U.S. Department of Justice Files Complaint Against Reverse Mortgage Company

The United States Department of Justice (DOJ) has filed a complaint against a reverse mortgage company for allegedly forging certifications and using unqualified underwriters to approve Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) loans originated between 2008 and 2010. Nutter Home Loans (formerly known as James B. Nutter & Co.) allegedly undertook these […]

Election 2020: Joe Biden, Kamala Harris and Reverse Mortgages

Earlier this year, RMD took a look at several presidential candidates and their stated policy positions, and how they could interact with the reverse mortgage business. These efforts were undertaken while the Democratic presidential nominating process was still taking place, and featured profiles of candidates like businessman Michael Bloomberg, Senators Elizabeth Warren and Bernie Sanders, […]

California Seeks to Create its Own CFPB-style Agency

The state of California is reportedly seeking to establish its own financial watchdog agency which would operate similarly to the federal Consumer Financial Protection Bureau (CFPB). The proposal would be accomplished through an expansion of the existing California Department of Business Oversight (DBO). This is according to original reporting at NPR. Members of the state […]

Live Well CEO Trial Postponed to 2021 Due to Pandemic

The trial of Michael C. Hild — the former CEO of defunct reverse mortgage lender Live Well Financial — for an alleged bond fraud scheme has been delayed by six months, due to complications arising from the COVID-19 coronavirus pandemic. This is according to original reporting by RichmondBizSense and court documents obtained by RMD. According […]

New York Updates Reverse Mortgage Regulations with Trade Association Input

The New York Department of Financial Services (DFS) has issued new updates to a series of regulations governing both Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgage products originated within the state, considering a series of industry comments submitted to the regulatory body by the National Reverse Mortgage Lenders Association (NRMLA). This is according […]

Supreme Court to Decide Lawfulness of FHFA Structure

The United States Supreme Court (USSC) will hear arguments in a case that challenges the single-director leadership structure of the Federal Housing Finance Agency (FHFA), just weeks after a ruling in which it deemed a similar structure at the Consumer Financial Protection Bureau (CFPB) unconstitutional. “The justices granted a pair of cases, Collins v. Mnuchin […]

How the New Condo Rule is Playing Out for Reverse Mortgage Lenders

In late 2019, the Department of Housing and Urban Development issued new condominium guidelines that aimed to make it easier for single units to be approved for Federal Housing Administration (FHA) financing. This included transactions under the Home Equity Conversion Mortgage (HECM) program. Historically, an entire condo complex would need to be approved for FHA […]

Gov’t Watchdog: Reverse Mortgages Present Benefits and Risks for Seniors

The Government Accountability Office (GAO) recently published a blog post on its “WatchBlog” devoted to providing additional information and context for seniors who may be considering a reverse mortgage transaction for themselves. The post — derived from a 2019 study on the product category by GAO and its director of financial markets and community investment […]