Reverse Mortgage Jan-Feb 2021

getnotaroo.com (480) 477-9627 info@getnotaroo.com faces Democrat Raphael Warnock and Perdue faces a chal- lenge from Democrat Jon Ossoff.) Horne suggests that divided government might be the best scenario for the nation, partly because when one party has control of the House, Senate andWhite House the ten- dency has been to go too far. Divided government might offer the room to negotiate toward the middle, he and others suggest. For example, during the Obama admin- istration, Biden reached out across the aisle to work with Senate Majority Leader Mitch McConnell (R-KY), Horne says, adding that the two men had a good relationship. “Some people think that is the best opportunity for Biden to govern and for him not to lose control of what he wants to do and his priorities,” Horne says. “The hope, and maybe this is just me wearing my rose-colored glasses, even though I live in Washington, DC, is that in a split government there might actually be some governing.” That dynamic could mean constructive legislation and engagement on appropriations bills, which could have an impact on the HECM program, Horne says. And the opportunities to improve a HECM program would be greater in a divided government, he suggests. Other Shifts Amid the uncertainty, the work in Washington will con- tinue before the new administration takes over. Some policy details important to the reverse mortgage indus- try include servicing questions and the transition from the LIBOR benchmark to a new benchmark. Horne suggests that any policy questions that can be answered before January 20 probably would not be reviewed in the new administration. But issues that are left unre- solved could be delayed if a political appointee takes control and wants to weigh in, he adds. That is the “ten or 15” percent that he mentioned of issues that might be delayed. To be sure, there will be new Cabinet heads, includ- ing a new HUD secretary, as well as new appointments at the Consumer Financial Protection Bureau (CFPB), FHA and other agencies that the reverse mortgage indus- try will need to watch. The industry also monitors the Office of Management and Budget that is involved with the Mutual Mortgage Insurance fund, Horne says. And the head of Ginnie Mae, which is under HUD, already has said he was moving on, Horne adds. NowWhat continued from page 18 NowWhat continued on page 22 20 REVERSE MORTGAGE / JANUARY-FEBRUARY 2021