Reverse mortgage professionals dodged a bullet as the second government shutdown of 2018 lasted less than six hours, avoiding potential delays in Department of Housing and Urban Development processing. But that wasn’t all that happened in the world of Home Equity Conversion Mortgages last week. Catch up on what you missed with our list of […]
Category: CFPB
The fight over his legitimacy is still active, but the acting director of the Consumer Financial Protection Bureau is building out his team. Mick Mulvaney on Tuesday announced the hiring of Kirsten Sutton Mork as the bureau’s chief of staff. Sutton Mork previously served as staff director of the House Financial Services Committee under its […]
Financial industry leaders, hoping for an end to the Consumer Financial Protection Bureau — or at least the weakening of its regulatory power — through a long-running court case have to wait a while longer. The U.S. Court of Appeals for the D.C. Circuit on Wednesday ruled that the CFPB’s structure is constitutional, dealing a […]
The Consumer Financial Protection Bureau’s acting director has begun to implement his plan to reshape the consumer watchdog’s mission, issuing the first in a string of requests for public comment on its actions last week. First on the docket: Civil investigative Demands, a kind of legal action in which the bureau asks companies to provide […]
Consumer Financial Protection Bureau acting director Mick Mulvaney laid out his vision for the agency, promising a starkly different approach than the one developed under his predecessor. Referencing a quote in which former director Richard Cordray talked about how his department focused on “pushing the envelope,” Mulvaney drew a sharp contrast in a Tuesday opinion […]
The acting director of the Consumer Financial Protection Bureau declined funding from the Federal Reserve for the second quarter of fiscal 2018, marking yet another departure from his predecessor. “I have determined that no additional funds are necessary to carry out the authorities of the Bureau for FY 2018, Q2,” Mick Mulvaney wrote in a […]
The Consumer Financial Protection Bureau will solicit wide-ranging commentary on its mission from the public and companies, the agency’s acting director announced Wednesday. “In this New Year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate. Moving forward, […]
The Department of Housing and Urban Development this week released a new resource for homeowners facing foreclosure. While it doesn’t specifically mention reverse mortgages, the guide — titled “Homeowner’s Guide to Success” — offers pointed advice that still applies to holders of Home Equity Conversion Mortgages. For instance, the document advises struggling homeowners to contact […]
A prominent reverse mortgage researcher joined the criticism over the Consumer Financial Protection Bureau’s recent report on the products, calling the bureau “wrong.” Wade Pfau, professor of retirement income at the American College of Financial Services in Bryn Mawr, Pa., wrote a lengthy post for Advisors Perspectives that disputes some of the CFPB’s findings. Back […]
The past year may well go down as one of the most transformative in the reverse mortgage industry since the program began in the late 1980s. The Department of Housing and Urban Development rolled out a series of sweeping changes to the Home Equity Conversion Mortgage, multiple major players began looking beyond the HECM for […]
