NRMLA Prez Testifies at McCaskill Hearing
June 30, 2009
NRMLA President Peter Bell testified at a field hearing in St. Louis yesterday hosted by U.S. Senator Claire McCaskill (D-MO) on behalf of the Special Committee on Aging to discuss regulations in the reverse mortgage program.
Guide to Contacting the U.S. Congress
June 23, 2009
NRMLA's Congressional Relations Committee has developed the following presentation to help educate our members on the importance of political advocacy.
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.
Law Governing HECM Program
Following is a copy of Section 255 of the National Housing Act, which governs the HECM program.
Member Alert: Implementing the New $625,500 HECM Loan Limit
February 18, 2009
As most NRMLA members know, the economic stimulus bill signed into law by President Obama today raises the single national loan limit for HECMs to 150% of the Freddie Mac loan limit. Currently, that would create a HECM limit of $625,500.
Final Version of Economic Stimulus Package Raises HECM Loan Limits to $625K
February 13, 2009
NRMLA is pleased to report that the compromise package approved by the House-Senate conference committee yesterday does indeed set the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 -- for the balance of 2009.
House Passes Stimulus Bill with Loan Limit Increase
January 29, 2009
150% of the Freddie Mac loan limit.
President Bush Signs Housing Bill Into Law; Work on Interpretation and Implementation Underway
July 30, 2008
At 8:30 this morning, President Bush signed into law two bills, the Clean Boating Act of 2008 and, our long awaited, Housing and Economic Recovery Act of 2008.
Congress 101
April 18, 2008
NRMLA's Congressional Relations Committee has prepared the following presentation to help educate members on the legislative process.
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Member Alert: Minnesota Governor Pawlenty Vetoes Reverse Mortgage Legislation
May 21, 2009
NRMLA is pleased to announce that Minnesota Governor Tim Pawlenty vetoed legislation that would have had a chilling effect on legitimate reverse mortgage business activity.
Member Alert: Washington State Passes Reverse Mortgage Legislation
April 24, 2009
On April 21, 2009, Governor Chris Gregorie signed reverse mortgage legislation (HB 1311) into Washington law aimed at both correcting certain unintended consequences arising from the prior passage of S.B. 6471 in 2008, as well as providing a comprehensive reverse mortgage statutory scheme to protect Washington State seniors.
State Legislatures Introducing Reverse Mortgage Bills
March 3, 2009
This year, more states are introducing reverse mortgage legislation focusing on licensing, counseling, disclosure and suitability issues.
Rhode Island Passes Reverse Mortgage Legislation
July 21, 2008
In an official signing ceremony on June 20, 2008 Governor Carcieri signed into law reverse mortgage legislation aimed at protecting senior homeowners.
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.
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