CFPB Slams Nationstar with Record $1.7 Million Fine

The Consumer Financial Protection Bureau on Wednesday announced a record penalty levied against Nationstar Mortgage LLC over a host of Home Mortgage Disclosure Act (HMDA) reporting errors stretching back to 2012. Under the order, the Coppell, Texas-based mortgage lender and servicer will pay a fine of $1.75 million to the CFBP’s Civil Penalty Fund, fix […]

Friday Round-Up: The Road Backwards for Reverse Mortgages

Congrats on making it to another Friday. The weekend is in sight! But before you take off, here’s what happened in reverse mortgage news this week: What Consumer Groups Are Saying About FHA’s Reverse Mortgage Proposals—In the weeks following the closing of the comment period for the Federal Housing Administration’s latest round of proposals for […]

Nationstar CEO: New York Reverse Mortgage Probe is ‘Business as Usual’

Earlier this month, a New York financial services regulator opened an investigation into the reverse mortgage servicing and origination operations at Nationstar Mortgage (NYSE: NSM) and Reverse Mortgage Solutions, Inc. While RMS has remained silent on the matter, for Nationstar, the probe is “business as usual,” according to comments made by company leadership last week. The […]

Regulator Opens Investigation of Reverse Mortgage Operations at RMS, Nationstar

The New York State Department of Financial Services (NYDFS) has opened an investigation into Reverse Mortgage Solutions, Inc. (RMS) and Nationstar Mortgage LLC, following multiple consumer complaints regarding reverse mortgages serviced or originated by the companies. The complaints echo broader concerns regarding financial abuses specifically targeting senior citizens and abuses in both the origination process […]

Nationstar Plans $300 Million Reverse Mortgage Securitization

This week, Moody’s Investors Service assigned provisional ratings to three classes of residential mortgage-backed securities issued by Nationstar HECM Loan Trust 2016-01. The certificates are backed by one pool of inactive Home Equity Conversion Mortgage (HECM) first-lien loans, along with real estate owned (REO) properties acquired through the conversion of ownership of reverse mortgages covered […]

Moody’s Rates Nationstar-Issued Inactive Reverse Mortgage Securities

Moody’s Investors Service yesterday assigned provisional ratings to three classes of residential mortgage-backed securities issued by Nationstar HECM Loan Trust 2015-2. The certificates are backed by one pool of inactive HECM reverse mortgage, first-lien mortgage loans, with the collateral pool comprised of 1,106 mortgages totaling a balance of approximately $228.7 million. The complete ratings actions […]

Nationstar Buys $4.9 Billion Generation Reverse Mortgage Servicing Portfolio

Nationstar Mortgage Holdings (NYSE: NSM), an active servicer of reverse mortgages, has acquired a portfolio of reverse mortgage servicing rights from Generation Mortgage following Generation’s exit from originations and subsequent wind down. Nationstar paid $192 million to Generation Mortgage and received reverse mortgage net assets valued at $233 million, comprising $4.9 billion of unpaid principal […]

Ocwen, Nationstar Rank Lowest For Mortgage Servicing Satisfaction

Despite being two of the largest reverse mortgage players, Ocwen and Nationstar receive some of the lowest marks for their customer satisfaction when it comes to their forward servicing customers. Nationstar is a current servicer of reverse mortgages while Ocwen is the parent company of originator Liberty Home Equity Solutions.* The two companies received some […]

Report Digs Deeper Into CFPB Reverse Mortgage Complaints

Last month, the Consumer Financial Protection Bureau (CFPB) published thousands of consumer narratives describing their various complaints with financial products, including reverse mortgages. But in the grand scheme of things, gripes related to reverse mortgages represent only a minute share of total mortgage complaints, according to new independent research.  Since it began accepting mortgage complaints […]