[Op-ed] Well, as I was perusing the “Dear Santa” wish lists of my young nephews, I felt inspired to write up a wishlist to St. Mick (the CFPB’s newly-appointed Acting Director, Mick Mulvaney). I’m hoping that somehow, by some holiday magic, someone at the CFPB will see it and consider some changes that would certainly brighten the new year for our industry.
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.