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 [...]

Reverse mortgage servicer Reverse Mortgage Solutions has hired former Bank of America executive Kyle Bradford to lead its southeast regional sales team. Bradford will be based in Atlanta, where he has responsibility for developing the retail reverse mortgage loan origination team in the Southern and Mid-Atlantic regions. The personnel development came several weeks after RMS [...]

Standard & Poor’s raised Reverse Mortgage Solutions ranking from Above Average to Strong last week. “The raised ranking is based on our assessment of the company’s management team which we consider to be knowledgeable and increasingly experienced, a superior and robust systems environment, and very effective internal controls,” said S&P. Based in Spring, Texas, the [...]

With home prices at sustained 7-year lows and continuing to fall in some regions throughout the U.S., market conditions have led to a slight perceived delay in servicing processes for reverse mortgage properties. The low values have caused slowed sales, and in turn, pressure on servicers, especially when working with foreclosed properties. “We have seen [...]

Mortgage Orb is reporting that the taxes and insurance default situation facing the reverse mortgage industry is moving towards resolution. Writing for the Publication, Marc Helm, president of Reverse Mortgage Solutions writes: