From a new Home Mortgage Disclosure Act rule to national non-borrowing spouse coverage, it was a busy week for reverse mortgages. In case you missed them, here are the top stories from across the industry this week.
Answer to LIBOR Question Written in Reverse Mortgage Notes—On the heels of an announcement that the LIBOR index will be phased out by 2021, speculation swirled on a replacement index for adjustable rate reverse mortgages. HUD actually has a back-up plan for an instance just like the one where LIBOR goes away completely.
Senators Still Waiting on Reverse Mortgage NBS Clarification from HUD—The New York Times picked up on the story of two senators who have pressed HUD on the non-borrowing spouse topic as it relates to recent language introduced in the Trump Administration’s annual budget. The senators are still waiting on answers, NY Times reports.