Require Pre-Education Before Counseling? One groups suggested to the CFPB that a ‘third party’ provide upfront education about the reverse mortgage BEFORE the borrower get’s HUD counseling or meets with a lender. Who would these ‘third parties’ be and who would supervise them?
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 readingOver the horizon – CFPB Regulation Changes
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.
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 readingCFPB Regulations – Play by the same rules: Industry Leader Update
UPDATE: Here’s a link to another article on NMLS licensing & the SAFE Act by Richard Booth.
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[vimeo id=”33425593″ width=”625″ height=”352″]
Consumer Financial Protection Bureau Regulations
Shouldn’t we all play by the same rules?
The Consumer Financial Protection Bureau (CFPB) says all mortgage originators should play by the same rules…even chartered banks. Why does it matter? What are the two different standards that exist today?
Watch this week’s video and post your opinion.
