By melissa | Published: February 4, 2011
New survey results show that 11 percent of online consumers are currently connected with their bank or credit union through a social site, and more than one-third (36 percent) of those not connected are interested in doing so according to Fiserv. Interest remains high for Gen Y Consumers, with 45 percent saying they’re connected to their bank through social media. “There is clearly a sizable segment of consumers who are interested in interacting with their financial institutions through social sites,” said Geoff Knapp, vice president, Online Banking and Consumer Insights, Fiserv
By | Published: February 2, 2011
Only a few months after the release of the HECM Saver in October 2010, the new product is gaining traction with some lenders, while others are just starting to turn their attention to the low cost reverse mortgage product. Different than the Federal Housing Administration’s HECM Standard, the Saver provides consumers access to a reverse mortgage product without the traditional upfront costs associated with the loans. Dubbed by some in the industry as the “HECM Savior”, many hope it could help reach a new group of borrowers – consumers without mortgage balances – and compete directly with a traditional home equity line of credit
By | Published: February 2, 2011
Despite the lack of a director to lead the new agency , the Treasury announced a group of hires for the Office of the General Counsel within the Consumer Financial Protection Bureau (CFPB) implementation team. Len Kennedy will serve as General Counsel, Meredith Fuchs will serve as Principal Deputy General Counsel and Roberto Gonzalez and Michael Gordon will take over as Deputy General Counsels. “Len Kennedy brings exactly the right combination of broad experience and vision to ensure that the CFPB will be able to get to work right away on behalf of American families,” said Elizabeth Warren, Assistant to the President and Special Advisor to the Secretary of the Treasury for the CFPB
Posted in Reverse Mortgage | Also tagged appellate, cfpb, deputy, general, general-counsel, government, legislation, office, president, secretary, united-states, white
By | Published: February 1, 2011
The Federal Reserve Board said it does not plan on moving forward with three mortgage proposals under Regulation Z prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB) on Tuesday. The proposals would’ve reformed several areas of mortgage lender, including changing consumer disclosures under Truth in Lending Act (TILA) for closed end mortgage loans and home equity lines of credit.
By | Published: January 27, 2011
The Federal Reserve published a compliance guide for Regulation Z and provides additional information regarding prohibitions related to mortgage originator compensation and steering. Regulation Z prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators. “The goal of the amendments is to protect consumers in the mortgage market from unfair practices involving compensation paid to loan originators,” said the Fed.
Posted in Reverse Mortgage | Also tagged a-safe-harbor, amendments, delay-the-rule, loan, mba reverse, mortgage, news, prohibition, reverse mortgage, rule, said-the-guide, within-the-safe
By melissa | Published: January 26, 2011
The National Reverse Mortgage Lenders Association (NRMLA) announced its first conference of 2011 will kick off on March 15-16 in Newport Beach, CA, at the Fairmont Hotel. The event, “NRMLA West: New Requirements/New Relationships” will focus on how lenders can prepare their business for regulatory changes coming this year. “With the new compensation rules being implemented April 1, the rethinking of the wholesaler/broker relationship and the new Consumer Financial Protection Bureau set to begin researching a reverse mortgage report, we want to get you a jump start on how this all might effect your every day business,” said the association
By melissa | Published: January 12, 2011
The Mortgage Bankers Association filed suit against the Department of Labor (DOL) after a Wage and Hour Division Administrator’s Interpretation concluded that typical loan officers were exempt from Fair Labor Standards Act (FLSA) requirements for overtime payments under the “administrative exemption.” “In 2006, the department issued a clear opinion to MBA interpreting DOL regulations that exempted typical mortgage loan officers from overtime pay,” said MBA’s President and CEO John A. Courson. ”If the department wanted to reverse that opinion, it should have provided notice and an opportunity for public comment.
Posted in Reverse Mortgage | Also tagged a-clear-opinion, a-proposed-rule, labor, labor-standards, loan-officers, mba reverse, president, reverse mortgage, ruling, under-the-flsa, underlying
By melissa | Published: January 12, 2011
The Federal Reserve Board announced ten new members to its Consumer Advisory Council and designated a new Chair and Vice Chair of the Council for 2011.
By | Published: January 10, 2011
Reverse mortgage professionals who may look longingly across our northern border at the Canadian market with a mix of envy and puzzlement, may be cautioned that it could be apples and oranges they are comparing. “I am perplexed,” says one reverse originator here in the States, “at how consistently and, at times, rapidly the reverse mortgage product has grown in Canada
Posted in Reverse Mortgage | Also tagged a-niche-product, a-very-similar, arthur-krzycki, bank, between-the-two, home, income, introduction, news, northern-border, president, reverse mortgage, states
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