RMS Parent’s Bankruptcy Proceedings Hit Delay

Walter Investment Management Corp. (NYSE: WAC.BC) isn’t emerging from bankruptcy protection quite as quickly as anticipated. The parent company of Home Equity Conversion Mortgage servicer Reverse Mortgage Solutions announced Wednesday that its prepackaged Chapter 11 restructuring plan won’t come to a close until at least Friday — despite the fact that it had estimated the […]

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 […]

Walter Enters Chapter 11, Reverse Mortgage Solutions Potfolio Spared

Walter Investment Management Corporation (NYSE: WAC.BC) voluntarily entered Chapter 11 bankruptcy protection late Thursday night, after the required number of lenders and noteholders approved the company’s prepackaged plan. The Fort Washington, Pa.-based firm, which services reverse mortgages through its Reverse Mortgage Solutions subsidiary, plans to shed $800 million in corporate debt through the process. Management […]

RMS Parent Receives Second Warning from NYSE

Embattled mortgage servicer Walter Investment Management Corporation (NYSE: WAC) received a second de-listing notification from the New York Stock Exchange, this time over a dwindling market capitalization. The Fort Washington, Pa.-based Walter — which services reverse mortgages through its Reverse Mortgage Solutions arm — has seen its market capitalization sit below $50 million for 30 […]

Friday Round-Up: Life After LIBOR, Walter on the Brink

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 […]

Walter Proposes Restructuring Plan to Avert Potential Bankruptcy

Walter Investment Management Corp. (NYSE: WAC) on Tuesday announced a proposed restructuring plan amid its financial woes, warning that it will enter Chapter 11 bankruptcy if the stakeholders can’t agree on the proposal. The troubled servicer, which continues to service reverse mortgages under its Reverse Mortgage Solutions brand, said it entered into a restructuring support […]

Friday Round-Up: HUD Secretary Praises Reverse Mortgages

It’s been an eventful week in the reverse mortgage industry, so in case you missed it, here are the top headlines from Reverse Mortgage Daily from the last seven days. HUD Secretary Carson Praises Reverse Mortgage Program in Speech — In a rare move, a sitting Department of Housing and Urban Development secretary lavished praise on […]

Walter Shares Fall Below $1, NYSE Puts Company on Notice

Walter Investment Management Corp. (NYSE: WAC), a national mortgage servicer and former originator of reverse mortgages, received notice from the New York Stock Exchange this week that the company fell below compliance standards after its average closing price fell below $1 over a consecutive 30-day trading period. As of July 13, the company received notice […]

Walter Loses $5.3M on Reverse Mortgages in Q1, Turns in Small Overall Gain

Walter Investment Management Corp. (NYSE: WAC) lost $5.3 million on its reverse mortgage servicing operations in the first quarter of 2017, and CEO Anthony Renzi signaled that the company is eager to shed its connection to the Home Equity Conversion Mortgage program as soon as possible. On its quarterly earnings call with shareholders on Wednesday […]

Retail, Wholesale Gap in Reverse Mortgage Endorsements Continues, with a Flip

Home Equity Conversion Mortgage endorsement volume in February was down 3.5% from the previous month, but the slight decline continues to mask a significant disparity between retail and wholesale growth. Retail endorsements fell 10.3% during that period, according to new data from Reverse Market Insight, Inc released yesterday., while wholesale originators saw a modest 5.4% […]