Illinois’ New Reverse Mortgage Law Takes Effect This Week

Reverse mortgage professionals in Illinois will soon be required to abide by the state’s new laws governing Home Equity Conversion Mortgages (HECMs) beginning January 1, 2016. In August, Illinois Governor Bruce Rauner signed into law the Reverse Mortgage Act, following the its passing in the Illinois General Assembly earlier this summer. The legislation rewrites the […]

Holiday Round-Up: Is the Reverse Mortgage Industry Failing the H4P?

RMD will be observing the Christmas holiday December 24-25, but will return to our normal posting schedule on Monday, December 28. RMD wishes all of its readers and their families a safe, enjoyable Merry Christmas and happy holidays. We’ll see you back here on Monday. In the meantime, in case you missed it, here’s what […]

Congress Passes Omnibus Budget Bill, Raises Funds for HUD

On Friday, Congress approved a $1.1 trillion omnibus spending bill that averts a government shutdown and funds federal agencies through September 30, 2016. The 2,009-page funding bill, which passed by a 316-113 vote in the House of Representatives and a 65-33 vote in the Senate, includes extended authority for the Federal Housing Administration to continue insuring […]

Easier FHA Condo Rules Would Improve Seniors’ Reverse Mortgage Access

There has been a lot of chatter in recent weeks on Capitol Hill from lawmakers and housing groups pressing the Federal Housing Administration (FHA) to ease its regulations on condominium financing. But while easier FHA condo rules would improve seniors’ access to FHA-insured Home Equity Conversion Mortgages (HECMs), reverse mortgage industry members are skeptical whether […]

Houses Passes Bill to Block DOL Rules for Retirement Advisers

The House of Representatives on Tuesday passed a bill that aims to block a Department of Labor (DOL) proposal that would raise the standards for financial professionals who provide retirement investment advice. Also known as the Retail Investor Protection Act, H.R. 1090 passed the House by a vote of 245-186. The legislation, which was introduced […]

House Committee Passes Bills to Shake-Up CFPB

Several bipartisan bills that would increase federal oversight and change the leadership structure of the Consumer Financial Protection Bureau (CFPB) passed through the House Financial Services Committee this week. Included within the legislation was H.R. 1266, a bill introduced by Rep. Randy Neugebauer (R-TX) in March that wants to create a bipartisan five-person committee to […]

Lenders React to the Aftermath of Recent State Reverse Mortgage Laws

The past year has seen several reverse mortgage laws make their ways through various state legislatures and to governors’ desks, where they are ultimately signed into law. Each piece of legislation has largely aimed to protect potential borrowers from blundering into a reverse mortgage when it is not the right financial choice, and as a […]

Florida’s Non-Borrowing Spouse Ruling, Illinois Passes Reverse Mortgage Law

Reverse Focus Weekly Podcast Episode #375 Even though the Department of Housing and Urban Development (HUD) has enacted its reverse mortgage non-borrowing spouse policy, there are still some legacy issues that remain, as evidenced by a recent Florida court ruling, discusses Shannon Hicks in this week’s Reverse Focus podcast. The case should have implications for […]

Illinois Governor Signs Reverse Mortgage Protections Act into Law

After six weeks of sitting on the desk of Illinois Governor Bruce Rauner (R ), a bill that creates a series of reverse mortgage protections for borrowers was finally signed into law Monday. Effective January 1, 2016, Senate Bill 1440, also known as the Reverse Mortgage Act, includes several provisions that require lenders and Illinois’ […]

Senator Ted Cruz Introduces Bill to Abolish the CFPB

The Consumer Financial Protection Bureau (CFPB) celebrated its fourth birthday on July 21. As a present, two Texas congressmen introduced a bill to abolish the federal agency, one of whom was U.S. Senator Ted Cruz (R). Cruz, along with Representative John Ratcliffe (R-Texas-04) introduced legislation to eliminate the CFPB, saying that the agency, like the […]