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What You Can Expect For Reverse Mortgages
A non-bank lender who does reverse mortgages was just audited by the Consumer Financial Protection Bureau. Watch the video to see what we may come to expect in the future.
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
1 Comment
Initial audits always take more time than subsequent audits. Worse this was part of the initial audits of the Bureau itself.
One would expect slightly different tests and different items tested since the Bureau has a different objective in its audits than HUD. If the pace of the audits takes at least twice as long as it will in subsequent years, the CFPB will not be in a place to reach relevant conclusions about the industry as a whole for some time.
Unless the CFPB quickly gets on with its audit schedule, it will lack sufficient data to make reasonable conclusions about reverse mortgage compliance before its report is due. That is really too bad since the report will reflect more opinion than verified facts.
There is little doubt that the report will rely heavily on the investigations of others and will reflect unverified testimony. The deadline of the report is but another indication about the unreasoned approach former Senator Dodd and his peers took in creating the Dodd-Frank bill. A Bureau cannot start up immediately and within one year have a comprehensive and reasonably verified report unless that report is one of a handful of activities.
To say the least if it were not for Mr. Skip Humphrey heading up the department responsible for the report, concern about the contents of the report would be much higher. As it is, it is and will be quite high.