OTS issues bulletin on the prevention of discriminatory lending
FHA Commissioner Brian Montgomery praises reverse mortgages, industry at NRMLA's Annual MeetingMortgagePress.comBrian Montgomery, FHA Commissioner, NRMLA, reverse mortgage, HECM At the National Reverse Mortgage Lenders Association meeting in Los Angeles, more than 700 participants today honored Brian Montgomery, Assistant Secretary for Housing-Federal Housing Commissioner with a standing ovation for his contributions and support for the industry during his three-and-a-half-year term as FHA Commissioner. Montgomery provided a retrospective on the Federal Housing Administration and praised the industry and the Home Equity Conversion Mortgage (HECM) program. "It's disappointing to read news coverage that is critical of reverse mortgages. Most seniors are well served by and are happy with their reverse mortgages," said Montgomery. "I encourage all of you to continue to spread the good word and benefits of reverse mortgages." Mr. Montgomery also commended NRMLA's overall efforts to educate the public and promote the value of reverse mortgages. "FHA has enjoyed a great partnership with NRMLA members and appreciate how the staffs have worked for the betterment of the industry and we wish all trade groups were as professional as NRMLA," said Montgomery. "Brian has been a dear friend and valued colleague whose leadership at FHA has been instrumental in continually evolving HECM program in order to provide seniors with improved options to fund their retirement with the equity in their homes," said Peter Bell, president of NRMLA. The National Reverse Mortgage Lenders Association (NRMLA) assembled a premier gathering of industry experts to share information and discuss ideas for promoting strategies to help seniors remain in their homes throughout retirement during the 2008 NRMLA Conference and Expo in Los Angeles on November 17-19. The three-day conference drew participants from all over the country. Participants represented a wide spectrum of industry experts including guest speakers Sandra Timmermann, Metlife Mature Market Institute, and Donna Tomposki and Betsy Cromwell, U.S. Dept. of Housing and Urban Development. Among the many topics that were discussed included: • Political and regulatory issues facing the reverse mortgage business; • Retirement trends; and • The reverse mortgage loan process. For more information, visit www.reversemortgage.org.