Origins: Taking Over Reverse Mortgages in a Corner of the Country

Bellingham, Wash. is not a town that many people have heard of. When someone from Bellingham is asked where they’re from by someone outside of Washington state, it’s usually easier to just say “Seattle” than to walk them through a geography lesson detailing the most northwestern corner of the Pacific Northwest. Brandi Braley Situated roughly […]

WSJ: Ditech Bankruptcy Loophole Could Cause Adverse Effect for Some Homeowners

Compounding a series of financial problems the companies are facing, Reverse Mortgage Solutions (RMS) and its parent company Ditech Holding Corporation are experiencing new scrutiny from consumer advocates and the United States Department of Justice (DOJ) due to the company’s latest chapter 11 bankruptcy filing, according to an article at the Wall Street Journal. Some […]

Primary Residential Mortgage Builds Out Reverse Presence with Sless Hire

Salt Lake City, Utah-based Primary Residential Mortgage, Inc. (PRMI) has hired Steven Sless to serve as its new mortgage division manager, RMD has learned. In his new position, Sless’ responsibilities will extend to the opening of PRMI’s first consumer-direct retail branch based in the state of Maryland. “My model doesn’t only consist of the local […]

RMS Parent Ditech Closes Minnesota Facility, Sheds 210 Jobs

The financial woes of Reverse Mortgage Solutions (RMS)’ parent company, Ditech Holding Corporation, continue. A filing with the Minnesota state Department of Employment and Economic Development, reveals that the company is closing its St. Paul, Minn. facility, and laying off the facility’s 210 employees. The closure is planned to take place at the end of […]

Why FAR Sees Private Products as Key to Reverse Mortgage Future

On the front lines of sales in the reverse mortgage industry, it can be hard to predict exactly where the business will go just because it’s based on so many moving parts. Not only do salespeople have to pay attention to trends and products that come from competitors, but they also have to be quickly […]

University Lending Acquires Michigan-Based 1st Nations Reverse and 52 Employees

University Lending Corp, based in Clinton Township, Michigan, announced this week is has acquired assets from Huron Valley Financial, including the company’s reverse mortgage division and its 52 employees. Through the acquisition of the Ann-Arbor-based reverse mortgage division, 1st Nations Reverse, the company becomes a top 30 reverse mortgage lender by volume, based on its […]

Origins: How One Loan Officer Got his Reverse Mortgage Start

Reverse mortgage originators are on the front lines of the industry every day pursuing leads, talking to potential borrowers and directly dealing with any changes that may affect the ways that reverse mortgage products work. RMD is proud to introduce the new regular feature “Origins,” question-and-answer sessions with originators to learn about what led them […]

The Challenges of Transitioning Between Reverse and Forward Mortgages

A climate of generally reduced reverse mortgage volume has led to more companies expanding their offerings into the traditional mortgage space. Companies like iReverse Home Loans and Nationwide Equities have made their expansion efforts into the forward space clear, but reverse mortgage practitioners seem split on whether or not reverse mortgage products are generally more […]

How Reverse Mortgage Lenders Handle the Condo Approval Process

The required Federal Housing Administration (FHA) approval process for condominiums has been a consistent thorn in the side of the reverse mortgage business. Because it is the full condo complex that is required to have FHA approval, lenders have to approach each un-approved complex’s association or board in order to encourage them to go through […]