The 2020 presidential election is still over 8 months away, but the election has heated up now that voters have begun caucusing in the Democratic primary election. As most political observers know, reverse mortgages in general and the Home Equity Conversion Mortgage program specifically don’t often come up as hot button topics of political conversation, […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
