Reverse Mortgage Professionals Talk Modern Sales Challenges

A reduced number of qualifying borrowers, adjusting to Home Equity Conversion Mortgage (HECM) program changes and overcoming objections: these are just some of the challenges in the current sales climate discussed by experienced reverse mortgage professionals in a roundtable discussion, which took place at the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting in […]

Blue Ridge Bank Partners With ReverseVision on Reverse Mortgage Division Launch

Through a partnership with ReverseVision, Blue Ridge Bank announced this week the launch of its reverse mortgage division. Blue Ridge has extensive experience operating in the forward mortgage space, having closed more than $25 billion dollars in forward residential home loans. The partnership aims to expand the number of financial planning options offered to the […]

Longbridge Launches Servicing Website for Reverse Mortgage Borrowers

To ease the reverse mortgage experience for the company’s borrowers and originators, Longbridge Financial is launching a consumer-facing servicing website for its customers. Through the new platform, which will be rolled out in stages and will first be available to new customers starting June 3, borrowers will be able to access their loan information via […]

Open Mortgage Acquisition to Allow for Reverse Expansion

Multi-channel lender Open Mortgage announced this week that it has acquired Premier Home Mortgage, a lender specializing in financing homes in rural areas of the United States. The acquisition is expected to add $300 million in loan value to Open Mortgage, while also adding offices in the states of Iowa, Montana, South Dakota and Wyoming […]

RMS Parent Company Ditech Deregistered from NYSE

Ditech Holding Corporation, parent company of Reverse Mortgage Solutions (RMS), has officially been deregistered from the New York Stock Exchange according to an 8-K filing the company made with the Securities and Exchange Commission (SEC) Wednesday. “On May 15, 2019, Ditech Holding Corporation filed a Form 15 with the Securities and Exchange Commission to deregister […]

Flagstar Faces $74 Million in Exposure on Heels of Live Well Closure

Bank holding company Flagstar Bancorp (FBC) disclosed new financial exposure of $74 million on Monday, believed to stem from the downfall of major reverse mortgage lender Live Well Financial. The company attributes the exposure, comprising a $69 million commercial loan and a $5 million warehouse line, to an unnamed, recently closed reverse mortgage lender, which […]

Former Employee Files Class Action Suit Against Live Well

Following Live Well Financial’s sudden closure last week, an employee is attempting to sue the company for lost wages. A former employee of the company’s Richmond, Va. headquarters has filed a class action lawsuit in the U.S. District Court of Delaware seeking 60 days of wages and benefits, alleging termination without cause and notice as […]

Liberty Parent Ocwen Records Strong Reverse Business in First Quarter

Ocwen Financial Corporation (NYSE: OCN), parent company of Liberty Home Equity Solutions, recorded strong numbers in its reverse mortgage business in spite of the company’s generally reduced financial performance in Q1 2019, according to financial documents released this week. “[Our] reverse lending business recorded pre-tax income of $24 million, which included $17 million of favorable […]