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 […]

Senate Bill Would Shield Companies from Falling Under CFPB Reign

A bill introduced last month before a Senate subcommittee would shield certain financial institutions with less than $50 billion of total assets from examination and reporting requirements of the Consumer Financial Protection Bureau (CFPB).  Introduced by Senator Pat Toomey (R-PA), The Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2014 (S.2732) would raise […]

Friday Round-Up: Reverse Mortgage Research Reveals New Surprises

In case you missed it, here’s what happened in reverse mortgage news this week: Reverse Mortgage Default Research Nets Some Surprises—Findings from a recent report on reverse mortgage borrower characteristics revealed several surprises, one of which was a credit limit’s effectiveness in limiting defaults by as much as 37%. Walter Sees Short-Term Challenge, Long-Term Profit […]

CFPB Collects $92 Million For Lending Scheme Victims

The Consumer Financial Protection Bureau (CFPB) and 13 state attorneys general obtained $92 million in debt relief for servicemembers and other consumers harmed by a lending scheme that allegedly targeted military base communities.  THE CFPB has permanently banned Colfax Capital Corporation and Culver Capital, LLC, also collectively known as Rome Finance, from consumer lending after […]

CFPB Clarifies Rules For Lending To Same-Sex Married Couples

The Consumer Financial Protection Bureau (CFPB) clarified its rules regarding lending to same sex, married couples. The agency recognizes all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated.  CFPB Director Richard Cordray recently issued a memo to lenders explaining the CFPB’s laws, regulations and policies regrading lending to […]

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 […]