Reform and regulations — or the rollback thereof — were in the forefront this week in the mortgage and housing spaces, as the shockwaves from President Trump’s proposed Dodd-Frank cuts continue to reverberate through the industry. RMD readers also learned about Reverse Mortgage Funding’s expansion, as well as new resources for borrowers from NRMLA.
Here’s a rundown of the top stories from the week in reverse mortgages:
Q&A: Reverse Mortgage Funding’s Rise from Startup to Industry Leader — RMF president David Peskin and chief marketing officer Jean Noble sat down with RMD to discuss their firm’s climb from industry newcomer in 2013 to current top-10 lender, as well as their predictions for the year ahead.
President Trump Signs Order to Begin Dodd-Frank Overhaul — Last Friday, President Trump signed a pair of documents that took aim at key parts of former President Obama’s financial-regulation legacy, the 2010 Dodd-Frank Act and the so-called “fiduciary rule” that sets ethical standards for financial advisors and planners.
NRMLA Rolls Out New Tools for Reverse Mortgage Borrowers — The team at NRMLA introduced three resources aimed at providing detailed information for potential and current HECM borrowers, including a self-assessment checklist for those considering reverse mortgages, and a breakdown of potential loan-repayment scenarios.
Housing Policy Experts Call for Much-Needed FHA Reforms — RMD recapped an Urban Institute seminar from earlier in February, in which key players — including Shawn Krause, an executive vice president at Quicken Loans, and former Rep. Rick Lazio of New York — discussed potential FHA reforms, such as a streamlining of the foreclosure timeline and other servicing regulations.
Reverse mortgages around the Web…
Taiwan’s oldest reverse mortgage holder — The nascent reverse mortgage program in Taiwan hit a new milestone this week as it welcomed its oldest member, a 99-year-old customer of Taiwan Cooperative Bank, according to the nation’s state-owned Central News Agency. Reverse mortgages first became available in Taiwan in 2015, and the almost-centenarian will receive 20,000 Taiwanese dollars a month, or about $644.
Florida law firm focuses on potentially fraudulent HECM foreclosures — Lawyers report a spate of cases in Florida in which lenders have falsely claimed that HECM holders have vacated their homes in order to foreclose upon them, according to the Daily Business Review.
Written by Alex Spanko