Holiday Round-Up: HUD Delays Reverse Mortgage Financial Assessment

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

HUD delayed the financial assessment date. The Department of Housing and Urban Development announced Friday afternoon that it is delaying the implementation of the financial assessment requirement, and that it will issue additional guidance via mortgagee letter at a later, unspecified date.

Reverse lenders in Texas get the green light for HECM for Purchase product. A HUD official confirmed Thursday that there would not be a mortgagee letter or other formal notification giving the lenders the go-ahead to begin offering the Home Equity Conversion Mortgage (HECM) for Purchase product.

CFPB slammed Ally with a $98 million suit. In its first-ever enforcement action against auto lender Ally, the Consumer Financial Protection Bureau (CFPB) ordered the company to pay $98 million, alleging Ally discriminated against more then 235,000 minority borrowers through indirect lending channels.

RMD will be observing the long holiday weekend. Wishing everyone a happy and safe holiday and we will see you back on Monday, December 30.

Written by Jason Oliva

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