HB 633 -- REVERSE MORTGAGE LOANS

This bill permits fixed monthly servicing fees, repair
administration fees, and payment plan change fees to be charged
to the borrower on reverse mortgage loans.

This bill contains an emergency clause.

HB 633 -- REVERSE MORTGAGE LOANS (Leake)

This bill permits fixed monthly servicing fees, repair
administration fees, and payment plan change fees to be charged
to the borrower on reverse mortgage loans.

This bill contains an emergency clause.

FISCAL NOTE:  No impact on state funds.

HB 633 -- REVERSE MORTGAGE LOANS

CO-SPONSORS:  Leake (Copeland)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on  Banks and Financial Institutions by a vote of 24 to 0.

This bill permits fixed monthly servicing fees, repair
administration fees, and payment plan change fees to be charged
to the borrower on reverse mortgage loans.

This bill contains an emergency clause.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that this would allow mortgagors to
assess service fees on these mortgages without tapping into
mortgagee's monthly cash flow.  It is just a necessary expense
incurred in doing business.

Testifying for the bill were Representative Copeland; Clinton
Berry, Fanny Mae; and the Mortgage Bankers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Bob Dominique, Research Analyst

HB 633 -- Reverse Mortgage Loans

Co-Sponsors:  Copeland, Leake

This bill says that fixed monthly servicing fees, repair
administration fees, and payment plan change fees can be charged
to the borrower on reverse mortgage loans.

This bill contains an emergency clause.