New Rules to Revive Reverse Mortgages, CFPB Puts Lenders on Notice

ReverseFocusReverse Focus Weekly Podcast Episode #279

In this week’s Reverse Focus podcast, Shannon Hicks discusses the ability to purchase a home for middle class income households varies widely, as some regions are more affordable than others, according to a recent report from online real estate hub Trulia.

Also discussed, a columnist from the Boston College Center for Retirement Research says that federal changes to the reverse mortgage program could revive the Home Equity Conversion Mortgage (HECM). 

Not complying with the Consumer Financial Protection Bureau’s (CFPB) reporting requirements can be “very expensive,” as the agency is putting  banks and non-bank lending entities on notice for their reporting of mortgage data required under the Home Mortgage Disclosure Act.

Lastly discussed, General Electric (GE) has developed several technology-driven concepts for what a “home of the future” would look like—a key component of which focuses on helping the elderly age in place.

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Talking Points:

  • Home affordability varies widely
  • New rules could revive reverse mortgage lending
  • Incorrect data to CFPB can be expensive
  • GE designs home of the future for aging in place

Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”

Editor’s Note: These posts are sponsored by Reverse Focus.

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