Comments on: Protections Missing From House Bill

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[...]Protections Missing From House Bill | Reverse Mortgage Guide[...]…

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By: Peter G. Miller

Peter G. Miller — Mon, 05 Nov 2007 19:08:32 +0000

Johnathon –

Perhaps this is why HUD just issued a warning to lenders regarding overcharges….

North Carolina is far ahead of most states with regard to lender requirements. However, the North Carolina laws do not apply to federally-regulated lenders. That’s where the problem is.

By: Johnathon Dough

Johnathon Dough — Mon, 05 Nov 2007 16:41:23 +0000

Peter,
HUD already has these protections in place for borrowers interested in a HECM. Had you fully researched the upfront disclosures required of anyone wanting a HUD HECM, you would have already known this. Full disclosure up front is required in all cases. Your description of this as a “screw job” is uninformed and is lacking in knowledge about the upfront disclosures that all reverse mortgage borrowers are required to receive upon application. In addition, all borrowers in a reverse mortgage transaction must by federal law attend reverse mortgage counseling prior to the loan by a HUD certified, independent, certified reverse mortgage counselor.
I love predatory lending laws. I operate in North Carolina which is a state with tough predatory lending laws already on the books, and a law that this congress is in ways trying to emulate. But your concern that reverse mortgage borrowers are not receiving the upfront disclosures, and not being told they are entering into a negative amortization loan is just wrong. You’re just wrong.

By: Peter G. Miller

Peter G. Miller — Mon, 05 Nov 2007 14:12:23 +0000

Stephen –

The fact that current laws are inadequate does not mean such an abusive situation should continue.

What, exactly, would make a reverse mortgage more difficult to sell? An obligation to get the best rates and terms for a borrower? An obligation to disclose high costs and fees? A requirement to avoid one-sided binding arbitration agreements? A ban on single-premium insurance policies, just like the ban that would be available to other borrowers?

Abusive lending practices have distorted the marketplace, increased foreclosure rates, endangered banks, created investor losses and reduced home values. The situation has to change so that all borrowers can get a fair shake in the marketplace — including reverse mortgage borrowers.

By: Stephen Lamoreaux

Stephen Lamoreaux — Mon, 05 Nov 2007 13:49:35 +0000

If you had done your homework before making your comments regarding this proposed legislation, you would have found that this mirrors the “predatory lending” laws already on the books in most states. If the typical predatory lending laws were applied to reverse mortgages, they would be almost impossible to sell. The HECM fees might always be high, in order to protect the lenders from the high LTV percentage required, but the private lender programs already have lower fees and competition will only drive those lower into the future.