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Reverse Mortgage News Roundup

Reverse Mortgage News Roundup

Shannon Hicks May 1, 2017 3

This Week’s Top Reverse Mortgage Stories 1- CFPB Complaints on the Rise- The CFPB has been busy collecting consumer complaints. The Consumer Financial Protection Bureau reports an increase of 172% increase in reverse mortgage-related complaints

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Compliance: CFPB Levies Penalties on HECM Lenders

Compliance: CFPB Levies Penalties on HECM Lenders

Shannon Hicks March 20, 2017 1

Recent CFPB actions highlight the importance of compliant advertising and sales practices Since the founding of the CFPB (Consumer Financial Protection Bureau) in 2011, lenders have found themselves navigating the ever-changing waters of regulatory

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Not Surprised

Not Surprised

Shannon Hicks March 2, 2015 7

The media is inaccurate, misleading and selective in reporting the facts? What’s new. The Consumer Financial Protection Bureau’s recent release of it’s report on reverse mortgage complaints was seized upon by both the media

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7 Questions We All Should Be Asking

7 Questions We All Should Be Asking

Shannon Hicks November 3, 2014 11

In the interest of best serving the needs of the borrower and protecting ourselves against future legal claims, each of us should reexamine the questions should be asking each potential borrower...

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CFPB Releases New Consumer Reverse Mortgage Guide

CFPB Releases New Consumer Reverse Mortgage Guide

Shannon Hicks September 29, 2014 11

It was only two short years ago that the CFPB or the Consumer Financial Protection Bureau issued it’s first report to congress on the Home Equity Conversion Mortgage or reverse mortgage program. In this

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Back to Basics

Back to Basics

Shannon Hicks February 24, 2014 3

If you look at the federally insured reverse mortgage one could say we have come full circle coming closer to the program’s original intent. What intent?

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Too Much Too Soon?

Too Much Too Soon?

Shannon Hicks February 3, 2014 10

Reexamining Product Design and Use of Proceeds The recent overhaul of the HECM program was a watershed event for both the reverse mortgage industry and senior homeowners. The elimination of the Standard Fixed Rate,

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Not Confused But Informed

Not Confused But Informed

Shannon Hicks September 17, 2012 3

Would a senior make perhaps the biggest financial decision of their life, with their largest asset in the midst of confusion and uncertainty and choose to take a reverse mortgage? Most likely not.

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