In case you missed it, here’s what happened in reverse mortgage news this week.
Reverse mortgage products made headlines… From a CBS local TV news segment to financial planning publication Registered Rep and mainstream outlet CNBC, coverage this week included an in depth look into reverse mortgages, in some cases presenting an entirely new view.
A Reverse Market Insight report pointed to a shift away from the kitchen table. Lenders may be moving away from the kitchen table and they are getting used to a new way of doing things without big, national banks in the mix, RMI noted. Read more about the findings.
The industry weighed in on new, potentially “problematic” LO comp rules from the CFPB. The rules, which are expected to be proposed formally this summer and finalized by January 2013, will make additional changes to the loan originator compensation rule issued by the Federal Reserve Board in April 2011. National Reverse Mortgage Lenders Association counsel explained in a memo to NRMLA members why the changes need some clarification and change for their application to reverse mortgage loans.
…and the CFPB said it is listening. Speaking before a mortgage industry conference, a CFPB official stressed that the agency is collecting feedback that will weigh in on the final rule making.
Written by Elizabeth Ecker