It’s almost the weekend — and if you count Labor Day as a hard-and-fast marker, there’s only a precious few summer weekends left! We here at RMD hope you get out and enjoy this one, wherever you may be and whatever you may have planned.
But before you head out the door, here’s our weekly round-up of the top stories in Home Equity Conversion Mortgages from the past week, just in case you missed them the first time around.
Ocwen to Shell Out $56 Million in Class-Action Settlement — RMD readers flocked to this particular bit of bad news about forward and reverse mortgage firm Ocwen Financial Corporation (NYSE: OCN), which saw the servicer and originator paying up to $56 million to settle a lawsuit over its financial reporting and other issues. Less read, interestingly, was the positive news about Ocwen this week: The West Palm Beach, Fla.-based company finalized a deal to sell mortgage servicing rights to New Residential Investment Corp. (NYSE: NRZ) for up to $400 million.
Seeking Growth, RMF Creates HECM for Purchase Certification Course — Reverse Mortgage Funding developed a new H4P training program for wholesale originators, with the goal of increasing purchase transactions both internally and for the industry as a whole.
One State’s Reverse Mortgage Ad Law Has National Impact — The state of Oregon will roll out new, more restrictive rules for reverse mortgage advertising on January 1, and though originators in the state have the most immediate problems, the law could touch HECM lenders and originators far and wide.
How the Death of LIBOR Will Affect Reverse Mortgages — British banking authorities announced this week that LIBOR, the backbone of adjustable-rate HECMs, will be retired by 2021, giving the industry a few years to select a new benchmark — or return to a familiar friend.
Reverse Mortgage Endorsements Decline Again, But Show Growth at Top — Reverse mortgage endorsements declined month-to-month between April and May, but several top 10 lenders posted gains — and total endorsement numbers are still riding higher than at this time last year.
Written by Alex Spanko