New Reverse Mortgage Disclosure Drafts Under Way

New reverse mortgage disclosure forms are being drafted, representatives for the National Reverse Mortgage Lenders association told regional conference attendees in New York last week. In an effort to work with the Consumer Financial Protection Bureau and its overall initiative to revamp all mortgage disclosure forms under a Dodd-Frank rule to combine the Truth in Lending […]

CFPB Chief: Loan Origination Compensation Rule Could Change by 2013

Changes to the Federal Reserve Board’s controversial loan originator compensation rule will likely be made by January 2013, according to statements made today by Richard Cordray, chief of the Consumer Financial Protection Bureau, which now has authority over the rule. The changes are likely to allow originators to lower their compensation in order to close […]

CFPB to Revisit Loan Originator Compensation Rule, Proposal Coming “Soon”

Loan officer compensation rules may be facing change once again, National Mortgage News reported today based on comments made by the Consumer Financial Protection Bureau’s Peter Carroll, head of the agency’s Office of Mortgage Markets. “The Consumer Financial Protection Bureau plans on taking a close look at the Federal Reserve’s controversial loan officer compensation rule […]

Have a Question About Reverse Mortgages? Ask the CFPB

The Consumer Financial Protection Bureau today launched an interactive reverse mortgage information resource as part of its “Ask CFPB” initiative. Ask CFPB allows consumers to ask questions and get answers on financial products and topics from credit card agreements to estate planning. It currently includes 20 reverse mortgage-specific questions and answers, with the potential to […]

RESPA Enforcement to Ramp Up This Year?

Mortgage companies could see more enforcement of the Real Estate Settlement Procedures Act, National Mortgage News reported this week, following statements made by former FHA Commissioner Brian Montgomery to a conference of industry professionals. “As you know, there has been very little enforcement in this area for several years and now that the [Consumer Financial […]

NRMLA Outlines Most Immediate CFPB Reverse Mortgage Concerns, More to Follow

While the Consumer Financial Protection Bureau has yet to do much in the way of reverse mortgage examination or enforcement, the agency will be making an impact on the industry now that it has its full authority, representatives from the National Reverse Mortgage Lenders Association told attendees of a webinar Tuesday. “Now that it has […]