CFPB Uncertainty Reigns in Reverse Mortgages and Beyond

Every presidential succession brings uncertainty, but with the new Trump administration promising considerable changes to the structure of government and conflicting reports about the fate of certain Obama-era guidelines, the first few months of 2017 have proven particularly cloudy from a regulatory standpoint. The Consumer Financial Protection Bureau has been at the center of the […]

Friday Round-Up: AAG’s Boots on the Ground, Realtors Talk Reverse Mortgages

Coming off the long Presidents Day weekend, RMD’s readers flocked to a story about reverse mortgage titan American Advisors Group’s efforts to expand its field origination team, as well as a National Association of Realtors event designed to educate real estate professionals about the home equity conversion mortgage for purchase transaction. Here’s a recap of […]

Maine Gov. Touts Reverse Mortgages in New Legislation

Reverse mortgages could become a central part of Maine’s foreclosure law if the governor has his way. Under new legislation proposed by Gov. Paul LePage, a Republican, any town considering foreclosure on a home due to unpaid taxes would have to first inform the residents of several potential relief options, including a home equity conversion […]

Mnuchin Confirmation Raises Reverse Mortgage Foreclosure Confusion

President Donald Trump’s nomination of Steven Mnuchin to helm the Treasury Department raised a round of controversy about his involvement with reverse mortgage foreclosures — and Mnuchin’s 53-47 confirmation by the Senate on Monday revived the discussion in the media. “This confirmation goes beyond letting the fox in the henhouse,” Democratic Rep. Maxine Waters of […]

Trump’s Reforms Unlikely to Bring Short-Term Reverse Mortgage Change

President Donald Trump’s long-predicted executive actions targeting the financial industry made a major news splash on Friday, but key players in the reverse mortgage space and beyond are still waiting to see how the president’s plans will affect lenders and borrowers. “It’s still too early to know how this could impact our industry,” said Jenny […]

Colorado Bill Seeks Protection for Reverse Mortgage Borrowers Hit by Disasters

New legislation introduced by Colorado state lawmakers last week aims to suspend a borrower’s obligation to repay a reverse mortgage in the event that a natural disaster renders the property uninhabitable as a principal residence. Under current law, the reverse mortgage borrower is relieved of the obligation to occupy the subject property as a principal […]

N.Y. Governor Proposes Stronger Reverse Mortgage Consumer Protections

Concerned that reverse mortgage borrowers are not afforded the same protections as other homeowners, New York Governor Andrew M. Cuomo (D) is proposing legislation that will protect seniors with reverse mortgages, as part of a comprehensive plan to safeguard New York seniors from financial exploitation and foreclosure. The reverse mortgage and senior financial exploitation protections […]

New York Pushes for Stronger Reverse Mortgage Foreclosure Protections

Following a series of damning articles spotlighting New York reverse mortgage borrowers in foreclosure, lawmakers this week introduced new legislation that seeks to create additional consumer protections for these afflicted seniors. On Monday, New York Assemblywoman Helene Weinstein (D-Brooklyn) and Senator Jeff Klein (D-Bronx/Westchester) announced the introduction of legislation (A10745/S8177). The bill will provide reverse […]

Republicans Unveil Plans to Gut Dodd-Frank, Reform CFPB

One of the most vocal critics of the Consumer Financial Protection Bureau (CFPB) plans to overhaul the oft-controversial agency by gutting the Wall Street reforms that created it. This week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled details of the Financial CHOICE Act. An acronym for “Creating Hope and Opportunity for Investors, Consumers […]

Maryland Lawmakers Punt on Reverse Mortgage Escrow Bill

The Maryland General Assembly recently adjourned, leaving in limbo a bill that would require escrow accounts be established for all reverse mortgage borrowers for the payment of property taxes and insurance. Sponsored by Senator Delores G. Kelley (D-District 10, Baltimore County), the legislation (S.B. 855) was first introduced to the Maryland state Legislature on February […]