Friday Round-Up: New Disclosures Cause Problems, CFPB Reports to Congress

NRMLA said new disclosure requirements could have an adverse impact. Changes to the Home Ownership and Equity Protection Act (HOEPA) that focus on housing counseling and disclosure requirements could have an adverse impact on reverse mortgage counseling agencies, lenders, and originators, writes the National Reverse Mortgage Lenders Association in comments recently submitted to the Consumer Financial Protection Bureau. 

MSI Reverse Mortgage announced it has grown with the hires of 20 new LOs. MSI, an established state-chartered bank based in Illinois is growing its reverse mortgage team with the help of former MetLife regional manager David Cesario. The team, which numbered four just a few months ago, now counts more than 20 reverse mortgage originators with plans to hire…. Read more.

The Mortgage Professor advised seniors to take a reverse mortgage line of credit ASAP. In a second series on reverse mortgage specifics, the Mortgage Professor (a.k.a. Jack Guttentag) targets the question of age as it relates to credit line borrowers of reverse mortgages. The conclusion: Age matters

The CFPB reported progress to Congress, noting its reverse mortgage research. In testimony before the House Financial Services Committee to be delivered this week, CFPB Director Cordray underlines some of the progress the bureau has made in 2012. Among the highlights: the reverse mortgage study, revamping some mortgage market procedures and protecting older Americans.  

And if you haven’t signed up yet…don’t miss the Habitat for Humanity event at NRMLA 2012. Volunteers are still needed for the event. Please click here to find out more and to sign up. 

Written by Elizabeth Ecker

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