Friday is here! That means just a few hours stand between you and the weekend. But before you take off for whatever plans await, check out the top reverse mortgage news stories grabbing the attention of RMD readers this past week:
CFPB Updates Procedures for Examining Reverse Mortgage Servicers—This week, the Consumer Financial Protection Bureau (CFPB) updated its procedures for examining reverse mortgage servicers and reviewing their compliance with regulations. The new exam procedures, which will also assess other risks to consumers, were published in the 13th edition of the Bureau’s Supervisory Highlights report.
HUD Updates Source for Reverse Mortgage LIBOR Swap Rates—Late last week, the Department of Housing and Urban Development published a new Mortgagee Letter that updates the source for obtaining the 10-Year London Interbank Offered Rate (LIBOR) swap rate.
AAG Hires Bank of America Exec to Lead National Reverse Mortgage Field Sales—American Advisors Group (AAG) this week announced the hiring of industry sales veteran and former Bank of America (NYSE: BAC) executive, Jesse Q. Allen, to serve as the company’s Senior Vice President of National Field Sales. In this new role, Allen will assist AAG in growing the company’s “feet on the street” reverse mortgage business, AAG stated in a release issued this week.
FHA Lowers Owner-Occupancy Conditions for Condos—The Federal Housing Administration (FHA) recently lowered the owner-occupancy threshold required for condominiums to become eligible for FHA financing. Mortgagee Letter 2016-15 states that the owner-occupancy requirement can be lowered to 35%—as opposed to the previous minimum level of 50%—for existing condos, provided that the project meets certain conditions.
Retirement Researchers Bring Reverse Mortgage Discussion to MIT—Reverse mortgages were the focal point of conversation at a recent gathering between several of the nation’s leading retirement researchers and finance policy experts at the Massachusetts Institute of Technology (MIT). The event centered on the topic of housing wealth and the role home equity can play in retirement income planning.
Written by Jason Oliva