In case you missed it… here’s what happened in reverse mortgage news this week.
Walter closed its deal to buy Security One. In a deal valued at up to $31 pending performance benchmarks, Walter Investment Management Corp. (NYSE: WAC) this week closed its agreement to acquire S1L.
Reverse mortgage volume fell, just slightly, in April. Endorsements tracked by the Department of Housing and Urban Development fell 1.2% to 5,770 reverse mortgage loans, still marking the second highest monthly volume in the past 12 month period, according to Reverse Market Insight.
Reverse Mortgage USA launched into wholesale lending. The broker-turned-banker announced this week it has hired Mike Suits to help bolster its growth into wholesale lending. “It didn’t happen overnight, but now we have started to see the real growth can happen on the wholesale side,” said John Mitchell, company founder and CEO.
California officials abandoned a reverse mortgage counseling bill. The bill would have required extra measures for borrowers before going through reverse mortgage counseling, but its sponsors removed the bill from further consideration this week.
Silvergate continued its reverse mortgage buy-up. The California-based bank purchased $50 million in reverse mortgages during the first quarter, the company stated in its quarterly earnings release.
Written by Elizabeth Ecker