Ditech Holding Corporation announced Tuesday that it has engaged in a court-supervised sale process for the stock and assets of Reverse Mortgage Solutions, Inc. (RMS) with Washington, D.C.-based Mortgage Assets Management, LLC, a company that oversees portfolios of mortgage servicing rights. The forward mortgage servicing and origination business, Ditech Financial LLC, will be acquired by […]
In the latest event to unfold in the ongoing saga surrounding the May closure of Virginia-based lender Live Well Financial, three of the company’s former creditors are now seeking to use the court system to force the remains of the company into involuntary bankruptcy, using apparent investigations being made by regulators and federal law enforcement […]
There’s an old adage that says that “two heads are better than one,” and when it comes to the promotion and origination of reverse mortgages, having a team work together toward a common goal can often be a difference-making advantage. One of those teams is a little more unique than others that you may find, […]
Editor’s note: RMD has learned that the launch of Hometown’s reverse mortgage division is forthcoming and is not yet operational. We will provide future updates as information becomes available. Hometown Lenders, an 80-branch mortgage lender, will be launching a reverse mortgage division with the support of ReverseVision. The company will work with the support of ReverseVision’s software and will begin offering […]
A week after the closure of mortgage lender Live Well Financial, a former employee filed a class-action lawsuit alleging lost wages and wrongful termination under the terms of the Worker Adjustment and Retraining Notification (WARN) Act, which requires 60 days of advance notice before dismissing employees. Now, Live Well is pushing back by challenging the […]
No matter the business, there are always issues that can come up when trying to close a deal. In the reverse mortgage industry these hurdles can be particularly bothersome because, as most loan originators know, consumers have access to all kinds of inaccurate information that could make them nervous about engaging in a reverse mortgage […]
Ocwen Financial Corporation (NYSE: OCN) announced Monday that it has completed the final phase of transferring 1 million forward loans to a new servicing platform, and has consolidated its legal entity under a new name that reflects an acquisition the company made last year. The final phase of the company’s loan transfer process and transition […]
Reverse Mortgage Solutions (RMS), the reverse mortgage servicing business owned by Ditech Holding Corporation, has been put up for auction by its parent company, RMD has learned. The auction comes as Ditech attempts to find its way back to financial solvency after a second bankruptcy filing earlier this year. According to a filing made in […]
Multi-channel lender Open Mortgage announced Thursday that it has hired the core team of mortgage lending executives from the recently-closed Live Well Financial, including its former EVP Bruce Barnes, SVP of Operations Jim Cory and SVP of Wholesale and Correspondent Lending Joshua Moran. Additionally, Open Mortgage also hired approximately 50 former Live Well sales and […]
Following the sudden closure of top-10 reverse mortgage lender Live Well Financial, the company’s CEO is being sued by one of the company’s creditors. Last week, Michigan-based Flagstar Bank filed a suit in federal court, seeking repayment of more than $80 million in delinquent loans and interest, according to a court filing made with the […]
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