CIS Continues Reverse Mortgage Education Campaign in D.C.

In the latest in a series of reverse mortgage “fly-ins” members of the Coalition of Independent Seniors (CIS), an advocacy group focused on ensuring seniors’ ability to remain financially indpenendent, recently spent the day on Capitol Hill to meet with members of Congress and staff in an effort toward educating Washington on the important role of reverse […]

Texas MBA Reverse Mortgage Day to Cover Industry Pulse

The Texas Mortgage Bankers Association’s (MBA) 10th Annual Reverse Mortgage Day may be just in time, considering the industry’s changing lending landscape. The conference, which is co-hosted by the National Reverse Mortgage Lenders Association, kicks off on Wednesday evening, September 7, at the Hilton Post Oak in Houston, Texas. The following morning, on Sept. 8 […]

MBA: Very Concerned About the Implications of US Debt Default

As the deadline for extending the nations debt limit gets closer to the August 2nd deadline, financial services groups are starting to take action. On Tuesday, the U.S. Chamber of Commerce and financial industry trade groups such as the Securities Industry and Financial Markets Association and the Financial Services Roundtable pushed Congress to act. Unlike […]

Texas MBA Announces Reverse Mortgage Day 2011

The Texas Mortgage Bankers Association announced its 10th Annual Reverse Mortgage Day will be held at the Hilton Post Oak in Houston, TX, on September 7-8. The conference will be co-hosted with the National Reverse Mortgage Lenders Association and is one of the only state specific reverse mortgage conferences in the country.  The event brings […]

Private Capital Must Be Dominant Source of Mortgage Credit says Trade Groups

The return of private capital must be the dominant source of mortgage credit and bear the primary risk in any future housing finance system said more than a dozen financial and housing trade groups in a report published last week. “As policymakers debate options to restore vitality, integrity and stability to the secondary mortgage market, including […]

House Committee to Examine Fed’s Loan Originator Compensation Rule

The House Financial Services Committee will examine the implementation of the Federal Reserve’s rule that changes the compensation model for mortgage originators prior to the effective date of April 1.  The committee said it’s concerned the rules may have an adverse impact on the ability of small businesses that originate mortgages to remain in business. Drafted earlier this […]

MBA and Politicians Applaud FRB’s Decision on TILA Reform

The Federal Reserve Boards decision to back away from finalizing three mortgage proposals under Regulation Z prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB) is receiving praise from just about everyone. “All along we have asked the Fed to suspend its Reg. Z rulemakings, knowing that the […]

Federal Reserve Publishes Compliance Guide for LO Compensation

The Federal Reserve published a compliance guide for Regulation Z and provides additional information regarding prohibitions related to mortgage originator compensation and steering. Regulation Z prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators. “The goal of the amendments is to protect consumers in the mortgage market from unfair […]

Industry Groups Urge HUD to Exempt Warehouse Lending from RESPA

Several mortgage industry trade groups are urging the Department of Housing and Urban Development to exempt warehouse lenders from provisions of the Real Estate Settlement Procedures Act. “It is important for HUD to recognize that warehouse lenders make commercial loans to mortgage lenders to facilitate secondary market transactions and they are not engaged in table funding […]

MBA Sues Labor Department for Loan Officer Overtime Pay Ruling

The Mortgage Bankers Association filed suit against the Department of Labor (DOL) after a Wage and Hour Division Administrator’s Interpretation concluded that typical loan officers were exempt from Fair Labor Standards Act (FLSA) requirements for overtime payments under the “administrative exemption.” “In 2006, the department issued a clear opinion to MBA interpreting DOL regulations that exempted typical […]