On the Docket
The reverse mortgage business is fueled in large part by capital market professionals in New York City who trade and invest in mortgage-backed securities (MBS), including HECM MBS. Last March, NRMLA hosted the very first Reverse Mortgage Securitization Forum in New York City to educate members about the HMBS program. The forum was held in conjunction with our Eastern Regional Meeting and the turnout far exceeded our expectations, attracting more than 300 members, non-members and Wall Street professionals.
Based on the success of that event, NRMLA is returning to the Big Apple from March 19-20, when we host the 2013 Eastern Regional Meeting and Finance & Investment Forum at the Intercontinental New York Times Square.
We are offering two conferences for the price of one. The Eastern Regional Meeting includes:
*One-on-one interviews between reporters and industry leaders
*A panel of CRMPs discussing how they assist clients through the new HECM product mix
*A panel of CEOs talking about sustaining profitability in an ever-changing marketplace
*Four breakout sessions each morning (eight in total, many of them approved for continuing education credits) that will cover new CFPB rules, creative uses for reverse mortgages in financial planning and processes for gathering essential information from clients to ensure a smooth application process
After the Eastern Regional Meeting concludes late Wednesday morning, the Finance and Investment Forum begins with a series of discussions on preparing your company for equity investment, an in-depth analysis of the HMBS securities market and HMBS issuer trends.
A “bonus” session open to all registrants will take place from 3:45 to 4:45p.m., featuring Dr. Stephanie Moulton, the lead researcher on a new three-year study on reverse mortgages funded by a grant from the John D. and Catherine T. MacArthur Foundation. The $427,000 study, in which NRMLA member CredAbility is a research participant, focuses on a better understanding of whether, and under what circumstances, reverse mortgages lead to increased financial security, well-being and independence.
We hope you can join us in New York. To learn more, please visit nrmlaonline.org.
In the States
State legislatures are convening for the 2013 legislative session and some of them are already introducing bills aimed at the reverse mortgage business. NRMLA members can download a tracking chart by logging into nrmlaonline.org and visiting the State Legislation section.
The following is a summary of some of the bills NRMLA is watching carefully:
1. Connecticut House Bill 5565 prohibits any creditor who enters into a reverse mortgage transaction with a married borrower from requiring that the older spouse be the sole individual obligated under such transaction. The purpose of the bill is to reduce the rate of defaults on reverse mortgage transactions and prevent the eviction of a surviving spouse from the residence. The bill was referred to the Joint Committee on Banks on January 23 and has not appeared to
move since then.
2. Illinois Governor Pat Quinn signed House Bill 5019, which delays an exemption for closed-end reverse mortgages from the state’s High Risk Home Loan Act until January 10, 2014.
3. Missouri House Bill 271, which delays loan repayment until 15 years after the borrower’s death, was introduced on January 23 and read a second time on January 24.
4. New York Assembly Bill 2276 would subject FHA-insured loans, including HECMs, to New York laws.
5. Oregon Favored bills (H.B. 2489 and H.B. 2510) will delay or repeal last year’s enacted law on the prohibition or limitation of reverse mortgages in connection with tax deferral programs in that state.
10,800 unique visitors a month utilize nrmlaonline.org, NRMLA’s website for members and other mortgage professionals who want to stay informed about industry updates and other marketplace trends. 12,000 to 14,000 consumers a month visit reversemortgage.org, NRMLA’s website for seniors and their trusted advisors who want to learn about reverse mortgages and locate a lender in their state.
Reverse Mortgage Funding LLC Bloomfield, New Jersey
Mohave State Bank Lake Havasu City, Arizona
Longbridge LLC Mount Laurel, New Jersey
Peoples Mortgage Tucson, Arizon
Champion Bank Parker, Colorado
Jackson Funding LLC East Walpole, Massachusetts
Semper Home Loans Providence, Rhode Island
PS Financial Services, Inc. Miami, Florida
Pamela J. Gasser, Gershman Mortgage St. Louis, Missouri
Nancy Foster-Kilgore, Primary Residential Mortgage, Inc. San Luis Obispo, California
Dave Gomer, Senior Funding Associates Calabasas, California
Greg Newman, Diamond Funding
Michael Markoff, Diamond Funding Corporation Cherry Hill, New Jersey