Friday Round-Up: New Reverse Mortgage TV Campaign, Volume Hits 18-Month Low

In case you missed it, here’s what happened in reverse mortgage news this week:  Reverse Mortgage Lenders Roll Out New TV, Media Campaign—As part of the “Extreme Summit” initiative, a new reverse mortgage television campaign rolled out this week in Denver, Philadelphia and Seattle. CFPB Issues Rule For Heirs of Mortgage Holders—Surviving family members who […]

California Reverse Mortgage Bill Awaits Senate Vote

A bill that would require California reverse mortgage lenders to provide certain disclosures to prospective borrowers during the application process is moving forward in the state’s legislature as it awaits a Senate vote. Sponsored by Assemblyman Jose Medina (D-CA), AB 1700 aims to amend certain sections of California’s Civil Code relating to reverse mortgages.  Specifically, […]

SunTrust Agrees to $320M Settlement to Resolve HAMP Misconduct

SunTrust Mortgage, Inc. could pay up to $320 million in remediation fees under a new agreement to settle claims related to the company’s alleged neglect and mishandling of the federal Home Affordable Modification Program (HAMP). Atlanta-based SunTrust Banks, Inc. (NYSE: STI) reached the recent agreement with the United States Attorney’s Office for the Western District of […]

Financial Services Roundtable Urges CFPB Overhaul

The Financial Services Roundtable (FSR), a lobbying and advocacy organization, is joining a number of Washington lawmakers calling for greater transparency and oversight to the Consumer Financial Protection Bureau (CFPB). In a letter to a U.S. House of Representatives subcommittee, FSR commended the House Committee on Financial Services for its recent support of 11 different […]

House Expands QM Mortgage Definition, Industry Praises Change

Mortgage industry groups are praising a bill approved this week by the U.S. House of Representatives that would clarify certain aspects of the Qualified Mortgage rule, providing a limited “cure” provision that intends to help banks ensure compliance and manage liability more effectively. Bill H.R. 3211—or The Mortgage Choice Act—was proposed last month by the […]

Mortgage Servicer Suing BofA, 11 Others for Selling Bad Loans

Residential Capital LLC is suing Bank of America and 11 other mortgage lenders, claiming the lenders sold poor-quality loans which led to the now-defunct mortgage company’s bankruptcy, Bloomberg reports. In May 2012, Residential Capital filed for bankruptcy protection after investors who bought mortgage-backed bonds claimed they were loaded with faulty loans, Bloomberg reports. It was […]

GOP Brings New Measures to Rein in CFPB Powers

House Republicans are now supporting 11 different bills that would change the way the Consumer Financial Protection Bureau conducts its business and oversight. Republicans have long argued the bureau needs more accountability, with the bills reflecting their concerns from supervision of the agency to data collection. The House Financial Services Committee will discuss the newest […]

GSE Reform Bill Moves Forward to Senate Floor

The housing reform bill that will wind down and eliminate Fannie Mae and Freddie Mac will finally see a vote from the full Senate after months of hearings and an indefinite hold last month. The Housing Finance Reform and Taxpayer Protection Act of 2013 (S.1217)—or the Johnson-Crapo bill as it is colloquially known—Thursday passed the […]

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 […]

Senate Committee Agrees to Reform Housing, Wind Down GSEs

After months of negotiating and a series of hearings, the Senate Banking Committee announced today that it has reached a bipartisan agreement on a housing finance reform proposal that intends to wind down Fannie Mae and Freddie Mac.  Spearheaded by Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID), the bipartisan reform proposal […]