Friday Round-Up: HUD Expands Reverse Mortgage Non-Borrowing Spouse Policy

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

CFPB to Delay Effective Date for TRID Mortgage Rule—After recently announcing a “grace period” for mortgage servicers striving to comply with the TILA-RESPA Integrated Disclosure (TRID) mortgage rule, the Consumer Financial Protection Bureau (CFPB) said this week it is delaying the effective date for the long-awaited regulation until October 1, 2015.

[Updated] HUD Expands Options for Reverse Mortgage Non-Borrowing Spouses—On June 12, the Department of Housing and Urban Development (HUD) issued revised guidelines to its non-borrowing spouse policy, allowing lenders to defer foreclosure for certain eligible non-borrowing spouses.

Consumer Advocates ‘Thrilled’ With HUD Reverse Mortgage Update—A number of consumer advocacy groups applauded HUD’s new policy on non-borrowing reverse mortgage spouses, noting that it will benefit “thousands” of senior homeowners nationwide who could be at risk of foreclosure.

RMS CEO Scott Clarke Retires—Reverse Mortgage Solutions this past week notified employees of the retirement of D. Scott Clarke, who served as president and CEO of the company since its December 2013 acquisition by Walter Investment Management Corp. (NYSE: WAC). Following Clarke’s retirement, Walter will oversee RMS operations.

HuffPost: Reverse Mortgage Offers ‘Undeniable Benefits’—In an article las week, the Huffington Post listed six “undeniable benefits” reverse mortgages can offer to older American homeowners. See what benefits made the list. 

Written by Jason Oliva

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