HUD Funding Grants Will Support Reverse Mortgage Counseling

The U.S. Department of Housing and Urban Development (HUD) awarded more than $36 million in grants to national, regional and local housing counseling organizations, HUD announced Tuesday. While the grants are not allocated directly to reverse mortgage counseling, they will support counseling overall, with agencies responsible for allocating funding for their reverse mortgage operations. In […]

White House Spells New Rules for All Retirement Advisors

President Obama directed the Department of Labor to “crack down on Wall Street” to protect families from conflicted retirement advice, the White House said in a statement Monday. The announcement was made in conjunction with the release of a new report by the President’s Council of Economic Advisors, “The Effects Of Conflicted Investment Advice On Retirement […]

Senate Confirms Former CFPB Exec as New HUD Second-in-Command

A former acting chief operating officer of the Consumer Financial Protection Bureau (CFPB) is now the second most senior official at the U.S. Department of Housing and Urban Development (HUD). The United States Senate confirmed President Obama’s nomination of Nani Coloretti on Wednesday to serve as deputy secretary of HUD. As HUD’s deputy secretary Coloretti will […]

Government Unveils Online Resource to Tackle Elder Abuse

The Department of Justice (DOJ) has issued a new framework to tackle challenges to elder abuse prevention and prosecution.  Supported by the DOJ and the Department of Health and Human Services (HHS), the Elder Justice Roadmap was developed with input from public and private stakeholders nationwide.  “The Roadmap Project is an important milestone for elder […]

CFPB Now Testing New Mortgage Disclosure Forms

The Consumer Financial Protection Bureau (CFPB), which has been working on combining the Truth in Lending form with the Good Faith Estimate since May, is now testing the revised design with consumers and industry and is starting a new project: revamping the disclosure form that informs borrowers of final terms and costs at closing. With […]

Banking Regulators to Start Collecting Reverse Mortgage Data

The Office of Thrift Supervision within the Department of the Treasury is soliciting comments on a proposed new schedule for Annual Supplemental Consolidated Data on Reverse Mortgages for its Thrift Financial Report (TFR). With the volume of reverse mortgage activity expected to dramatically increase, the agencies said they need to collect information from financial institutions […]

HUD Secretary Withdraws Required Use Definition From RESPA

Last week, the U.S. Housing and Urban Development Secretary Shaun Donovan announced his intention to implement the mortgage reforms under the Real Estate Settlement Procedures Act (RESPA) which are scheduled to take full effect on January 1, 2010.  For the first time in more than 30 years, HUD is updating mortgage rules to help consumers […]

Obama Administration Requests $798 Million To Aid Reverse Mortgage Program

The Obama administration is asking taxpayers to subsidize the Federal Housing Administration’s program for reverse mortgages for the first time.  The administration has requested that Congress appropriate $798 million for the Home Equity Conversion Mortgage (HECM), according to budget documents released today.According to the budget documents: The decline in house prices has adversely affected the […]

California Introduces Reverse Mortgage Elder Protection Act of 2009

Earlier this week, California Assembly member Mike Feuer introduced three different bills designed to help protect seniors vulnerable to abuse in nursing homes and exploitation in the marketplace.  "Especially in this economy, we need to take every step we can to protect seniors who may be at serious risk of abuse or exploitation," said Feuer. […]

House Passes Stimulus Bill, Reverse Mortgage Provision Included

Yesterday the House of Representatives approved President Obama’s economic recovery plan with vote of 244-188.  The text of the bill does include the reverse mortgage provision which was added in response to a request that came jointly from NRMLA and AARP.  The provision would  set the single national loan limit for HECMs at a higher […]