Friday Round-Up: Congress Members Seek Answers From Reverse Mortgage Industry

In case you missed it… here’s what happened in reverse mortgage news this week. 

A Congressional hearing took a close look at reverse mortgages. A hearing before a House Financial Services subcommittee included testimony from NRMLA, Generation Mortgage, reverse mortgage counseling agencies, academics and AARP. Not too many surprises, but AARP did urge Congress to lift the cap on the number of reverse mortgages that FHA can insure. 

CFPB said it’s taking a crack at mortgage origination rules. The agency outlined changes it expects to make regarding the points and fee structure currently used by loan originators, as well as new screenings and requirements for all originators, bank and non-bank. 

A local Fox News segment showed a new outlook on reverse mortgages. In the segment, featuring a Q&A with Atlanta real estate expert John Adams, Adams says his mind has been changed on reverse mortgages over the past few years. 

In hiring news… 

Puerto Rican lender Moneyhouse announced the hire of former Urban exec Sandy Tennekoon. Tennekoon will head up the company’s wholesale lending arm, as well as its expansion into the U.S. 

Generation mortgage hired HUD’s Colin Cushman as chief of risk and strategy. In his work at FHA, Cushman is credited largely for his work on the creation of new reverse mortgage products, including the HECM Saver. 

Written by Elizabeth Ecker

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