Ditech Completes Sale of RMS to Mortgage Assets Management

After a protracted legal fight and a recently-approved bankruptcy plan cleared the way for a final sale, Ditech Holding Corporation has announced that it has completed the stock and assets sale comprising reverse mortgage servicing business Reverse Mortgage Solutions to buyer Mortgage Assets Management, LLC. In a press release announcing the completion of the transaction, […]

Advantages for Proprietary Reverse Mortgages on Condos

While recent changes to rules governing condominium complex approvals by the Federal Housing Administration (FHA) will likely help the reverse mortgage industry to extend more loans to condo owners, new data concerning ways that condo borrowers are leveraging product features of proprietary reverse mortgages could indicate viable alternatives to more traditional Home Equity Conversion Mortgages […]

Flagstar Bank Disposes of Live Well Financial Exposure

After disclosing that it had endured a $74 million financial exposure in the wake of Live Well Financial’s abrupt closure this past May, Flagstar Bancorp has announced that it has now shed all of the securities that served as collateral for its loan to the now-defunct reverse mortgage lender. Flagstar detailed that the burden of […]

RMS Sale in Sight as Creditors Approve New Ditech Bankruptcy Plan

After a federal bankruptcy judge blocked a bankruptcy plan that would’ve allowed Ditech Holding Corporation’s forward and reverse mortgage servicing businesses to be sold free and clear of legal complaints against them, a Consumer Creditors’ Committee that acted as primary opposition to that plan has filed a statement in court approving a newly-amended plan that […]

Bloomberg: Reverse Mortgages Continue Booming North of the Border

The reverse mortgage business across Canada is continuing to prosper, as evidenced by a notable increase in balance figures of more than double compared to figures from 2015. This is according to original reporting by Bloomberg. “Outstanding balances on reverse mortgages have more than doubled in less than four years to C$3.12 billion ($2.37 billion), […]

Mid America Mortgage Selects ReverseVision to Debut Reverse Products

New reverse mortgage industry entrant Mid America Mortgage has selected the loan origination system (LOS) created by San Diego-based ReverseVision, ReverseVision Exchange (RVX), to support its introduction of Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgage offerings. As a relatively new player overall but with an experienced reverse mortgage industry participant at the helm, […]

Feds Aim to Seize Hild Properties in Wake of Fraud Charges

In the wake of one “not guilty” plea entered for each of the five counts against former Live Well Financial CEO Michael C. Hild in a bond fraud case, federal authorities are now stating that they are within their rights to seize the majority of assets Hild owns in the Richmond, Va. area, according to […]

Ditech Inches Closer to RMS Sale, Seeks New Bankruptcy Plan

After having a “free-and-clear” sale of both its forward and reverse mortgage servicing businesses rejected in bankruptcy court late last month, Ditech Holding Corporation has announced its intention to modify its bankruptcy plan to achieve a consensual resolution with its legal opponents. This means that Ditech will submit a new bankruptcy plan to the court […]

Reverse Mortgage Industry Cautious About Trump HECM Proposals

Late last week, the United States Department of the Treasury under the direction of President Donald J. Trump unveiled a new series of proposals aimed at improving the nation’s housing finance system, including a number of proposed changes to the Home Equity Conversion Mortgage (HECM) program. While the housing industry largely applauded the proposed changes, […]

Judge Dismisses CFPB Case Against Ocwen, Though Bureau Can Refile

A case levied against Ocwen Financial Corporation (NYSE: OCN) by the Consumer Financial Protection Bureau (CFPB) in 2017 has been dismissed by a federal judge in Florida, though the Bureau has the option to refile the case if it so chooses, according to a story in National Mortgage News. Originally filed by the Bureau in […]