Ensuring the Veracity of Reverse Mortgage Advertisements: Managing Your Firm’s CFPB Compliance
In June 2015, the Consumer Financial Protection Bureau (CFPB) released the results of a study on Reverse Mortgage Advertisements. The study revealed that, generally speakers, consumers were confused about reverse mortgage uses and claims, failed to understand the role of the government, and were left with false impressions about the implied added financial security.
A reverse mortgage is a special type of home loan that allows older homeowners to access the equity in their homes and defer payment of the loan until they die, sell, or move out. Based upon this study, the CFPB issued an 'advisory' warning that a reverse mortgage is a home loan, not a government benefit; many companies often don't provide clear, honest information; and loss of a home is still possible with reverse mortgages.
The CFPB is not taking legal action against any reverse mortgage lender for misleading advertising. However, this should serve as a warning to companies that false, misleading, ambiguous, and overly complicated language in advertising reverse mortgages to the public may lead to legal action.
In this two hour LIVE Webcast, a panel of distinguished professionals, thought leaders, and practitioners assembled by The Knowledge Group will review and discuss with attendees ways of Ensuring the Veracity of Reverse Mortgage Advertisements and Managing the Firm's CFPB Compliance.
Key topics include:
- Reverse Mortgages
- False Advertising of Reverse Mortgages
- SAFE Act and Licensing Mortgage Loan Originators
- State-level Regulation
- Consumer Awareness, Attitudes and Motivations
- Reverse Mortgage Advertising and TILA
- RESPA Rules on Reverse Mortgage
- HECM-style Consumer Protections
- Compliance and Litigation Risks
James W. Wright, Jr., Attorney
Bradley Arant Boult Cummings LLP
- The CFPB Reverse Mortgage Advertising Study: What They Found and How They Found It
- Why It Matters: Examining CFPB Enforcement Powers and Previous Actions Against Reverse Lenders
- Designing Advertisements To Minimize CFPB Risk
Jack J. Lah, Attorney
Weltman, Weinberg & Reis Co., LPA
Who Should Attend:
- Financial Attorneys
- Finance Lawyers
- Mortgage Lawyers
- Mortgage Lenders
- Mortgage Brokers
- Loan Officers
- Third Party Administrators
- Other Interested Professionals
Jay joined the firm in the fall of 2010 and is an associate in the Birmingham office. He practices in the firm’s Financial Services and General Litigation practice groups. While attending the University of Alabama School of Law, Jay served as an Articles Editor of the Alabama Law Review and was a member of the Moot Court Board. He was also a Hugo Black Scholar and was inducted into the Order of the Coif.
Jay’s practice focuses on financial services litigation and regulation. Jay is actively involved in lawsuits and disputes across the country, including Alabama, New Jersey, Texas, and Pennsylvania, in which he represents companies involved in a wide array of state and federal law claims. His representation includes general defense of various claims against financial institutions, mortgage companies, and other commercial entities. Some of these claims involve allegations of wrongful foreclosure proceedings or violations of the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), and other state and federal financial laws and regulations.
Jay also advises some of the nation’s largest financial institutions and mortgage companies as they adapt to changes in the regulatory and judicial environments in which they operate. Jay’s regulatory practice involves assisting clients in the financial services and mortgage industries comply with obligations imposed on them by the Department of Housing and Urban Development (HUD), Department of Justice (DOJ), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve (FRB), the Consumer Financial Protection Bureau (CFPB), and a host of state banking regulators and court systems. As part of his regulatory practice, Jay has developed and regularly updates standardized judicial and non-judicial foreclosure documents for mortgage companies, conducts third party vendor management legal compliance interviews, and provides due diligence of internal procedures and files being service-transferred between financial institutions and mortgage companies.
Jay joined the firm in the fall of 2010 and is an associate in the Birmingham office. He practices in …
Jack J. Lah practices in Litigation & Defense and is based in the Cincinnati office. He earned his B.A. in Political Science from Hiram College in 2001 and his J.D. from Ohio Northern University College of Law in 2004. A member of the Ohio State and Cincinnati Bar Associations, Jack is licensed in Ohio and Kentucky and is admitted to practice before the U.S. District Court (Northern & Southern Districts of Ohio). A 2008 Delegate to the Republican National Convention, Jack is an Eagle Scout and a board member of the Hiram College Garfield Institute for Public Leadership.
Jack J. Lah practices in Litigation & Defense and is based in the Cincinnati office. He earned his B.A. in …
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About Bradley Arant Boult Cummings LLP
Bradley Arant Boult Cummings LLP is a regional law firm with a global perspective. The firm has nearly 500 attorneys serving emerging businesses; established regional, national, and international companies; and individuals. We are one of the largest firms in the Southeast, with offices strategically located in Alabama, Florida, Mississippi, North Carolina, Tennessee, and the District of Columbia. Our offices provide an extensive geographic base from which to serve clients in various industries on a regional, national, and international basis. Clients rely on our firm for innovative legal services that reflect an in-depth understanding of their business realities.
About Weltman, Weinberg & Reis Co., LPA
For more than 85 years, WWR has provided innovative and comprehensive creditor representation and legal services to businesses and financial institutions. Whether it’s a consumer or commercial collection, real estate or bankruptcy matter, or involves defending against counterclaims and contested matters, we are committed to providing outstanding, high quality legal services. As a true business partner, WWR operates above and beyond the strictest standards of regulatory compliance, and always makes the protection of our clients’ brand image a top priority.