Reverse Mortgages have been around for some time though their popularity has increased dramatically over the last few years. Many homeowners particularly seniors are opting for reverse mortgages as an important part of their financial management program. Reverse Mortgages also provides banks and financial institutions with an important new product to offer consumers. Effective and correct implementation is the key to success for financial institutions who were offering this product.
The Knowledge Congress has assembled a group of key thought leaders in this area who will help your institution understand how to effectively offer & manage your customers’ Reverse Mortgages. The group will present their findings on Risk Analysis, Exam Procedures, Practical Guidance in an upcoming webinar.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 083805
Edward J. Szymanoski
Assoc. Deputy Assistant Secretary for Economic Affairs
Office of Policy Development and Research
Joseph P. DeMarkey
Reverse Mortgage Regional Sales Director
Chuck Cross
Vice President, Mortgage Regulatory Policy
Jim Milano
Member
Edward J. Szymanoski, Assoc. Deputy Assistant Secretary for Economic Affairs
Office of Policy Development and Research
,
US Department of Housing & Urban Development
- Hud's Financial management of HECM Reverse Mortgages
- What's at stake
- Managing Risk
- Loan Level: Concept of Principal Limit
- Portfolio Level: Credit Subsidy Rate and Financial Reporting
- Effect of falling House Prices
- Financing HECM in the Private Sector
- Primary Market participants
- LIBOR vs. CMT
- Secondary market
- Non-agency securities
- Ginnie Mae securities
- What the Future may Hold
- Rising Demand
- Trends in Supply
- New Directions
Chuck Cross, Vice President, Mortgage Regulatory Policy, Conference of State Bank Supervisors
- Discussion of the December 2008 release of the States' Reverse Mortgage Examination
Guidelines (RMEGs). Modeled on the successful 2007 release of the Model
Examination Guidelines (MEGs) for nontraditional and subprime lending, the RMEGs are a
comprehensive examination format for state agencies reviewing reverse
mortgage originations and portfolios. While developed primarily for examiner use,
the RMEGs are designed to be useful for in-house compliance departments and
outside auditors as well. Field implementation of the RMEGs will begin in early 2009.
Joseph P. DeMarkey, Reverse Mortgage Regional Sales Director, Met Life Home Loans, A Division of Met Life Bank
- Lender's perspective of the market - including historical growth patterns, penetration rates, etc
- Product offerings in the marketplace today
- Feature Benefits of products - compare and contrast to "forward" mortgage products
Jim Milano, Member, Weiner, Brodsky, Sidman, Kider, PC
- Reverse mortgage originations today are pre-dominantly the FHA-insured HECM program loan - if you are not in the HECM business, you are not in the reverse mortgage business;
General FHA rules apply to HECM originations, as do specific FHA rules on HECM loans - we will cover some general FHA rules that we see originators dealing with more
often, and also highlight some of the specific FHA HECM rules, give a quick overview of FHA rules on servicing HECMs;
- While there are specific rules that apply to reverse mortgages (besides the FHA rules on HECMs) laws of general applications may also have some peculiar applications to reverse
mortgages - we will review these briefly, broken down between federal and state laws; at the federal level we will primarily focus upon TILA and RESPA, and at the
state level we will discuss licensing or approvals, disclosures, fee limits, and prohibited practices, including laws on high cost or predatory lending and other laws
designed to protect consumers; and
- There are specific federal (besides FHA rules) and state laws on reverse mortgages; we will cover these , including TILA, and at the state level several states' specific laws on
reverse mortgages, including states such as CA, NC, TN and MA and others.
CRO and all Risk Management
Finance
Community development professionals
Housing experts
Bankers
Loan officers
Credit analysts
Compliance officers
Mortgage lenders
Appraisers
Accountants
Attorneys
This is a must attend event for anyone interested in understanding the related issues and developments on Reverse Mortgage.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A