Reverse Mortgage Servicer Champion Has New Corporate Parent

Champion Mortgage’s parent company completed its merger last week, bringing the reverse mortgage servicer under a new corporate umbrella. WMIH Inc. (Nasdaq: WMIH) formally acquired Nationstar Mortgage, the originations and servicing conglomerate that has owned Champion since 2007. Under the terms of the deal, the Coppell, Texas-based Nationstar will emerge as the nominal survivor of […]

Champion Parent CEO: Reverse Mortgages a ‘Smaller Pond,’ Volume Drop ‘Prudent’

The CEO of Champion Mortgage’s parent company described the reverse mortgage servicing and sub-servicing market as a “smaller pond” compared to other aspects of its business, pointing to cratering origination numbers in the Home Equity Conversion Mortgage marketplace. “It’s just such a smaller pond, right?” Nationstar Mortgage Holdings (NYSE: NSM) CEO Jay Bray said on […]

Champion Parent Nationstar Approves Merger with WMIH

Shareholders of Nationstar Mortgage, Inc. (NYSE: NSM) and WMIH Corp. (Nasdaq: WMIH) — the successor company to former banking giant Washington Mutual — on Friday signed off on the two firms’ merger agreement. Nationstar approved its end of the deal with 93% of eligible shares in agreement, while 80% of WMIH’s eligible shares were voted […]

Nationstar to Pay $1 Million Over Illegal Forward, Reverse Mortgage Inspections

Nationstar Mortgage (NYSE: NSM) this week agreed to pay more than $1 million after the forward and reverse servicer illegally charged borrowers inspection fees. The Coppell, Texas-based Nationstar — which services Home Equity Conversion Mortgages through its Champion Mortgage arm — passed the cost of property inspections associated with reverse mortgage loans in default directly […]

Despite Anti-Foreclosure Bill, Reverse Mortgage Servicers’ Hands Tied

A new Philadelphia law would prevent reverse mortgage servicers from foreclosing on homeowners who have entered into property tax payment plans with the city — but several players in the industry say it’s not that simple.  Introduced last week by city councilwoman Cherelle Parker, the law specifically attempts to stop mortgage servicing companies from paying […]

Reverse Mortgage Must-Reads: Cordray’s Warnings, CNBC’s Take

Another week, another host of reverse mortgage headlines, from a top regulator’s plea to spread warnings about a particular Home Equity Conversion Mortgage strategy to a major news outlet’s take on the future of the program after recent changes. Use this handy cheat sheet of the most recent stories to spark up a conversation at […]

Nationstar Reports $7M Gain, Stays Mum on Sale Talks

Nationstar Mortgage Holdings, Inc. (NYSE: NSM) on Thursday announced net income of $7 million for the third quarter of 2017, but declined to address rumors of an impending sale. The Coppell, Texas-based firm, which services reverse mortgages through its Champion arm, has been the subject of sale talks originally reported by Bloomberg and picked up […]

Wells Fargo Eliminates 116 Reverse Mortgage Servicing Jobs

With Wells Fargo’s exit from the reverse mortgage market now complete, the banking giant has shed more than 100 jobs associated with former its Home Equity Conversion Mortgage servicing operations. Wells Fargo eliminated 116 positions at its call center in Fort Mill, S.C. after formally handing off servicing operations to Champion Mortgage on September 1, […]

Nationstar Mortgage Officially Rebrands as ‘Mr. Cooper’

More than a year after first internally announcing the name change, Nationstar Mortgage Holdings Inc. (NYSE: NSM) on Monday officially rebranded its operations as “Mr. Cooper.” The Coppell, Texas-based lender and servicer — which services reverse mortgages under the Champion brand — embarked on the unorthodox name change in order to put a more personal […]