Friday Round-Up: Reverse Mortgages Bottom Out, Ocwen Probed by Regulator

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

Walter: Reverse Business Has Hit Bottom—Recent product changes have had an impact on Walter Investment Management Corporation’s (NYSE: WAC) reverse mortgage profitability, but the company anticipates this business channel has nowhere to go but up.

U.S. News: Reverse Mortgages Not Simple, But Not Bad Either—While reverse mortgages might be more complex than national advertising campaigns make them out to be, a U.S. News report suggested they’re also not as “evil” as naysayers have believed historically.

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NBC Affiliate Segment Discusses Pros, Cons of Reverse Mortgages—An NBC News affiliate touched on the pros and cons of reverse mortgages, discussing topics such as helping homeowners age in place, origination fees, as well as responsibilities linked to taxes and insurance upkeep.

Reverse Mortgage Focus Expands Footprint with New Hires, Branches—Reverse Mortgage Focus this week expanded its footprint with two new branch openings in Texas and Arizona, along with the additional hires of three Colorado reverse mortgage veterans. 

NY Regulator Probes Ocwen on Conflicts of Interest—Benjamin Lawsky, New York’s Superintendent of Financial Services, warned non-bank mortgage servicer Ocwen (NYSE: OCN) of potential conflicts that could damage homeowners whose mortgages are serviced by the company.

Written by Jason Oliva

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  • Every originator should listen to and read the related transcript of the “NBC Affiliate Segment Discusses Pros, Cons of Reverse Mortgages” linked above. The nonsense Chris Hogan presents shows how little the close followers of and alleged official representatives of Dave Ramsey know about homeownership and the prudent use of mortgages. It is one of most appalling discussions I have heard or read. Based on his own words, he as an agent of Dave Ramsey is selling snake oil.

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