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 […]

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 […]

Nationstar Merges with Former Washington Mutual in $4B Deal

Nationstar Mortgage, Inc. (NYSE: NSM) on Tuesday announced a nearly $4 billion merger with WMIH Corp. (NASDAQ: WMIH), the successor company to former banking giant Washington Mutual, Inc. The Coppell, Texas-based Nationstar — which services reverse mortgages through its Champion Mortgage arm — will emerge as the nominal survivor of the deal, with CEO Jay […]

Top 10 Reverse Mortgage Stories of 2017

The past year may well go down as one of the most transformative in the reverse mortgage industry since the program began in the late 1980s. The Department of Housing and Urban Development rolled out a series of sweeping changes to the Home Equity Conversion Mortgage, multiple major players began looking beyond the HECM for […]

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 […]

Reverse Mortgage Must-Reads: New Regulations, Nationstar Sale Talks

This week brought major news out of some of the largest publicly traded reverse mortgage servicing companies, as well as a new effort in Congress to regulate the Home Equity Conversion Mortgage marketplace. Here are the top headlines you need to catch up: Nationstar Reportedly Exploring Sale Prospects — Nationstar Mortgage Holdings, Inc. (NYSE: NSM), parent […]

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 […]

Nationstar Reportedly Exploring Sale Prospects

Nationstar Mortgage (NYSE: NSM), a servicer of reverse mortgages through its Champion brand, is exploring a sale of the company, as re-reported by citing an original report by Bloomberg. The company recently went through a major rebrand of its consumer-facing operations, which became known as Mr. Cooper earlier this year, and has long held a position […]

Wells Fargo Closes Book on Reverse Mortgages with Final Servicing Transfer

Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing portfolio to Champion Mortgage on September 1, ending an era in the Home Equity Conversion Mortgage industry. The two parties agreed to the transfer of about 80,000 HECMs — the last remaining in Wells Fargo’s portfolio — back in […]