In case you missed it… here’s what happened in reverse mortgage news this week.
Nationstar acquired Greenlight Financial. In a deal valued at up to $75 million, the mortgage giant acquired with Greenlight its growing reverse mortgage division based in Irvine, Calif. Greenlight Reverse had closed 217 reverse mortgages in the first quarter of 2013 according to data from Reverse Market Insight.
Ocwen said reverse mortgages could be a $1.9 trillion market… the parent company of Liberty Home Equity Solutions said upon announcing strong quarterly earnings that there’s plenty more reverse mortgage potential on the horizon. “Based on CFPB data, we estimate the total potential size of the reverse mortgage market at $1.9 trillion, of which only about 10% has been penetrated to date,” said company execs in Ocwen’s SEC filing.
A CFPB investigation led to criminal charges. For the first time in the agency’s history, a civil investigation conducted by the CFPB led to criminal charges brought against a New York settlement agency. The CFPB said it will continue to work toward similar efforts.
American Advisors Group launched a new TV campaign. Departing from its previous reverse mortgage ad spots featuring the image of Sen. Fred Thompson, the new commercial focuses on AAG’s new “Veterans of Life,” messaging. View the new commercial.
Written by Elizabeth Ecker
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