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More seniors are staying in their homes due to the economy. Also, the Consumer Protection Bereau releases a combination of GFE and Truth and Lightning Disclosures.
See the new disclosures at the links below:
New Disclosures
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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.
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2 Comments
Shannon, did you say: “No before you owe” or “Know before you owe?” (LOL)
Some believe that the real campaign being waged by the CFPB is the former, not the latter, especially, when it comes to reverse mortgages. Believe it or not, I am somehow staying optimistic on that front.
I am not so certain if it is merely the decision of the CFPB as to what forms must be used as part of a loan package. Many believe that all the CFPB can do is order us to add the form. Based on other federal mandates, state laws, and even the legal opinion of the legal advisors for lenders, the new form may be little more than a new form to be signed by borrowers. No one is really sure what power or authority the CFPB has to override HUD (or other federal departments or agencies) on RESPA (or other) matters.
Look for loan docs to grow in number, not shrink or simplify. Let’s hope I am wrong.
Dear Critic,
I love the play on words…”NO, before you owe”.
Let’s hope the optimistic view materializes with this new powerful government agency and reverse mortgage regulations.