Two States Revise, Ease LO Licensing Laws

Two states have recently passed laws modifying existing loan originator licensing and continuing education requirements and allowing for transitional LO licenses.  Arizona’s House Bill 2098, passed March 23 and effective immediately, grants loan originators a license once they complete a 20-hour education course at some point during the three years immediately preceding their application. This […]

FTC Settles With Mortgage Lead Generator on False Advertising Charges

An online mortgage lead generator will pay $225,000 to settle false advertising charges that it deceived customers by marketing adjustable rate loans as fixed interest rate mortgages, the Federal Trade Commission announced.  The FTC charged GoLoansOnline.com, a Houston, Texas-based lead generator, with advertising low interest-rate loans as fixed-rate loans when they were actually adjustable-rate mortgages, in […]

Generation Continues Expansion West with 6 New Reverse Mortgage Hires

Generation Mortgage Company announced Thursday the addition of six new reverse mortgage professionals to its Pacific region operations. Ben Murray has joined Generation’s Arizona sales team and will report directly to Area Manager Charles Byler. John Martin will handle the Atlanta, Ga.-based company’s Oregon region while Blake Pavlich will cover Washington state. Both will report […]

CFPB Releases Senior Mortgage Debt Report

A growing number of seniors are in debt, and it’s not a pretty picture as they head into retirement, according to a new “snapshot report” released by the Consumer Financial Protection Bureau on Wednesday.  Older Americans are facing challenges that include more mortgage debt, less affordable housing, and greater risk of foreclosure, reveals the report, […]

Columbus Dispatch: Reverse Mortgage Product Fits Important Niche

Growing need for reverse mortgages may be tempered by new rules limiting the loan’s use, reports the Columbus Dispatch, but the loan fits an important niche for an aging population that hasn’t saved enough for retirement.  “Just as the appetite for reverse mortgages is growing, new rules are clamping down on the loans,” says the […]

GAO Doubles Down on Flaws in CFPB’s Financial Reporting

Two “significant deficiencies” in the Consumer Financial Protection Bureau’s financial reporting for the past two years and detected in a Government Accountability Office audit have prompted four new recommendations.  The GAO audited the CFPB’s fiscal years 2012 and 2013 financial statements and identified two flaws in the bureau’s internal control over financial reporting in a […]

Thousands of Nonbank Mortgage Jobs Cut in March

Thousands of employees of nonbank mortgage companies lost their jobs in March as mortgage bankers and brokers reduced their payrolls by more than 10,000 from the previous month, according to new Department of Labor data. Total employment in the mortgage banking and broker sector dropped from 283,700 in February to about 270,000 in March, says […]

Homeownership Rate Falls to 1995 Levels

Homeownership in the United States fell to its lowest rate in nearly a decade in 2014’s first quarter, according to new Census data, with older adults remaining the demographic with the highest rates.  The quarter’s 64.8% homeownership rate represents nearly 74.4 million households. That’s a four basis point drop from the previous quarter and a 0.2 percentage […]

A Quarter of Americans Have Homebuyer’s Remorse

A quarter of American homeowners regret buying their current home and wouldn’t do it again, according to a national survey from real estate brokerage Redfin, but older homebuyers are typically satisfied with their decision.  More than 2,000 U.S. adults participated in the survey, conducted online by Harris Poll, and their home-buying sentiments varied by region.  […]

AARP Counts 42 Million “Informal” Senior Caregivers

The nation’s 42 million family caregivers provide what’s commonly characterized as “informal” care to seniors who need help with activities of daily living, but in reality it’s anything but, says a new post on the AARP Blog.  “It’s time to banish the word ‘informal” when referring to the care provided by family members and friends,” writes Lynn Friss […]