In case you missed it, here’s what happened in reverse mortgage news this week.
FHA said reverse mortgage hybrid talk is on hold. Speaking before attendees of NRMLA’s convention in San Antonio last week, FHA’s Charles Coulter said while a hybrid reverse mortgage would be a good idea, it likely will not be seen any time soon. Read more about the announcement.
Rumors spun about Knight Capital’s CEO looking for a new job. According to a report by the Wall Street Journal, Knight chairman and CEO Tom Joyce has been exploring alternative options. The discussion comes just months after a $440 million trading error sent the company reeling toward insolvency.
The Mortgage Professor debunked claims in a recent New York Times reverse mortgage article. In his response, Jack Guttentag notes negative points in the article and provides insight into the truths around them. Read the response.
RMD’s John Yedinak writes about the M&A landscape for reverse mortgage lenders. “There is plenty of interest from outside investors in the potential of the reverse mortgage industry…” he writes. Read the article.
Walter and Ocwen teamed up for $3b ResCap servicing bid. The two companies, on the heels of Walter’s announcement it will acquire Reverse Mortgage Solutions, were awarded the winning bid for ResCap’s servicing contracts, valued at more than $300 billion in loans.
Written by Elizabeth Ecker