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The Department of Housing and Urban Development extended an implementation deadline less than a week before new standards were scheduled to go into effect.

Credit scores have an effect on almost every aspect of a person's financial life. A less-than-ideal credit score can make it much harder to get a house or car loan, start a business, or even get a job. President Biden plans to change credit reporting So what does the new administration's plan mean for consumers and lenders? In this episode, we explore the pros and cons of the Biden proposal, what it means for consumers, and how it will impact lending institutions' strategy and operations.

The nomination of Gary Gensler as chairman of Securities and Exchange Commission will now be voted on by the full Senate, but Rohit Chopra's nomination to head the Consumer Financial Protection Bureau remains held up in the Senate Banking Committee.

As more borrowers between 21 and 40 leveraged the historically low mortgage rates in January, the average age rose to a report high, according to ICE Mortgage Technology.

Finance of America Reverse's product combines features of a forward mortgage, like 10 years of payments, with parts of a non-recourse reverse loan.

Carolyn M. Glynn, Esq., is a trusts and estates attorney in New York City with the law firm of Offit & Kurman, PA and advises high net worth families in the areas of estate planning, retirement planning and business succession planning. She can be reached at carolyn.glynn@offitkurman.com.

Henry Montag is a Certified Financial Planner who has been in practice since 1976, with offices in Long Island, N.Y. He is the founder and principal of The TOLI Center East, which provides independent consultative fee-based life insurance performance evaluations for trustees, their advisers, and high-net-worth individuals. He has lectured extensively on the proper utilization of financial products to the New York State Bar Association, the New York State Society of CPAs, the AICPA, and NCCPA. He has also appeared on Fox Business, Wall Street Week and News 12. He co-authored “The Advisors’ and Trustees’ Guide to Managing Risk and Avoiding a Client Crisis.” Reach him at henry@thetolicentereast.com or (516) 695-4662.

Michel Vaja is payments consulting services lead at Icon Solutions.

Mortgage rates surged 40 basis points since the start of the year as the economy improved.

Some nominees poised to take their agencies in a new direction appear headed for Senate confirmation while an intraparty squabble has delayed the administration’s choice to lead the Office of the Comptroller of the Currency. Here’s the roster update.

The agreement calls for the bank to pay $50,000 to an unnamed consumer and requires its staff to undergo fair lending training as it relates to appraisals.