Figure Technologies, providers of alternative home equity tapping tools including a sale leaseback offering that is competitive with traditional reverse mortgages, is poised to become a “unicorn” after its latest round of financing; a term used to describe a startup that is valued at $1 billion or more. Co-founder and CEO of Figure Technologies Mike […]
Nebraska-based Mutual of Omaha Bank has announced it will be acquired by Pasadena, Calif.-based CIT Bank in a deal valued at $1 billion, but the merger will not include mortgage arm Synergy One Lending. That business, including the reverse mortgage lending brand Retirement Funding Solutions (RFS), will remain under the Mutual of Omaha Insurance umbrella. […]
It’s a well-known norm in the reverse mortgage industry that product education is key to expanding the understanding of reverse mortgage products, whether talking about a traditional Home Equity Conversion Mortgage (HECM) or proprietary offerings. Educating consumers as potential borrowers is key, but it’s also very important to inform those on the other side of […]
In the midst of ongoing attempts to sell its servicing platforms, Reverse Mortgage Solutions’ parent company is facing new legal hurdles. At a hearing taking place in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday – where there was reportedly standing room only – counsel for Ditech and the sale’s […]
Ocwen Financial Corporation (NYSE: OCN), parent company of Liberty Home Equity Solutions, recorded strong numbers in its reverse mortgage business in Q2 2019 in spite of the company’s larger aim to return to overall profitability, according to financial documents released this week and a Tuesday morning earnings call. “Our reverse lending business recorded pre-tax income […]
After announcing the hiring of Tim Griffin as an account executive overseeing third-party originator (TPO) relationships with brokers, Bloomfield, N.J.-based lender Reverse Mortgage Funding (RMF) announced an additional appointee. The company has hired Jaimee Scott to serve as an account executive, and her responsibilities will have similar scope to Griffin’s in that she will also […]
California-based mortgage lender New American Funding (NAF) announced plans on Wednesday to add nearly 1,000 new jobs to its national employment ranks by the end of 2019’s fourth quarter. While not specifically mandated to add to the company’s ranks of reverse mortgage staff, NAF Reverse National Production Manager Ellen Skaggs confirmed for RMD that the […]
Bloomfield, N.J.-based lender Reverse Mortgage Funding (RMF) announced the appointment of Tim Griffin as an account executive, who will be responsible for building and maintaining third-party originator (TPO) relationships with brokers, principal/authorized agents and correspondent lenders. “Tim has more than 16 years’ experience working in the reverse mortgage industry,” said RMF President David Peskin in […]
If you talk to any reverse mortgage originator, chances are that you’ll be told about the more educational and consultative approach that’s often required in the course of their work. Because of the way a relationship is developed between originators and borrowers in the reverse mortgage business, loan officers are often in a unique position […]
Reverse mortgage origination technology developer ReverseVision has announced the appointment of a new vice president of operations. Sunny Mahdii will work with ReverseVision’s professional services, training, implementation, document management and customer success teams to oversee and implement the company’s operations strategy. Prior to her position at ReverseVision, Mahdii served as director of operations and business […]
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