Reverse mortgage lender Generation Mortgage today released a statement in support of recent mortgage servicing changes proposed by the Consumer Financial Protection Bureau that aim to make the mortgage servicing process more transparent to consumers.
“Generation Mortgage strongly supports the adoption of mortgage servicing standards that ensure the appropriate and uniform protections for all borrowers,” said Jeff Lewis, Generation Mortgage president and CEO and Chairman of the Coalition for Independent Seniors. “In the Reverse Mortgage industry, it is paramount for us all to continue to strengthen and evolve the Home Equity Conversion Mortgage (HECM) program to a set of standards that are above reproach.”
The changes would apply first to forward mortgage servicing as a baseline, with future rules proposed for reverse mortgage servicers in early 2013, the agency told RMD upon announcing the proposed rules in August. The forward changes focus on billing statements, notices for adjustable rate changes, forced-place insurance, information management and several other areas.
“Generation Mortgage fully supports Director Cordray and the CFPB on the proposed national servicing rules,” Lewis said. “We look forward to working with Director Cordray and the CFPB on implementing appropriate enhancements to the servicing standards that provide borrowers with more confidence and comfort in the HECM program.”
Written by Elizabeth Ecker
