Legislation


 NRMLA tracks issues related to reverse mortgages on both the federal and state level. This section contains information on pending legislation, Congress, and the legislative process.


Federal


NRMLA Member Alert: Timing for HUD MIP Proposal February 3, 2010

NRMLA update on timing of budget proposal.


NRMLA Member Alert: HUD 2011 Budget Includes Subsidy, MIP Increase February 1, 2010

For the reverse mortgage business, the highlights of HUD’s proposed budget for fiscal year 2011 includes a subsidy of $250 million for the MMI/HECM fund, an increase in the ongoing annual Mortgage Insurance Premium (MIP) from .5% to 1.25% and a low-to-mid single digit cut in the principal loan limit with the higher end affecting older borrowers.


A Full Fall on the Hill August 26, 2009

For those Congressmen who have had it with the healthcare town meeting circuses at home, we’re ready for you to come back to DC. We’re awaiting some big decisions when the Drama on the Hill autumn act begins.


VERBAL CEASEFIRE: A CALL FOR A CHANGE IN THE CONVERSATION ABOUT REVERSE MORTGAGES August 20, 2009

There sometimes comes a tipping point when politics gets in the way of government, when talk trumps action—and when that happens someone, someplace has to shout, “Halt!”


GAO: HERA Benefits Lenders and Consumers, But Risks Remain July 30, 2009

GAO published a report today which concluded that reverse mortgage policy changes enacted under HERA have benefited lenders and borrowers. But risks remain.


Legislative Briefing Paper on HECM Program June 23, 2009

NRMLA has prepared the following Legislative Briefing Paper for members to give their representatives in Congress when meeting with them in Washington, DC or in their home districts.

 

State / Local


State Legislative Tracking Chart March 12, 2010

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


NRMLA Focused on Legislation in Three Key States (Updated) March 1, 2010

NRMLA, in concert with government affairs staff from member companies, is meeting with state officials to address legislation introduced in Arizona, Florida and Maryland that impacts reverse mortgage lenders.


Update on State Issues November 10, 2009

The NRMLA State Steering Committee has tackled several emerging issues in recent weeks. To begin with, new legislation from California presents some compliance challenges for reverse mortgage professionals as well as counselors.


NRMLA Seeking Questions on New California Law October 28, 2009

NRMLA Seeks Your Questions Concerning the NEW California Reverse Mortgage Elder Protection Act of 2009.


Reverse Mortgage Regulatory and Legislative Update June 18, 2009

The following memo was prepared by NRMLA's outside general counsel Weiner, Brodsky, Sidman, Kider, PC, and presented at the 2009 NRMLA Policy Conference in Washington, D.C.


Member Alert: NRMLA Trying to Resolve Licensing Issues in Washington State June 2, 2008

Washington state recently passed legislation that may impact non-depository lenders, as well as the correspondents, subsidiaries and affiliates of depository lenders who make reverse mortgage loans in that state.


MEMBER ALERT: Fixed Rate HECMs and High Cost State Law Restrictions May 21, 2008

As we engaged with the industry on fixed rate HECMS, we were pleased that FHA issued Mortgage Letter 2008-08 regarding fixed rate HECM loans. We want to clarify a few important points.


All materials copyrighted © 2008 National Reverse Mortgage Lenders Association.