In case you missed it… here’s what happened in reverse mortgage news this week.
Ocwen acquired Genworth’s reverse mortgage division. Ocwen Financial Corporation (NYSE:OCN) announced it has entered into an agreement on October 26th to acquire Genworth Financial Home Equity Access (GFHEA) for $22 million in cash. The company says the deal will complement its existing mortgage related businesses.
Lenders anticipated big delays following Hurricane Sandy. Those with loans in the affected areas are first waiting for the final say from FEMA, cross-checking declared “disaster” areas with borrower properties before beginning the slow process of figuring out which loans will require new inspections and home appraisals.
Walter closed on its acquisition of RMS. Walter Investment Management Corp. (NYSEAMEX:WAC) announced on Thursday it has completed the acquisition of Reverse Mortgage Solutions (RMS). In September, Walter announced it would pay $122 million for RMS, which is a servicer, originator and technology provider for the reverse mortgage industry.
AMCs said appraisal fees may be on the rise. Changes across the appraisal industry including a declining supply of appraisers in the market stand to put pressure on this segment of the mortgage process. Those in the industry say something has to give and price may be that thing.
Reverse mortgages saw regional growth. Based on recent home price appreciation, additional regions could be positioned to gain, according to a report from Reverse Market Insight.
Written by Elizabeth Ecker