pennsylvania DEPARTMENT OF BANKING Testimony of before the March 26, :OO a.m. Room G-50 Irvis Office Building

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1 pennsylvania DEPARTMENT OF BANKING MARKET SQUARE PLAZA 1 17 N SECOND STREET, SUITE 1300 I HARRISBURG, PA , state pa.us Testimony of Paul H. Wentzel, Jr. before the Pennsylvania House of Representatives Aging & Older Adult Services Committee 10:OO a.m. Room G-50 Irvis Office Building Good morning Chairman Mundy and Chairman Hennessey. Thank you for inviting the Department of Banking here today to discuss the increasingly important topic of reverse mortgage loans. Secretary of Banking Steve Kaplan regrets that he cannot be here this morning due to another commitment. However, the Department is in the process of developing legislation to address regulatory and consumer protection issues relating to reverse mortgage lending. When the legislation is ready, the Secretary would be pleased to meet with this committee to discuss the proposed legislation and receive your comments and suggestions. As you know, a reverse mortgage loan is a type of home equity loan that allows the borrower to convert some of the equity in their home into tax-free cash while continuing to live in the home. This appears to be desirable social policy. The Pennsylvania 2020 Vision Report issued in 2008 under the leadership of the Department of Aging cited a National Center for Seniors' Housing Research study which indicated that 80% of people age 55 or older want to "age in place" by remaining in their homes and communities. Reverse mortgage loans have been cited as an option for achieving that goal. Testimony of Paul H. Wentzel, lr. Before the House Aging & Older Adult Services Committee Page 1 of 5

2 However, reverse mortgage loans are not appropriate for everybody and since the vast majority of reverse mortgage loans are marketed to consumers 62 years of age or older - a uniquely vulnerable market - we believe that additional consumer protections and regulatory safeguards may need to be developed and amended into Pennsylvania mortgage law. For this reason, the Department is studying reverse mortgage loan products thoroughly and reviewing other states' statutes on the subject. Although state legislation and regulation cannot address all reverse mortgage loans at this time, we believe that we should regulate that portion of the industry operating in Pennsylvania to the extent that we can and protect Pennsylvania consumers from fraud and abuse. At the Department of Banking, we have been all about mortgages for the past several years, primarily addressing foreclosure and abusive lending issues. We have grown the Department by increasing our licensing, compliance and non-depository examinations staff, dramatically changing our licensing procedures, and creating a new investigations unit that seeks out abusive lending. A new area of concern is reverse mortgage lending. Reverse mortgage loans are now generating a great deal of attention from state mortgage regulators as the product becomes more widely available. This afternoon, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators (state regulator groups) are sponsoring a Webinar for the various banking departments around the country to discuss regulatory and consumer protection issues relating to reverse mortgage loans and what actions states should be taking. Reverse Mortclaqe Loans As you know, the primary benefit of a reverse mortgage loan is that the borrower may continue to live in their home as long as they desire, even after they have exhausted their equity. Typically, the borrower can choose to receive monthly payments, a lump sum payment, a line of credit or a combination. The amount that may be borrowed is generally based on the borrower's age (life expectancy), the amount of equity in the home and the interest rate charged by the lender. The maximum loan amount generally ranges from 50% to 75% of the home's fair market value. The loan is usually due with interest when the borrower moves, sells, reaches the end of a predetermined loan plan or passes away. Upon the death of the borrower, heirs are required to pay off the loan either through a conventional refinancing of the mortgage or sale of the property. A typical reverse mortgage loan contains up front fees and costs which consumers should review very carefully. These fees can amount to several thousand dollars and will significantly increase the amount owed on the loan. Typical fees include an appraisal fee; an origination fee; mortgage insurance premiums, which protect both the borrower and the lender; closing costs; and servicing fees. Testimony of Paul H. Wentzel, lr. ~egislative Liaison & Executive Assistant to the Secretary of Banking Before the House Aglng & Older Adult Services Committee March 26,2009 Page 2 of 5

3 Disadvantages of the reverse mortgage product include: reduction in the equity of the borrower's property, it may not be consistent with a desire to maximize the estate for heirs, and closing costs are based on the home's value rather than the amount borrowed; therefore, short-term or small loans are not advisable under this product. The Pennsvlvania Requlatorv Environment As a financial institution regulatory agency, the Department of Banking has supervisory, regulatory and examination authority over approximately 240 state-chartered depository institutions including banks, savings banks, savings and loan associations, credit unions and non-depository trust companies. These institutions operate under the Banking Code, the Savings Association Code and the Credit Union Code. There is little or no language in these laws and the regulations promulgated under them that relates to reverse mortgage loans. We believe that reverse mortgage loans made and held by these state-chartered institutions are minimal in number. There are, however, state-chartered banks and national banks operating in the Commonwealth that broker reverse mortgage loans to large, out-of-state banks such as Bank of America, Wells Fargo, Met Life Bank and JP Morgan Chase Bank. These large institutions fall outside the purview of the Department of Banking and current state law. The Department also has authority over approximately 13,000 non-depository entities such as mortgage lenders, mortgage brokers, consumer discount companies, car dealers that make auto loans and financial entities that purchase those loans, check cashers, money transmitters (money order companies), pawnbrokers and rep0 men - collector repossessors. These entities are licensed and regulated under various state statutes and regulations. Reverse mortgage loans are made in Pennsylvania by licensed mortgage lenders or brokered by licensed mortgage brokers. Some offer multiple mortgage products including reverse mortgage loans. Others may specialize entirely in reverse mortgage loan products. The Department began licensing, regulating and examining non-depository mortgage lenders and brokers in 1990, but until recently had authority only over the mortgage companies. Last July, the General Assembly approved the Department's five-bill mortgage reform package which made significant positive changes in the licensure, supervision, regulation and enforcement of Pennsylvania's mortgage industry. The "heart" of the five-bill package, the Mortgage Act, requires licensure and regulation of all mortgage loan originators - those individuals employed by the mortgage lenders, brokers and consumer discount companies that have direct contact with the consumer. The originator licensing requirement applies to lender and broker companies that make all types of mortgage loans - first, second (home equity) and reverse mortgage loans. Testimony of Paul H. Wentzel, Jr. Before the House Aging &Older Adult Services Committee Page 3 of 5

4 Under the new statute, mortgage originators are required to be employees of lender and broker licensees. The licensee is required to directly supervise, control and maintain responsibility for the acts and omissions of the mortgage or~ginator. Originators are required to register on the recently developed Nationwide Mortgage Licensing System which was designed to streamline the licensing process, improve supervision and increase transparency in the mortgage industry on a nationwide basis. Originators, company owners and management undergo state and federal criminal history background checks and are required to possess the financial responsibility, character, reputation, integrity and general fitness to operate or be employed at a mortgage company. The Department is required to deny licensure to any originator applicant that has been convicted of a felony during the past seven years. An applicant that has at any time been convicted of a felony involving fraud, dishonesty, breach of trust or money laundering is disqualified from licensure. Mortgage originators are also required to complete a minimum of 12 hours of prequalification instruction and testing relating to the first and second mortgage business, stahe mortgage statutes and regulations, and federal mortgage lending and consumer protection laws and regulations. Originators are also required to complete six hours of continuing education annually after securing licensure. These prequalifying education and continuing education requirements are to be increased to 20 hours and eight hours, respectively, under legislation the Department will soon be proposing. Provisions in the new Mortgage Act also increased penalties from $2,000 per violation to $10,000 per violation. Pennsylvania's mortgage licensing, regulatory and enforcement statutes have been significantly strengthened under the legislation enacted in July of 2008 and will be enhanced further by legislation the Department will be pursuing later this year. Leclislative Conce~ts Many Pennsylvanians, including many seniors, have secured home equity mortgage loans to pay for healthcare, property taxes and everyday living expenses. Some borrowers made poor decisions because they did not understand the home equity loan product offered to them or the process involved. Other borrowers took out loans that they were incapable of repaying - these circumstances often resulted in foreclosures. Under a regulation promulgated by the Department last year, which took effect on March 2oth, Pennsylvania mortgage lenders and brokers are now required to perform an analysis that considers and documents the borrower's income and other debt in determining the borrower's ability to repay the loan prior to consummation. This has eliminated the so called "stated income" and no doc mortgage loans. Such a standard would not apply to reverse mortgage loans, because the borrower is not required to repay a reverse mortgage loan other than through refinancing of the mortgage or sale of the property. The Department is currently studying a concept that Testimonv of Paul H. Wentzel. Jr. ~egislative Liaison & ~xecuti"e Assistant to the Secretary of Banking Before the House Aging & Older Adult Services Committee Page 4 of 5

5 would require a reverse mortgage lender to perform an analysis to determine whether the loan meets the needs of the borrower. Departmental examiners would regularly review the lender's records to make sure that the analysis was performed and that the loan should have been made. The Department is also considering a concept that would require reverse mortgage lenders to maintain strength and solvency in order to ensure that the lender is able to make the disbursements of funds contracted for with borrowers. This would require greater capital, liquidity and funding sources than are currently mandated under the Mortgage Act. Also under consideration is a requirement that loan originators making reverse mortgage loans be individually bonded in amounts up to $25,000 to $50,000 so that consumers could be compensated in the event of an abusive lending practice by an originator. Additionally, if taxes and insurance payments are not escrowed as part of the reverse mortgage loan, licensees should be restricted from foreclosing on a borrower who fails to make tax and insurance payments and encouraged to work with the borrower to have taxes and insurance paid. Borrowers should receive a one-page, plain language disclosure explaining the important components of the reverse mortgage loan including all fees and charges. Also, borrowers that apply for reverse mortgage loans that are not insured by the Federal Housing Administration (FHA) should be required to attend FHA approved counseling prior to obtaining a reverse mortgage loan. The most widely available reverse mortgage loan has been the Home Equity Conversion Mortgage - or HECM - that was created by the U.S. Department of Housing and Urban Development and is insured by the Federal Housing Adm~nistration, The HECM may be the only reverse mortgage loan available today, because there is currently no secondary market for uninsured reverse mortgage loans in the stressed mortgage market. The HECM's appear to be good, consumer-friendly loans. The legislative concepts discussed should apply primarily to non-fha insured loans, if they return to the market when the economy improves. Testimony of Paul H. Wentzel, Jr. Before the House Aging &Older Adult Services Committee Page 5 of 5

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