Last week, AFSA’s State Government Affairs released its November white paper on reverse mortgages and how legislation and regulations have imposed changes for consumers.
The origin of reverse mortgages began in 1987 when the Home Equity Conversion Mortgage (HECM) program was first established and then subsequently insured by the Federal Housing Administration (FHA) in 1989. The 1990’s and 2000’s saw an increase in consumer utilization of reverse mortgages, especially with the retirement-age population of the country.
The landscape of reverse mortgages was altered throughout the 2010’s by frequent legislation and regulation, increasing mortgage insurance premiums, lowering the interest rate floor, creating new Housing and Urban Development (HUD) policies to make reverse mortgages safer, and implementing non-borrowing spouse protections. In recent years, the country has seen several attempts to further modify and regulate reverse mortgages at the state level.
This and other SGA white papers can be found in the SGA resources section of AFSA’s website.
Last week, AFSA’s State Government Affairs released its November white paper on reverse mortgages and how legislation and regulations have imposed changes for consumers.
The origin of reverse mortgages began in 1987 when the Home Equity… Read the rest
Although the 2024 presidential race was the focal point of Tuesday’s general election, it was not the only key contest. Legislative elections took place in 44 states, and AFSA’s State Government Affairs team closely monitored those … Read the rest
While votes are still being tabulated in some House of Representatives races, both the Senate and the Presidential election have been called for Republicans. President-elect Donald Trump won both the Electoral College and the popular vote.… Read the rest
Last week, the Treasury Department released their Financial Inclusion Report. AFSA responded to the RFI at the time it was released, emphasizing action that AFSA members take to encourage financial literacy and suggested that further work… Read the rest
The featured Business Partner for the month of November is Hudson Cook.
Established in 1997, Hudson Cook, LLP focuses its practice on laws related to financial services, banking and information privacy. In addition to the regulatory compliance
…
Read the rest
This week marked the 50th anniversary of the Equal Credit Opportunity Act (ECOA), a groundbreaking law that transformed financial access for women in the United States by prohibiting discrimination in lending practices. Enacted in 1974,… Read the rest
Yesterday, AFSA responded to a request for information from the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve.
The agencies are interested in learning more… Read the rest
AFSA is saddened to learn of the death of long-time law Committee Vice Chairman Alvin O. Wiese on October 11 at the age of 95.
A graduate of the University of Southern California Law School, Al was admitted to the bar in 1954 and dedicated his life… Read the rest
A bipartisan group of Representatives recently led by Rep. Blake Moore (R-UT) sent a letter to FDIC Chair Martin Gruenberg, urging the withdrawal of the proposed rule governing parent companies of industrial banks and industrial loan… Read the rest
Yesterday, Representatives Wiley Nickel (D-NC) and Young Kim (R-CA) introduced the bipartisan “Ending Credit Repair Scams Act” (HR 9991). This bipartisan legislation would protect financially distressed consumers from shady credit… Read the rest
