In response to changing regulations, trade groups within the mortgage industry are advocating for reverse mortgage lenders to be granted additional time to phase out outdated documentation practices. This proposed extension would provide lenders with the necessary runway to adapt to new requirements without risking compliance issues or disruptions to their operations.
Key points from the text include:
– Trade groups are lobbying for reverse mortgage lenders to be given an extended deadline to transition away from traditional documentation practices.
– The goal is to ensure a smooth and seamless shift towards new regulations without causing unnecessary stress or complications for lenders.
– The proposed extension would allow lenders to gradually implement updated processes while maintaining compliance with evolving industry standards.
You can read this full article at: https://www.housingwire.com/articles/nrmla-mba-provide-comments-on-hecm-application-origination-documents/(subscription required)
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