Presidents’ Day Round-Up: AAG Acquires Another Reverse Mortgage Division

In case you missed it… here’s what happened in reverse mortgage news this week. 

AAG said it will acquire the reverse mortgage division of Associated Mortgage Bankers. Following its roll up of Reverse Mortgage USA, AAG said it will further expand its feet on the street retail reverse mortgage presence through the acquisition of AMB’s reverse mortgage division

The New York Times addressed a reverse mortgage misconception. In an article posted this week and slated to run in the Sunday New York Times, the publication sets the record straight on what happens to the house over the course of a reverse mortgage. Hint: It doesn’t belong to the bank… 

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Security One Lending formed a new partnership with senior-specialized Realtors. S1L announced it has partnered with the Senior Real Estate Specialists (SERS) Council—a partnership that will foster reverse mortgage education among 15,000 Realtors.

A private reverse mortgage securitization paid off—the first in history. The second-ever mortgage securitization in U.S. history—securitized jumbo loans—has paid off in full after withstanding for several years the housing downturn and economic crisis, reported New View Advisors in its most recent commentary. 

Ocwen was halted for trying to snap up more MSRs. Citing rapid growth concerns, New York’s Department of Financial Services has “indefinitely” halted Ocwen’s agreement to buy the rights to service $39 billion of loans from Wells Fargo, the Atlanta-based mortgage servicer announced in early February.

Written by Elizabeth Ecker

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  • There was no better news during the week than to read about the successful launch of the recent securitization of proprietary reverse mortgages called SASCO 2002-RM1. It was also exciting to read the New View Advisors’ analysis of SASCO 1999-RM1. Success of this nature bodes well for the industry.

    We have a long way to go but little victories like these certainly are worth noting.

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