Other Regulations

The Pennsylvania Department of Banking published a statement of policy last week that implements new guidelines for companies under its jurisdiction that originate and service reverse mortgages that includes a suitability standard and determination of mental capacity.

The Financial Crimes Enforcement Network (FinCEN) last week published the Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes to help financial institutions protect seniors from being victimized by fraud schemes involving reverse mortgages.

NRMLA submitted comments to the Federal Financial Institutions Examination Council (FFIEC) on proposed new guidelines that regulated financial institutions offering reverse mortgages would need to follow to better manage compliance and reputation risks.

Between now and the end of the year, NRMLA will be submitting comments to the Federal Reserve Board in response to some very important proposed regulatory changes.

The Federal Financial Institutions Examination Council released proposed guidance today on reverse mortgage products.

With the exception of California and Minnesota, all states and the District of Columbia have now passed laws implementing new licensing guidelines for mortgage loan originators as mandated by the SAFE Act.

Compliance requirements for reverse mortgages are fast stacking up on lenders as a new set of rules for the product are being embraced by states nationwide.

The General Accountability Office (GAO) is recommending that FHA tighten enforcement of counselors and that bank regulators work more closely to prevent deceptive advertising.

The Winter 2008 issue of the FDIC's newsletter, Supervisory Insights, features an article titled "Reverse Mortgages: What Consumers and Lenders Should Know."

The American Association of Residential Mortgage Regulators and the Conference of State Bank Supervisors released a comprehensive set of examination guidelines designed specifically for reviewing the business practices and operations of lenders and brokers selling reverse mortgage loans to seniors.

Consumer privacy is a very hot topic—and as marketing people we all must be aware of the consumer’s right to privacy.

Earlier this week, the Federal Financial Institutions Examination Council announced that it recently updated its "Frequently Asked Questions" on Home Mortgage Disclosure Act reporting as to reverse mortgages.

The following section contains rules and regulations published by Fannie Mae that impact the origination and servicing of reverse mortgages.