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 […]
With the 2020 presidential election in full swing, the field of Democratic candidates has narrowed considerably since the first debates in 2019 while primary challengers for the Republican nomination have largely fallen by the wayside due to the party’s support of the current President of the United States. Whoever is elevated to the highest office […]
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 […]
