In case you missed it… here’s what happened in reverse mortgage news during this short Thanksgiving week.
CFPB and FTC launched a mortgage advertising investigation. Cracking down on deceptive reverse mortgage advertising, the agencies said they are launching investigations into mortgage advertisements and will issue enforcement actions according to the findings.
HUD asked Congress for more reverse mortgage program authority. The FHA’s reverse mortgage program could go through substantial changes unless Congress grants the agency additional authority, says a report released on Friday. The decision comes after an independent audit found the agency’s capital position has fallen to negative $16.3 billion, with the Home Equity Conversion Mortgage portion making up $2.8 billion of the total.
Reverse lender NewDay USA expanded, launched a mortgage “university” concept. NewDay USA has announced plans to expand its Maryland headquarters to support the company’s growth and establish a mortgage “university” program. The education program will be open to various mortgage professionals including reverse mortgage professionals from account executives to processors, originators and underwriters.
…and the fiscal cliff continued to threaten housing as well as business. Bank of America CEO Brian Moynihan said it is already bringing business down and Zillow says the cliff could undo the housing recovery thus far.
Wishing everyone a wonderful Thanksgiving holiday! We will see you back on Monday, November 26.
—The RMD Team