The Consumer Financial Protection Bureau (CFPB) has issued an enforcement action against a reverse mortgage lender, taking issue with its advertising practices. This story has been updated with a statement from the lender in question.
The trial of former Live Well Financial CEO Michael Hild for an alleged bond fraud scheme kicked off in the Southern District Court of New York in Manhattan on Tuesday.
A former HUD regional administrator from the Trump administration has been found to have violated the Hatch Act, a key ethics rule designed to prohibit government employees from engaging in political activity when performing official duties.
FHA has handed down long-awaited guidance to the reverse mortgage industry, moving away from the LIBOR index and adopting the industry-preferred SOFR index.
The New York Office of the Attorney General (OAG) announced a settlement with the reverse mortgage servicing division of Nationstar Mortgage, over allegedly failing to provide proper notices and information to reverse mortgage borrowers that would help them avoid default or foreclosure.
It’s likely fair to say that compared with the outlook one year ago, as we were anticipating the arrival of 2020 in the waning days of the prior year, things generally worked out quite a lot differently than people were expecting. 2020 brought with it an enormous set of challenges for people all over the […]
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 […]
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 […]
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 […]
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, […]