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Fewer Lenders, More Auditors Equals Additional HUD Audits
From Reverse Mortgage Daily, Today, Read 0 times. Similar articles
Compliance diligence proves the old adage that ?an ounce of prevention is worth a pound of cure,? especially when it's the federal government minding the scales. That was the summary message delivered by Ben Slayton, president, The Lender Approval Department, speaking about implementing an effective quality control plan during a Reverse Mortgage Compliance conference in New York last week, sponsored by the American Conference Institute. This was the first reverse mortgage event...
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HUD Study to Assess Consumer Protection Gaps for Reverse Mortgages
From Reverse Mortgage Daily, Today, Read 0 times. Similar articles
The Department of Housing and Urban Development ?is soliciting public comments on a proposal to conduct a reverse mortgage study to determine the extent in which consumer protection issues exist and to define additional appropriate consumer protections if necessary.
Called for in the Housing and Economic Recovery Act of 2008 (HERA), the Secretary of HUD is required to ?conduct a study to examine and determine ?appropriate consumer protections and underwriting standards' for the...
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Geithner Names New Head of OCC
From Reverse Mortgage Daily, Today, Read 0 times. Similar articles
U.S. Treasury Secretary Tim Geithner announced that John G. Walsh will become Acting Comptroller of the Currency when ?John Dugan leaves office on August 14.
Mr. Walsh currently serves as Chief of Staff and Public Affairs for the Office of the Comptroller of the Currency (OCC), a position he has held since October 17, 2005. In that position, he has been engaged in all aspects of the OCC’s operations.
Mr. Walsh joined the OCC from the Group of 30, a consultative group that...
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Mortgage Brokers Get Criminal Background Checks
From Reverse Mortgage Daily, Today, Read 0 times. Similar articles
Bloomberg is reporting that California mortgage brokers are facing closer scrutiny as the state adopts a federal law aimed at curbing the fraud and abuse that helped decimate the housing market.
Brokers in the nation's most populous state will be required by July 31 to have passed criminal-background and credit checks, as well as licensing exams. California, along with about a third of U.S. states, previously didn't require mortgage sellers to have individual licenses.
Reverse...
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HUD Offers $79 Million in Grants for Housing Counseling
From Reverse Mortgage Daily, Yesterday, Read 0 times. Similar articles
The Department of Housing and Urban Development announced that $79 million is available for a broad range of housing counseling programs to help families find and preserve housing. The available funding is an increase of $21 million, or 27 percent, over last year.
According to the agency, the grants will be awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies across the nation that offer a variety of services including how to...
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Fighting Fraud Between Family Members Presents Real Challenges
From Reverse Mortgage Daily, Yesterday, Read 0 times. Similar articles
Under duress, even family members may be driven to steal from a senior relative who is receiving reverse mortgage proceeds. ?There's a lot of family fraud' in the reverse mortgage business, says Charles Martinez, a HUD field supervisor for quality assurance.
And, the problem may go unnoticed in some cases for some time, according to Barry McLaughlin, special agent in charge of the Midwest Region of HUD's Office of Inspector General. ?In many cases, when fraud occurs, it could...
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FHA Withdraws Approval of More Than 900 Lenders
From Reverse Mortgage Daily, Yesterday, Read 0 times. Similar articles
In this year alone, the Federal Housing Administration’s Mortgagee Review Board (MRB) has taken nearly' 1,500 administrative sanctions against lenders said the agency in a statement Monday. These sanctions include ?reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.
The MRB published dozens of administrative actions against FHA-approved lenders who failed to meet its requirements in the Federal Register.
“Lenders should know by...
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Training: How to Create and Maintain a Flow of Leads
From Reverse Mortgage Daily, Yesterday, Read 0 times. Similar articles
Sam Collins is providing Reverse Mortgage Daily readers with another free training session on how to create and maintain a continuous flow of leads through networking and a strong referral program on Tuesday, August 10th at 2pm (EST).
He will teach you to create multiple levels of networking and how to build your own army of reverse mortgage referral partners singing and shouting your name throughout your community.
“You are going to walk away excited about knowing the...
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Senate Appropriators Include HECM Subsidy in HUD Budget
From Reverse Mortgage Daily, 2 days ago, Read 0 times. Similar articles
The Senate Appropriations Committee included $150 million for the Federal Housing Administration’s reverse mortgage program in the US Department of Housing and Urban Development’s FY 2011 budget, matching the amount provided by the House.
Next the bills head to the full House and Senate for vote. If each passes, House and Senate appropriation conferees will have to reconcile their respective spending bills before each chamber votes again on a final version...
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Bye Bye HVCC, Appraisal Management Companies Here to Stay
From Reverse Mortgage Daily, 2 days ago, Read 0 times. Similar articles
Along with new oversight of the reverse mortgage industry, passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) brings new appraisal independence requirements and grant funding for state oversight and enforcement of the regulations.
?This bill will mean good news for consumers because they should see more reliable home appraisals,? said Leslie Sellers, President of the Appraisal Institute. ?It will encourage the use of highly trained and...
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