H.F. No. 98 - Reverse Mortgage Loan Notices

• Requires reverse mortgage loan servicers to send copies of written communications regarding delinquencies, defaults, and unfulfilled obligations to a third-party designee named by the borrower, effective August 1, 2020.

• Allows servicers to communicate with the third-party designee via first-class mail simultaneously with borrower communications, or via email regarding borrower's failure to respond.

• Permits servicers to send copies of communications to an independent counseling agency if the borrower consents on a required authorization form.

• Adds new counseling requirement that borrowers must be informed of their right to name a third-party designee and receive a blank authorization form in at least 14-point type before executing the loan agreement.

• Creates a cause of action for borrowers if servicers fail to communicate with third-party designees, with a rebuttable presumption of non-compliance absent a recorded affidavit.