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Reverse Mortgage

Friday Round-Up: Court Overturns LO Overtime Ruling, Congress Weighs FHA Moves

In case you missed it…here’s what happened in reverse mortgage news this week.

Reverse mortgage volume increased in June. The month saw an uptick in endorsements for the Home Equity Conversion Mortgage (HECM) as well as a new No. 1 reverse lender ranking. 

U.S. Court overturned previous ruling on loan officer pay. The U.S. Court of Appeals ruled in favor of the Mortgage Bankers Association in the case of whether mortgage loan officers are exempt from overtime.

CFPB released guide to navigate new mortgage rules. The rules, released by the Consumer Financial Protection Bureau, include a summary of the new rules, a questionnaire, frequently asked questions and tools to help compliance efforts

Banker says reverse mortgages need competition. A lack of competing products in the marketplace is the real problem plaguing reverse mortgages, as this leads to unnecessary costs for consumers, according to American Banker. 

Written by Jason Oliva