Senators Open to Reverse Mortgage Change, CFPB Faces “Legal Jeopardy”

ReverseFocusReverse Focus Weekly Podcast Episode #247

In this week’s Reverse Focus podcast, Shannon Hicks discusses a hearing last week before the Senate Banking Committee, where senators said they are concerned but willing to assist the Federal Housing Administration (FHA) make changes to its reverse mortgage program.

President of the National Reverse Mortgage Lenders Association (NRMLA) Peter Bell fielded questions from committee members Senator Bob Corker (R-Tenn) and Senator Robert Menendez (D-N.J.) addressing program changes. 

Hicks also turns to the Consumer Financial Protection Bureau (CFPB), which is finding itself in “legal jeopardy” as a result of President Obama’s recess appointment of CFPB Director Richard Cordray, with Republican members of Congress calling the appointment “unconstitutional.” 

Also covered in the podcast, Minnesota Attorney General Lori Swanson expressed concerns about reverse mortgages in a recent news segment, saying there are “dangers” to the home equity-tapping loans. 

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Talking Points:

  • Senators willing to make changes to reverse mortgage program
  • CFPB in “Legal Jeopardy”
  • Foreclosure activity down last year
  • Minnesota Attorney General wants to “put brakes” on reverse mortgages

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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