FHA warns lenders on deceptive reverse mortgage practices

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FHA warns lenders on deceptive reverse mortgage practices

FHA warns lenders on deceptive reverse mortgage practices

This is a WTF moment… So if you know there is deceptive practices happening, then why not DO something about it? What is a freakin warning? Just like the warnings about foreclosure fraud, just sit and watch as it happens!!


HW-

The Federal Housing Administration continues trying to refine its policies and procedures on Home Equity Conversion Mortgages for lenders, the goal of which is to ensure more vulnerable senior borrowers aren’t confused or mislead in the loan process.

Lenders in the HECM program must certain older borrowers are fully informed of all their options when applying for reverse mortgages, and underscored the agency’s prohibition against misleading or deceptive advertising.

“Senior borrowers deserve freedom of choice when considering whether a reverse mortgage is appropriate for them,” said FHA Commissioner Carol Galante. “This guidance is intended to make sure lenders know we’re keeping a watchful eye on their marketing and advertising practices that might steer borrowers toward reverse mortgage options that limit their available choices.”

[HOUSING WIRE]

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