Reverse Mortgage Volume Drops in 2012, Walter Acquires S1L for $31 Million

ReverseFocusReverse Focus Weekly Podcast Episode #239

In this week’s Reverse Focus podcast, reverse mortgage endorsements for 2012 fell nearly 23% from 2011, marked by the exits of several large lenders. Annual growth for 2013 is expected to improve based on the housing market turnaround, but several variables stand in the way, including upcoming product changes to the standard fixed rate.

Reverse Focus’ Shannon Hicks discusses the agreement of Walter Investment Management Corp to acquire the stock of Security One Lending for $31 million in cash. As a result of the agreement announced last Monday, Walter will acquire a sales force of over 400 originators across the nation.

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Bank of America received the most mortgage-related complaints from July 2011-September 2012, according to data compiled by the Consumer Financial Protection Bureau. Accounting for 27% of total complaints, the company doubled that of  the second ranked Wells Fargo. Others to make the list include JP Morgan Chase, Citibank and Ocwen.

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Talking Points:

  • Ugly year now what’s ahead?
  • Boomers to Benefit from Affordable Care Act
  • Security One acquired
  • Mortgage Complaints. Who received the most?

Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.

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