Former CEO of now-defunct reverse mortgage lender Live Well Financial, Michael C. Hild, has been arrested by the Federal Bureau of Investigation (FBI) in connection with an alleged bond fraud committed between 2015 and 2019. Co-conspirators Darren Stumberger, former Live Well EVP and Eric Rohr, Chief Financial Officer were also charged in the alleged scheme […]
The ongoing sale process of Reverse Mortgage Solutions (RMS) may be at risk after a federal judge has denied its parent company’s proposed bankruptcy plan. In a hearing taking place at the Bankruptcy Court for the Southern District of New York on Wednesday, a federal judge denied the proposed bankruptcy reorganization plan petitioned by the […]
The London interbank offered rate (LIBOR), which has served as the backbone of adjustable-rate Home Equity Conversion Mortgages (HECMs) for over a decade and which has formed the benchmark for expected rates and rate adjustments, is set to expire in 2021. Now, Wall Street institutions are directing their resources to prepare for its end, according […]
A new law signed by Oregon’s governor in July has the potential to create a conflict with the Department of Housing and Urban Development (HUD) over a home’s property taxes and slow originations statewide according to one local loan officer, while representatives of Oregon’s state government contend that this isn’t necessarily the case. Late last […]
While issues surrounding property tax deferral programs for reverse mortgage borrowers in the state of Oregon have persisted for years, the signing of a new law that takes effect this September allows an individual whose residence is in the state’s tax deferral program to adopt a reverse mortgage that has at least 40 percent equity […]
Last week, the Federal Reserve announced that it would be cutting interest rates for the first time since the onset of the 2008 financial crisis. The move was made in an effort to preserve the growth currently observed in the United States economy. The full effect of the rate cut is still to be determined, […]
On the heels of issues related to Ditech Holding Corporation’s planned sale of Reverse Mortgage Solutions (RMS), real estate investment company New Residential Investment Firm says that legal concerns affecting Ditech could impact the deal closing. New Residential (NYSE: NRZ) disclosed Q2 2019 earnings on Tuesday, adding a note of caution concerning its plans to […]
The office of Congresswoman Maxine Waters (D-CA), chairwoman of the House Financial Services Committee, announced last week the development of new legislation specifically designed to mitigate the number of foreclosures associated with forward mortgage loans backed by the Federal Housing Administration (FHA). The proposed bill, called the FHA Foreclosure Prevention Act of 2019 aims to […]
Following recent resistance from Bank of America on a deal to sell Reverse Mortgage Solutions, RMS parent company Ditech Holding Corp. is now being sued by New York’s Attorney General in an effort to stop the sale. Her office calls the proposed sale an “attempted end-run around statutory protections for homeowners,” which includes reverse mortgage […]
The Financial Industry Regulatory Authority (FINRA) describes its stance on reverse mortgages in a report titled, “Reverse Mortgages: Avoiding a Reversal of Fortune.” While that title has negative connotations, it doesn’t explain that the contents of the report have evolved over the past several years, even if its title may not have. This is according […]
