Kevin Stein is the associate director of the California Reinvestment Coalition. At CRC, Stein works on banking and housing issues, including mortgage lending and foreclosure prevention through negotiation with banks, regulatory and legislative advocacy, public education, support for local initiatives, and action research. Stein serves on the board of the National Community Reinvestment Coalition and Mission Economic Development Agency. Find CRC on Twitter at: @calreinvest
California took initiative in 2013 and implemented California's Homeowner Bill of Rights, which stops mortgage servicers from engaging in abusive practices that were leading to unnecessary foreclosures on families throughout the state. The problem isn't over though. A new bill that should fix the problem areas is expected to be voted on next Monday.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.