Has the Consumer Financial Protection Bureau (CFPB) gone rogue? In this week’s Reverse Focus podcast, Shannon Hicks says some lawmakers seem to think so. Last week, one Congressman introduced new legislation that aims to bring more accountability and oversight to the CFPB by bringing the oft-controversial agency under the congressional appropriations process. The proposed bill is the latest in a series of legislation pieces introduced this year to curb the CFPB.
In another sign that the financial planning community is increasingly accepting the Home Equity Conversion Mortgage, a new designation that teaches the strategic use of HECMs is attracting a growing number of planners. One such program, the Retirement Income Certified Professional, is specifically designed to address retirement income planning with curriculum that includes the use of reverse mortgages.
Wait and see—that is the approach that the Department of Housing and Urban Development (HUD) is taking when it comes to evaluating the recent changes made to the reverse mortgage program, Hicks discusses in another story during the podcast.
Following the implementation of the Financial Assessment, changes to Principal Limit Factors and non-borrowing spouse adjustments, HUD, at a recent reverse mortgage industry conference said that its priority now is to see whether those changes are working.
In the last story, Hicks explores a recent article from The New York Times, which details a new “family-style reverse mortgage” being offering by one peer-to-peer lender in the Boston area. Dubbed as “The Caregiver Mortgage,” the loan product is essentially structured as a crowd-funded loan provided by family members to an adult parent wishing to age in place.
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- Gone rogue? Lawmakers seek to reign in CFPB
- New Financial Planner designation teaches strategic use of HECM
- The after effects: HUD waiting to see impact of changes
- N.Y. Times: The Family-Style reverse mortgage
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 Jason Oliva