This past week, RMD readers continued to turn to us for insight on how a decision made in the United Kingdom could eventually affect Home Equity Conversion Mortgages in a big way, as well as the news of a major shake-up coming at a top servicer. Before you head off into the first weekend of August, check out what you may have missed:
How the Death of LIBOR Will Affect Reverse Mortgages — British banking authorities announced their intentions to ditch LIBOR, long the benchmark used for adjustable-rate HECMs, by 2021, a move that will eventually force the industry to find a new standard.
Walter Proposes Restructuring Plan to Avert Potential Bankruptcy — Walter Investment Management Corporation (NYSE: WAC) made splashy reverse-mortgage moves in recent years, snapping up Reverse Mortgage Solutions and Security One. Now it’s facing a delisting from the New York Stock Exchange, and gave creditors an option: Agree to out-of-court restructuring, or we’re going into Chapter 11.
Reverse Mortgage Funding Looks to Attract ‘Forward’ Brokers with New Software — Reverse Mortgage Funding joined the crowd of HECM lenders looking to expand their own business — and the industry at large — by reaching out to forward brokers, this time with a new software program that might seem familiar to those on the purchase mortgage side.
Despite Reverse Mortgage Gains, Ocwen Announces $44M Quarterly Loss — Ocwen Financial Corporation (NYSE: OCN) turned in a record June for HECM originations, but it wasn’t enough to offset considerable settlement payouts in the second quarter of 2017.
Why Canada’s Reverse Mortgage Lender Revamped its Online Approach — The only nationwide reverse mortgage lender in Canada started out on a major digital revamp with a flashy, “Web 2.0”-style site — only to find eventual success in simplicity.
Written by Alex Spanko