a continuing legal education resource in the state of New York, under the state’s bar association, to offer a class on reverse mortgages for attorneys to earn Continuing Legal Education credits.
Lenders Make New Estimates on Financial Assessment Volume Decline — Fifty percent of reverse mortgage industry members anticipate a volume decline of 6-20% after the financial assessment goes into effect, according to results of a recent RMD webinar poll. But as the financial assessment nears, a growing number of industry members say its impact on volume will be slim.
AARP-HUD Non-Borrowing Spouse Clash Continues — The ongoing non-borrowing spouse litigation continues, as both the Department of Housing and Urban Development (HUD) as well as the AARP Litigation Foundation have recently filed court documents arguing why the case should — and shouldn’t — be dismissed.
Written by Cassandra Dowell