The Department of Housing and Urban Development sent an email to its HECM business partners this week informing them that servicer training for its Home Equity Reverse Mortgage Information Technology (HERMIT) system is still pending. While HUD said it does not have any new HERMIT materials for distribution, it noted progress points in the development [...]

In an effort to fully round out its product and service offerings, Spring, Texas-based Reverse Mortgage Solutions has ramped up its origination channel and will begin developing lending partners to originate loans across the board in all channels of reverse mortgages. RMS, now in its fifth year of operation, launched a call center in Spring, [...]

Reverse mortgage subservicer Celink announced Sunday that it has implemented a new, single-point-of-contact module for clients’ borrowers who are in default status on their loans. When a borrower fails to pay his or her taxes and insurance, that person will be placed into default status, at which point Celink’s servicing platform, ReverServ, auto-assigns a company [...]

When Wells Fargo announced it would close its reverse mortgage doors last month, it made note of its 1,000 reverse mortgage team members, and said they would be provided with opportunities to apply for other open positions within the company’s 80-plus businesses. Ditto Bank of America, when it shut down its reverse mortgage business in [...]

As reverse mortgage lenders adapt to change in the retail and wholesale climates, many are seeing—and are quickly adapting to—a rise in lending from smaller players including third-party originators. They are ramping up efforts to train and assist those who are new to the business or who run smaller origination shops, and several lenders who [...]

Two House committees expressed concerns about Consumer Financial Protection Bureau transparency in a letter sent to Treasury Secretary Timothy Geithner last week. Specifically, the committees request documents regarding the ongoing mortgage settlement negotiations that involve coordination between the CFPB and State Attorneys General. For several months, members of the two committees have sought answers as [...]