HECM Final Rule Changes Begin Tommorw- Part 2: Interview with RMI’s John Lunde HUD’s HECM Final Rules go into effect tomorrow (9/19/2017) and include in part: For fixed rate HECMs, only a full-funded LESA may be used. Partially funded LESA’s will distribute LESA funds two times a year to the
Even though HUD telegraphed their intentions to make substantial changes to the reverse mortgage program many today are in a state of shock. Here’s brief look behind the scenes courtesy of NRMLA’s special bulletin. First, our industry has been very active in working with those shaping policies for the HECM
Two consumer groups are urging the CFPB to make drastic changes to the revere mortgage program. Chief among them is a suitability standard and fiduciary duty. In the words of the Consumers Union they recommend that a reverse mortgage be a loan of last resort when there is no other
He comes from both a banking and financial services background. Urban Financial CEO Steve McClellan sat with us at NRMLA's West Coast Meeting and shares his insights on upcoming regulations, market conditions and more.
The trick is to separate what we can control and with the rest merely absorb the information and move on. Fighter pilots have a term for this when flying called “situational awareness”
The Consumer Financial Protection Bureau has begun it's audits of non-banking lenders. What can we expect to see? How will reverse mortgage lenders respond?
We continue down the road remembering the challenges behind us while keeping a cautious eye on the horizon. The point is we are not finished yet.