In case you missed it… here’s what happened in reverse mortgage news this week.
HUD says plan for closures and delays in the wake of sequester. As a result of the sequester that will lead to budget cuts faced by government agencies, the Department of Housing and Urban Development is planning for seven days of employee furloughs between May and September 2013.
Hensarling questions CFPB funding, authority. On the heels of controversy surrounding the recess appointment of Consumer Financial Protection Bureau Director Richard Cordray, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) penned a letter this week questioning the funding of the CFPB based on the issue.
LendingTree announces it’s getting into reverse mortgages. In conjunction with its launch of a new, second-generation online loan marketplace, LendingTree this week announced it is getting into reverse mortgages. The online marketplace serves as a platform where consumers can compare loan offers and lenders can purchase leads.
Continuing resolution extends reverse mortgage loan cap. Under a continuing resolution passed by the House of Representatives last week, the cap on the number of reverse mortgages allowed outstanding under Federal Housing Administration insurance would be suspended once again, this time through September 30—or the current fiscal year.
Written by Elizabeth Ecker