Oregon’s New Reverse Mortgage Tax Deferral Law May Slow Originations

A new law signed by Oregon’s governor in July has the potential to create a conflict with the Department of Housing and Urban Development (HUD) over a home’s property taxes and slow originations statewide according to one local loan officer, while representatives of Oregon’s state government contend that this isn’t necessarily the case. Late last […]

Oregon Governor Signs Reverse Mortgage Property Tax Deferral Law

While issues surrounding property tax deferral programs for reverse mortgage borrowers in the state of Oregon have persisted for years, the signing of a new law that takes effect this September allows an individual whose residence is in the state’s tax deferral program to adopt a reverse mortgage that has at least 40 percent equity […]

The Fed Rate Cut: Three Areas of Reverse Mortgage Impact

Last week, the Federal Reserve announced that it would be cutting interest rates for the first time since the onset of the 2008 financial crisis. The move was made in an effort to preserve the growth currently observed in the United States economy. The full effect of the rate cut is still to be determined, […]

Ditech Sale Timing Uncertain Pending RMS Woes

On the heels of issues related to Ditech Holding Corporation’s planned sale of Reverse Mortgage Solutions (RMS), real estate investment company New Residential Investment Firm says that legal concerns affecting Ditech could impact the deal closing. New Residential (NYSE: NRZ) disclosed Q2 2019 earnings on Tuesday, adding a note of caution concerning its plans to […]

Waters Takes Aim at Forward FHA Mortgage Servicers With New Bill

The office of Congresswoman Maxine Waters (D-CA), chairwoman of the House Financial Services Committee, announced last week the development of new legislation specifically designed to mitigate the number of foreclosures associated with forward mortgage loans backed by the Federal Housing Administration (FHA). The proposed bill, called the FHA Foreclosure Prevention Act of 2019 aims to […]

New York Attorney General Files Suit Against Ditech, Investigates RMS

Following recent resistance from Bank of America on a deal to sell Reverse Mortgage Solutions, RMS parent company Ditech Holding Corp. is now being sued by New York’s Attorney General in an effort to stop the sale. Her office calls the proposed sale an “attempted end-run around statutory protections for homeowners,” which includes reverse mortgage […]

Forbes: FINRA’s Evolution on Reverse Mortgages

The Financial Industry Regulatory Authority (FINRA) describes its stance on reverse mortgages in a report titled, “Reverse Mortgages: Avoiding a Reversal of Fortune.” While that title has negative connotations, it doesn’t explain that the contents of the report have evolved over the past several years, even if its title may not have. This is according […]

New Program Takes Aim at Delinquent Tax, Insurance Payments for Reverse Mortgage Borrowers

A Washington, D.C. organization is making strides toward helping reverse mortgage borrowers facing foreclosure risk with a new solution available to area loan holders. The Reverse Mortgage Insurance & Tax Payment Program (ReMIT), launched this week by the District of Columbia Housing Finance Agency (DCHFA), is a $500,000 fund that will provide up to $25,000 […]

CFPB Exam Points to Potential Reverse Mortgage Servicing Problems

The Consumer Financial Protection Bureau (CFPB) released the 18th edition of its Supervisory Highlights on Tuesday, which includes examinations of reverse mortgage loan and manufactured home loan servicers. CFPB examinations yielded information concerning activities which either appeared to result in deceptive practices or resulted in violations of Federal consumer financial laws. The document also includes […]

CFPB Curbs Major Payday Lending Rule

The Consumer Financial Protection Bureau (CFPB) today announced that it will not consider implementing an Obama-era rule proposal limiting the activity of “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” which will allow small-dollar lending businesses to operate with reduced scrutiny from the federal government. “Specifically, the Bureau is proposing to rescind the rule’s requirements […]