A Washington, D.C. organization is making strides toward helping reverse mortgage borrowers facing foreclosure risk with a new solution available to area loan holders. The Reverse Mortgage Insurance & Tax Payment Program (ReMIT), launched this week by the District of Columbia Housing Finance Agency (DCHFA), is a $500,000 fund that will provide up to $25,000 […]
The Consumer Financial Protection Bureau (CFPB) released the 18th edition of its Supervisory Highlights on Tuesday, which includes examinations of reverse mortgage loan and manufactured home loan servicers. CFPB examinations yielded information concerning activities which either appeared to result in deceptive practices or resulted in violations of Federal consumer financial laws. The document also includes […]
The Consumer Financial Protection Bureau (CFPB) today announced that it will not consider implementing an Obama-era rule proposal limiting the activity of “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” which will allow small-dollar lending businesses to operate with reduced scrutiny from the federal government. “Specifically, the Bureau is proposing to rescind the rule’s requirements […]
This year, the Social Security program will be seeing its largest cost of living adjustment (COLA) in seven years, with beneficiaries receiving an additional 2.8 percent to their benefit payout. The result of the COLA for the average individual retired Social Security beneficiary is expected to be a monthly benefit jump from $1,422 to $1,461, […]
The Department of Housing and Urban Development (HUD) released a list of its accomplishments in 2018, highlighting a series of decisions and results that include those relating to the Mutual Mortgage Insurance (MMI) fund and the Home Equity Conversion Mortgage (HECM) program. The document released by HUD credits the leadership of department secretary Ben Carson, […]
Demand for reverse mortgages in Canada continues to grow, presenting a stark contrast to the declining volume exhibited in the American reverse mortgage market. On top of specific product differences in the Canadian product, there’s also a different business climate over the northern border that accounts for some of the differences between the two nations’ […]
Department of Housing and Urban Development (HUD) Secretary Ben Carson is not often one to get worked up, but he did flash a degree of tempered frustration at political leaders in Washington, D.C. over the longest government shutdown in American history in a recent interview, right before the White House and congressional leaders agreed to […]
The partial shutdown of the United States federal government that is currently in effect has become the longest one in history, ending its 31st consecutive day on Monday and having widespread ramifications for over 800,000 federal workers and dozens of federal agencies. While direct ramifications to the production of reverse mortgage business have been minimal […]
At the end of the 20th day of the partial United States government shutdown, the Democratically-controlled House of Representatives passed a standalone spending bill to fund and reopen both the Department of Housing and Urban Development (HUD) and the Department of Transportation, along with a handful of other agencies. According to The Hill, the House […]
Although new endorsements of Home Equity Conversion Mortgages (HECMs) have been halted due to the partial government shutdown that began on December 22, reverse mortgage originators are largely conducting business as usual in spite of the gridlock plaguing Washington, D.C. Certain FHA services related to pre-existing HECM loans will still be available during the shutdown, […]
