Reverse Mortgage Legislation Takes Back Seat to Washington Tumult

A series of proposed legislative and administrative changes to the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program have not moved forward in Washington, D.C., as politicians in the nation’s capital have focused on other, more tumultuous and immediate concerns. In addition to a series of legislative and administrative proposals submitted by the […]

Top 10 Reverse Mortgage Stories of 2019

The reverse mortgage industry is about to close out another eventful year on the calendar, which has naturally put those of us in the RMD offices in a bit of a reflective mood as we get ready to say goodbye to 2019. The year has not been without its interesting and eye-catching stories, whether discussing […]

Congressional Leaders Approve Funding to Avert Gov’t Shutdown

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. […]

HUD Sec. Carson: HECM Changes Positive With More Reforms Needed

Secretary of the Department of Housing and Urban Development (HUD) Dr. Ben Carson reiterated Tuesday his and the department’s commitment to addressing the financial viability of the Home Equity Conversion Mortgage (HECM) program, stating recent program changes have been “directionally positive.” He shared this commitment in a statement submitted to the House Financial Services Committee […]

CFPB Director Returns to ‘Hot Seat’ in House Hearing

Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger served as the focus of ire from Democrats on the U.S. House of Representatives’ Financial Services Committee in a hearing designed to serve as a semi-annual review of the Bureau and its education and enforcement activity. In her opening remarks, Financial Services Committee Chairwoman Maxine Waters (D-Calif.) […]

HECM Hearing Recap: Democrats, Republicans Agree on Something

The late September hearing of the U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance provided a rare moment of insight into the perspectives that national politicians maintain toward the Home Equity Conversion Mortgage (HECM) program. Over the course of the proceeding, more Republicans expressed doubt concerning the viability and effect […]

Gov’t Watchdog Calls for More HECM Program Scrutiny

Timed for release alongside a congressional hearing devoted to reverse mortgages last week, a government watchdog is detailing its program recommendations in a new 106-page report. The report, “Reverse Mortgages: FHA Needs to Improve Monitoring and Oversight of Loan Outcomes and Servicing,” goes into significant detail concerning perceived “weaknesses” that were found in the HECM […]

Two New Reverse Mortgage Reform Bills Push for Program Change

On the heels of a House subcommittee hearing Wednesday on the Home Equity Conversion Mortgage program, committee members revealed two drafted reverse mortgage bills that move for program change. The draft legislation, slated to be introduced by Democratic House members Denny Heck (Wash.) and Lacy Clay (Mo.), respectively, aim to address issues related to bolstering […]

Congressmen, Housing Experts Weigh HECM Program Pros and Cons

In a rare assembly of reverse mortgage stakeholders, housing experts and members of Congress, a hearing convened Wednesday before the The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance to discuss the merits and areas of improvement of the federal Home Equity Conversion Mortgage (HECM) program. Newly drafted legislation, a […]

Witness List Revealed for Upcoming House HECM Hearing

A day in advance of a scheduled Home Equity Conversion Mortgage program hearing before the U.S. House of Representatives Financial Services Committee, the committee has released the names of the four witnesses who will provide testimony and answer questions from the committee’s members. The witnesses who will testify before the committee include Peter Bell, president […]