How a New California Privacy Law Could Impact Reverse Mortgages

On January 1, 2020, the California Consumer Privacy Act (CCPA) became effective and has been described as one of the most comprehensive consumer privacy initiatives ever to be codified into law. Because of its wide implications for businesses throughout the state of California, a panel of legal representatives explained how it could impact the reverse […]

Possible Impacts of New York’s Sweeping New Reverse Mortgage Law

A New York state law that was recently signed by Governor Andrew Cuomo, and which targets deceptive consumer practices while imposing new requirements on borrower representation during loan closings, could have potentially serious implications on the way that reverse mortgage business is conducted in the state. State Assembly bill A5626 was first passed by the […]

Forbes: Why Consumers Should Be Aware of LIBOR

The London Interbank Offered Rate (LIBOR) – which serves as the reference basis for an estimated $200 trillion worth of financial transactions globally – is on the verge of being retired, and there are several aspects of the impending sunset date that consumers should be aware of. This is according to James R. Schenck, the […]

Congressional Leaders Approve Funding to Avert Gov’t Shutdown

In what likely amounts to welcome news ahead of the holidays, Congressional Democrats along with Senate Republicans have reportedly agreed to a $1.3 trillion spending plan ahead of a December 20 deadline, apparently averting the possibility of a new partial federal government shutdown as we head into 2020, according to reporting at the Washington Post. […]

How Compliance Issues Could Impact Reverse Mortgages in 2020

In terms of regulations that govern the reverse mortgage industry and possible outcomes for such matters in 2020, distractions being experienced by Congress, White House proposals for federal regulations and the continuing presence of possible Consumer Financial Protection Bureau (CFPB) enforcement actions could make for an eventful year in terms of actions related to regulatory […]

SEC Case Against Live Well CEO Suspended Pending Criminal Case

After Michael Hild successfully requested additional time to respond to civil charges levied against him by the Securities and Exchange Commission (SEC) last month, the federal government has intervened in that civil lawsuit filed against the former Live Well Financial CEO. This is due to the concurrent criminal case filed against him and his former […]

New York Governor Signs Sweeping Reverse Mortgage Bill Into Law

A reverse mortgage bill aiming to change the way industry professionals do business in the state of New York was signed into law on Friday by Governor Andrew Cuomo, RMD has learned. This has codified the bill into New York state law, and Governor Cuomo’s office confirmed to RMD that he had signed it. Assembly […]

Former Live Well CEO Granted More Time to Answer Civil Charges

The former CEO of defunct reverse mortgage lender Live Well Financial has been granted additional time to respond to civil charges levied against him and his former company by the federal government. Michael Hild, charged in a $140 million bond fraud scheme on both civil and criminal fronts, was granted an additional 30 days to […]

HUD and DOJ Release Guidance on False Claims Act Violations

U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Ben Carson and U.S. Attorney General William Barr signed an inter-agency memorandum of understanding (MOU) on Monday, setting “prudential guidance” on the appropriate use of the False Claims Act (FCA) for violations by Federal Housing Administration (FHA) lenders. The MOU between HUD and the Department […]

HECM Hearing Recap: Democrats, Republicans Agree on Something

The late September hearing of the U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance provided a rare moment of insight into the perspectives that national politicians maintain toward the Home Equity Conversion Mortgage (HECM) program. Over the course of the proceeding, more Republicans expressed doubt concerning the viability and effect […]