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.
Category: Regulation
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, […]
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 […]
The state of California’s desire to create a watchdog agency akin to the federal Consumer Financial Protection Bureau (CFPB) is moving ahead, after Governor Gavin Newsom (D) signed a package of bills into law to reform the state’s Department of Business Oversight (DBO) into a new entity. The new consumer watchdog, which will be called […]
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 […]
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