The Government Accountability Office (GAO) recently published a blog post on its “WatchBlog” devoted to providing additional information and context for seniors who may be considering a reverse mortgage transaction for themselves. The post — derived from a 2019 study on the product category by GAO and its director of financial markets and community investment […]
A coalition of attorneys general from 27 different states, led by New York A.G. Letitia James, sent a letter Friday to the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson, urging the Department to take further action to protect seniors with Home Equity Conversion Mortgages (HECMs) who have been […]
Even in the midst of the COVID-19 coronavirus pandemic, second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are still a reality that the reverse mortgage industry has to contend with. Fortunately however, the instances of second appraisals being required do not appear to be increasing at […]
After pausing reverse mortgage origination operations in New York last month due to a series of new regulations that the state’s governor recently signed into law, at least one major lender has resumed its operations in the state while others are in the midst of preparing to do the same. As of late last week, […]
Having a prospective property appraised is a key component of ultimately closing a Home Equity Conversion Mortgage (HECM) loan, since the appraisal ultimately helps to determine the amount of equity and proceeds that a borrower will be able to get. The appraisal process often involves an appraiser coming to the home of the prospective borrower, […]
A new piece of emergency legislation in the Massachusetts state Senate aimed at providing relief to the housing sector during the COVID-19 coronavirus pandemic would relax the state’s stringent face-to-face housing counseling requirement, which would have the effect of allowing stalled reverse mortgage business within the state to continue. The recently-submitted bill, sponsored by the […]
The United States Department of Justice (DOJ) announced this week that it has settled with Finance of America Reverse (FAR) to resolve allegations that FAR’s predecessor entity – Urban Financial Group – violated the False Claims Act (FCA) by knowingly originating and underwriting Home Equity Conversion Mortgage (HECM) loans insured by the Federal Housing Administration […]
Last week, President Donald Trump announced that the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) would be suspending all new and pending foreclosure and eviction actions for 60 days, in an effort to provide relief to homeowners and renters who have been financially impacted by the spread […]
A number of representatives from the California state business community are ramping up pressure on state Attorney General Xavier Becerra to delay enforcing the California Consumer Privacy Act (CCPA), since the quickly-evolving situation related to the COVID-19 coronavirus pandemic is putting additional pressure on businesses’ timetable to comply with the law’s new requirements on their […]
The New York State Department of Financial Services (NYDFS) has issued new reverse mortgage regulations, implementing the recently-passed New York State Assembly Bill A5626. The regulations went into effect as of March 5, 2020. Assembly bill A5626 was first passed by the New York State Assembly in May, and takes sweeping aim at what it […]
