Compliance: CFPB Levies Penalties on HECM Lenders

Shannon Hicks March 20, 2017 1

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Recent CFPB actions highlight the importance of compliant advertising and sales practices

reverse mortgage newsSince the founding of the CFPB (Consumer Financial Protection Bureau) in 2011, lenders have found themselves navigating the ever-changing waters of regulatory compliance. Reverse mortgage lenders  have recently felt the impact of the agency with three lenders paying substantial penalties levied. Today more than ever before, compliance is not a merely a burden, it is imperative for the well being of lenders and our industry as a whole. Breaking the Bad News: It’s not the kind of news one wants to break during a corporate earnings call. Walter Investment Corporation revealed two subpoenas related to their former origination unit: Reverse Mortgage Solutions. The subpoenas focused on the former HECM lender’s origination, underwriting and appraisal practices. Even more troubling was the announcement that… Download the video transcript here.

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One Comment »

  1. Don Matunis March 20, 2017 at 5:51 am - Reply

    Thank you Mr. Hicks,
    It has been my sole purpose to teach, train, and and give the citizens over the age of 62 a viable means to increase there monthly income, to increase there financial status, and to possibly help them see that this program was designed to assist them in their future years. It is a very lucrative form of utilizing the equity they have worked so hard for, to have that equity work for them.
    Don Matunis

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