Reverse mortgage borrowers whose loans were previously serviced by U.S. Department of Housing and Urban Development (HUD) subcontractor NOVAD Management Consulting LLC may receive reimbursement checks in the mail following a 2024 enforcement action brought by the Consumer Financial Protection Bureau (CFPB).

The National Reverse Mortgage Lenders Association (NRMLA) notified its members on Friday morning in a memo. The CFPB’s website states that “affected consumers are receiving a refund because of a settlement in this lawsuit” and that as of Jan. 30, victim compensation is ongoing.

In June 2024, the CFPB issued an order that details ⇒

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