Financial Services Bill Provides Grants to Protect Seniors from Fraudulent Marketing
The Wall Street Reform and Consumer Protection Act of 2009 that passed the House earlier this month, contains a provision that calls on the Securities and Exchange Commission (SEC) to provide grants for states to investigate and prosecute misleading and fraudulent marketing practices.
HR 4173 also allows those grants to be used to develop educational materials [...]
Fannie Mae Updates Reverse Mortgage Loan Application
Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009) and is requiring that lenders use the new form starting July 1, 2010.
The GSE updated the 1009 to comply with Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application process and loan [...]
Bank Regulator Changes Data Collection Requirements for Reverse Mortgages
Earlier this year the Office of Thrift Supervision (OTS) solicited comments on a new proposed schedule for Annual Supplemental Consolidated Data on reverse mortgages for its Thrift Financial Report (TFR).
According to the OTS, collecting this information will provide the necessary information for policy development and the management of risk exposures posed by thrifts involvement with [...]
Reverse Mortgage Rates – December 29, 2009
For the fourth week in a row, the average reverse mortgage borrower with a LIBOR based product will receive ,750 less. That’s ,000 less over the last month.
The rates as of 12/29/09 are:
reverse mortgage Rate Updates are brought to you by Jerry Wagner & Ibis reverse mortgage Software – The Industry Standard Since 1995. [...]
NY Times: Seniors Turn to Reverse Mortgages After Seeing Investment Income Decline
Millions of Americans are paying a high price for a safe place to put their money as banks offer extremely low interest rates on savings accounts and CDs according to the New York Times.
The elderly and others on fixed incomes have been especially hard hit and many have seen returns on savings, C.D.’s [...]
Merry Christmas and Happy Holidays Reverse Mortgage Daily Readers
RMD will be taking a few days off for Christmas to relax and spend time with family. Thank you to everyone for all of your support.
Merry Christmas and Happy Holidays!
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Bank Regulator Announces Reverse Mortgage Education Campaign for Hispanics
The Office of the Comptroller of the Currency announced it will launch a consumer financial education campaign for US Hispanic consumers in partnership with Univision, the nation’s largest Spanish-language media company.
Through the partnership, the OCC will work with Univision to develop short Public Service Announcements, or PSAs, that provide information on a range [...]
Senator Introduces Senior Investor Protection Act
U.S. Senator Kirsten Gillibrand announced a comprehensive plan to arm seniors with the resources they need to protect themselves from consumer fraud.
According to estimates from to the Federal Trade Commission (FTC), one out of five seniors fall victim to fraud. Statewide, approximately half a million New York seniors have fallen victim to consumer fraud – [...]
FHA Delays Implementation of Appraiser Independence
The US Department of Housing and Urban Development announced that the enactment of ML 2009-28, Appraiser Independence will be delayed until February 15, 2010.
ML 09-28 was originally planned to become effective January 1, 2010 and prohibits mortgage brokers and commission-based lender staff from the appraisal process. It also makes lenders responsible for assuring that [...]
New California Disclosure Requirements Cause Confusion for Lenders
During a special workshop on the reverse mortgage landscape in California at the NRMLA annual meeting, it become clear after only a few minutes that there is immense confusion among lenders surrounding AB329, California’s reverse mortgage Elder Protection Act.
According to AB329, borrowers in California must now receive the Plain Language Important Notice reverse mortgage Disclosure [...]