The reverse mortgage industry’s largest subservicer, Celink, announced this week that as of year-end 2011, it has become a reverse-only operation. The Lansing, Michigan-based company began as a forward mortgage servicer in 1979 and has now decided to subservice reverse mortgages exclusively. “It was time for us to focus all of our corporate resourceson a [...]

Reverse Mortgage Solutions’ third-party origination channel will lead the company’s growth in 2012, with its Ginnie Mae issuance opportunities being another strong growth driver, Origination News reported last week. Spring, Texas-based RMS launched its correspondent business arm in March, 2011, and has seen production grow ever since. Between its correspondent and wholesale channels, the company [...]

Bank of America (NYSE:BAC) has agreed to sell roughly $18 billion in servicing rights for reverse mortgages to Nationstar Mortgage for approximately $25 million. The deal which is subject to purchase price adjustments and is expected to close on December 22, 2011, according to a Securities Exchange Commission filing. The transfer of the loans is [...]

Reverse Mortgage Solutions (RMS) CEO Bob Yeary announced today that he will step down from his position on January 1, 2012. Yeary will maintain his post as RMS’s Chairman of the Board of while Marc Helm will take over the CEO position, in addition to maintaining his title of President. Both Helm and Yeary were [...]

An onslaught of headlines regarding a 101-year-old Detroit woman who was foreclosed upon and evicted from her home after falling behind on reverse mortgage property tax payments circulated the Web on Monday. Two days later, the headlines stated that the Department of Housing and Urban Development had returned the keys to the house to its [...]

On the heels of an AARP lawsuit dismissed by the court regarding reverse mortgage foreclosures and just before AARP filed a second—this time class action—suit on a similar issue, the Department of Housing and Urban Development issued a Frequently Asked Questions document that presumably would clear things up for reverse mortgage servicers and lenders. While [...]