Housing Experts: Reverse Mortgages Well Suited to Address Aging in Place Issues

The reverse mortgage program can be a very valuable tool for addressing issues related to aging in place in the United States, as well as circumventing some problems related to the spread of COVID-19 in senior housing and nursing facilities. However, some issues including the volatility for the Federal Housing Administration and various servicing problems […]

Federal Reserve Endorses Swift Transition Away from LIBOR

The Federal Reserve on Monday announced that it was endorsing a statement encouraging banks to transition away from the U.S. dollar-based London Interbank Offered Rate (LIBOR) index “as soon as practicable,” according to an announcement the federal bank issued on Monday morning. “Given consumer protection, litigation, and reputation risks, the agencies believe entering into new […]

November Election Results Could Impact Key Reverse Mortgage Issues in 2021

The results from the November general election in the United States could have notable impacts on key issues relevant to the reverse mortgage industry including the selection of a new servicing contract for the Federal Housing Administration (FHA), the legislative priorities of the White House and Congress as it relates to matters of housing, the […]

Biden Transition Brings Familiar Names Back into CFPB’s Orbit

Moving ahead with his transition in anticipation of his inauguration in January, President-elect of the United States Joe Biden has begun to look at what role he would like the Consumer Financial Protection Bureau (CFPB) to play in his upcoming administration. To that end, Biden recently appointed Leandra English, former deputy director of the CFPB, […]

New California CFPB-style Agency Will Not Have Authority Over Reverse Mortgage Industry

The state of California’s new Department of Financial Protection and Innovation (DFPI), a reorganization of the previous Department of Business Oversight (DBO), will not have enforcement authority over the state’s reverse mortgage businesses according to officials with both the new DFPI, and the California Department of Real Estate (DRE). Though modeled after the federal Consumer […]

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 […]