CFPB Complaints from Older Consumers Decline Despite Overall Spikes

The number of complaints filed with the Consumer Financial Protection Bureau increased by 19% from the first quarter of 2016 to the same span this year, but older consumers reported fewer issues over that period. The CFPB received an average of 2,181 complaints from consumers aged 62 and older each month from January to March […]

Balancing Regulatory Risks and Rewards When Working with Financial Advisors

Work with financial planners to legitimize the reverse mortgage in the mind of the skeptical consumer. Use planners as key sources of referrals. Reverse mortgages can be the cornerstone of a smart retirement blueprint. It’s a refrain that many lenders and originators have been hearing for years now, and it contains a decent amount of […]

Alleged Chicago Reverse Mortgage Scammer Faces Indictment

Longtime followers of reverse mortgage fraud likely know the name Mark Diamond. The former originator has been accused of bilking elderly Chicago homeowners out of their reverse mortgage proceeds as far back as 2003, and his origination license has been suspended since 2010. Just last June, an Illinois judge ordered him to pay $2.4 million […]

What Reverse Mortgage Professionals Could Expect During a Shutdown

Move over, death and taxes: It’s probably time to add “threat of a government shutdown” to Benjamin Franklin’s list of absolute certainties in life. Long considered a last-ditch nuclear option, the threat of government shutdown has loomed large in this era of intense partisanship, with both Democrats and Republicans using the specter of lost services […]

Reverse Mortgage Complaints Spike, But CFPB Database’s Future in Doubt

The numbers coming out of the Consumer Financial Protection Bureau were striking: Disputes over reverse mortgages spiked by 172% from 2012, the first full year that the CFPB opened its virtual doors to such complaints, to 2016. Over that same period, the CFPB saw a 102% increase in all Federal Housing Administration-related loans, while Americans […]

Any Federal Financial Reform Will Be Slow, Professor Tells NRMLA

In a wide-ranging talk to the audience at the National Reverse Mortgage Lenders Association’s eastern regional conference in New York City earlier in April, tax professor Jamie Hopkins preached patience in a financial world fraught with legislative uncertainty. “Financial services have been in a really big flux for about a year,” said Hopkins, tracing the […]

HUD Lays Out Timeline for Reverse Mortgage Final Rule

NEW YORK — The Home Equity Conversion Mortgage final rule won’t be implemented until September 19, but the groundwork for its rollout will begin much sooner. Department of Housing and Urban Development official Cheryl Walker told an audience at the National Reverse Mortgage Lenders Association’s eastern meeting and exhibition in New York City that the […]

Obscure Regulation Halts Reverse Mortgages, FHA Lending in Some Towns

Thanks to the abrupt enforcement of a decades-old regulation that the Federal Housing Administration had seemingly ignored, consumers looking to buy homes or take out reverse mortgages in some 55+ communities have had their FHA loan applications rejected at the last minute in recent months. Starting this past fall, applicants in the Sun City and […]

Don’t Fret (Yet) About Trump’s Proposed HUD Cuts, Lawyers Say

President Trump’s proposed budget for the Department of Housing and Urban Development may seem alarming, but a pair of prominent housing lawyers say that the fight is far from over — and it’s up to the movers and shakers in industries that benefit from HUD’s programs to lobby for funding by touting the results. “When […]

Reactions to Trump’s Budget in Reverse Mortgages and Beyond

Almost as soon as President Trump unveiled his proposed fiscal year 2018 budget — which would excise $54 billion in funding from most federal programs and funnel it into the military and the Department of Homeland Security — strong reactions from both sides of the aisle and various sectors of the business world flooded the […]