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 viable option and…
Continue readingOriginal Intent & Present Reality
One key assertion in the report was that borrowers today are using the reverse mortgage in way that differs from it’s original intent. That original intent according to the report was “to enable older borrowers to convert home equity into cash…
Continue readingCFPB to Congress on Reverse Mortgage Industry
What some feared would be highly critical actually was balanced giving a historical perspective. The CFPB’s report to Congress on the Reverse Mortgage Industry. Highly detailed and filled with demographic and market trends, the report…
Continue readingCFPB Audit: What to expect
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?
Continue readingPeople get ready: CFPB and HECM disclosures
The CFPB has announced it’s examination procedures for lenders including reverse mortgages. What guidelines and disclosures will we see added? What now must be addressed in the future?
Continue readingGFE & TIL to be combined into one disclosure
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Seniors Staying In Their Homes
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
