State Law Updates Reverse Mortgage Rules, Gives Lenders More Flexibility

A recent amendment to Rhode Island’s rules governing reverse mortgages will give lenders in the state more flexibility to perform certain Financial Assessment actions prior to the loan applicant’s completion of required counseling. Enacted on June 25, the amendment stems from Rhode Island Senate Bill 0918 and House Bill 6157, which now allow reverse mortgage […]

Bloomberg: Lawmakers Seek Dodd-Frank Fix

Lawmakers from both sides of the aisle are discussing a Dodd-Frank Act “fix-it” bill, reports Bloomberg in a recent article. “The bipartisan group is looking to improve on legislation proposed by Senate Banking Committee Chairman Richard Shelby that was written with almost no feedback and has no chance of passing, [U.S. Senator Mark] Warner, a Virginia […]

Illinois Reverse Mortgage Protections Bill Heads to Governor’s Desk

A bill that would create consumer protections for seniors considering reverse mortgages in Illinois has passed the state legislature with bipartisan support, following a stall last week.  Sponsored by Illinois Senator Jacqueline Collins and State Representative Arthur Turner, Senate Bill 1440 will soon be sent to the desk of Illinois Governor Bruce Rauner where it […]

Illinois Reverse Mortgage Bill Stalls Following Senate Passage

A proposed bill that would create more protections for reverse mortgage borrowers in Illinois appears to have stalled in the state legislature following a Senate passage just weeks ago. The Reverse Mortgage Act, or SB1281, passed through the Illinois Senate April 29, having undergone three readings before its arrival in the state’s House of Representatives […]

House Bills Aims to Replace CFPB Director with Bipartisan Committee

A bill introduced last week in the House of Representatives wants to change the leadership structure of the Consumer Financial Protection Bureau (CFPB) from a sole director-led agency to one headed by a multi-member commission. Introduced by Representative Randy Neugebauer (R-Texas), the bill (H.R. 1266) would create a bipartisan five-person committee appointed by the president […]

Congress Pushes to Create CFPB Watchdog

While the Consumer Financial Protection Bureau (CFPB) has been busy flexing its muscles against reverse mortgage lenders lately, two congressmen say it’s time for the agency to have some more oversight.  Reps. Steve Stivers (R-Ohio) and Tim Walz (D-Minn.) recently re-introduced the bipartisan Bureau of Consumer Financial Protection-Inspector General Act of 2015 — legislation that creates the […]

California’s Reverse Mortgage ‘Cooling Off’ Law Takes Effect

Starting Jan. 1, reverse mortgage professionals operating in California must comply with the new rules set forth by legislation passed in 2014, which requies lenders to observe a week-long “cooling off” period before assessing any fees or services from borrowers, among other provisions. In October, California Governor Jerry Brown signed into law AB 1700, a […]

California Governor Passes Reverse Mortgage “Cooling Off” Bill

California Governor Jerry Brown last week signed a bill into law that will add new protections for reverse mortgage borrowers in the state.  The legislation, known among industry members as AB 1700 or California’s “cooling off” bill, was introduced and sponsored by Assemblyman Jose Medina (D-CA) and will take effect January 1, 2015. The bill […]

Massachusetts Clarifies Face-to-Face Reverse Mortgage Counseling Rule

In the latest development from the Massachusetts legislature, seniors who have already received reverse mortgage counseling on or prior to July 31, 2014, will not have to be re-counseled in person, despite the recent counseling updates that went into effect at the beginning of this August. The update applies to seniors who have received counseling either […]