This year, the largest and most exciting annual gathering of reverse mortgage professionals is marching into New Orleans, Louisiana for three days of stimulating discussion on policy, sales and marketing, and extensive networking.

Based on consumer feedback obtained earlier this year, the Federal Reserve has developed a new set of disclosures to help consumers better understand reverse mortgages and the costs and risks associated with obtaining them.

One Friday last December, NRMLA President Peter Bell received a phone call from the association’s legal counsel, James Brodsky, informing him that the Federal Financial Institutions Examination Council had published draft guidance on reverse mortgages and wanted comments by that Monday.

Below is a tracking chart showing all legislation introduced so far this year by state legislatures that impacts reverse mortgages.

To better understand the current lending environment that we're operating in, it's important that members have access to the various speeches, reports and articles dealing with reverse mortgages that have been published recently.

On August 16, 2010, the Federal Reserve announced final rules regarding loan originator compensation practices. The following executive summary was written by NRMLA's legal counsel, Weiner Brodsky Sidman Kider, P.C.

The Federal Financial Institutions Examination Council (FFIEC) “pre-published” final guidance today that illustrates for federally regulated institutions the potential risks associated with originating and servicing reverse mortgages – especially proprietary products.

FHA insured 5,901 reverse mortgages in July (66,497 overall for FY 2010), compared with 9,830 loans endorsed a year ago (96,984 total).

Following is a more detailed analysis of the monthly HECM data published by HUD prepared by Reverse Market Insight.

On July 20, 2010, HUD issued Mortgagee Letter 2010-22 (ML 10-22) to announce a new HECM Required Documents for Endorsement list.

On July 28, federal regulators published a final rule requiring mortgage loan originators employed by banking institutions to register with the Nationwide Mortgage Licensing System and Registry.

Late yesterday, the House of Representatives passed a Transportation, Housing and Urban Development Appropriations bill for FY 2011 that includes an appropriation of $140 million for the HECM program.

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.

HUD has published the long-awaited HECM counseling protocol. We've summarized some of the important parts and provided a copy to download. At the bottom of the memo is an update published by FHA that noted some inconsistencies in the protocol.

NRMLA's legal counsel, Weiner Brodsky Sidman Kider, produced the following memo on the financial services reform bill recently signed into law by President Obama.

NRMLA is pleased to announce that we've been successful in getting over the next hurdle in the appropriations challenge faced by our industry.

As a benefit of membership, NRMLA has organized a series of FREE webinars for the balance of the year covering important topics beneficial to the growth your reverse mortgage business.

NRMLA is proud to announce the first class of members who have met all the qualifications and have received their Certified Reverse Mortgage Professional designations.