Reverse Mortgage Volume Plummets in April Amid COVID-19 Crisis

Reverse mortgage endorsement volume fell sharply in April amid the COVID-19 crisis that continues to derail the U.S. economy and impact businesses and households in unprecedented ways. Yet the downturn in Home Equity Conversion Mortgage volume — which posted a 45% decrease to 1,601 loans during the month — does not tell the full story, […]

Reverse Mortgage Community Joins Forces to Bring Lost Loan to Fruition

During a time riddled with uncertainty and bad news stemming from the COVID-19 pandemic, several reverse mortgage players recently experienced a bright spot in the midst of the crisis — a collaboration that led to a lost reverse mortgage loan in progress getting back on track. On April 27, reverse mortgage technology company ReverseVision received […]

JPMorgan Chase Stops Accepting HELOC Applications Due to Coronavirus Shock

In a move that has the potential to reinforce or accentuate the viability of reverse mortgages for some, JPMorgan Chase has temporarily halted acceptance of applications for home equity lines of credit (HELOCs) due to the ongoing economic effects of the COVID-19 coronavirus pandemic, specifically the combined impacts of rising rates of unemployment and initial […]

Retail Leads Wholesale in February Reverse Mortgage Endorsement Drop

Home Equity Conversion Mortgage (HECM) endorsements fell by 13.7% in the month of February 2020, for a total of 3,381 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the retail endorsement segment of business, which experienced an decrease of 24.4% that month, while wholesale levels […]

Ocwen Stock Drops Below NYSE Standard

Ocwen Financial Corporation, the parent company of reverse mortgage lender Liberty Reverse Mortgage, has been notified by the New York Stock Exchange (NYSE) that the average per share trading price of its common stock was below the NYSE’s minimum average share price rule, which could potentially lead to the stock’s delisting from the exchange without […]

PRMI’s Sless Group Adds LO, Eyes ‘Strategic Growth in Uncertain Times’

Primary Residential Mortgage (PRMI)’s Steven J. Sless Group, the lender’s consumer-direct retail branch focused solely on reverse mortgages in Owings Mills, Md., has hired Sharon Birdow as a reverse mortgage loan originator. She brings with her 30 years of combined experience at multiple levels of the mortgage industry including as a branch manager, branch partner […]

Reverse Mortgage Industry Adapts in Eye of Coronavirus ‘Hurricane’

The reverse mortgage industry is taking a series of major steps in order to prepare for the full impact of the coronavirus pandemic, mobilizing working groups, changing or amending company policies to encourage social distancing with borrowers and employees, and seeking new regulatory relief in order to ensure that continuity of business is maintained for […]

Reverse Mortgage Lenders Pause New York Activity Amidst New Regulations

Reverse mortgage lenders who have approval to generate reverse mortgages in the state of New York have largely paused their application processes for new loans within the state, RMD has learned, which has been confirmed by multiple lenders. This is in response to sweeping new regulations that have recently gone into effect there, according to […]

Liberty Home Equity Solutions Rebrands, Becomes PHH Division

Liberty Home Equity Solutions, a reverse mortgage lender and division of Ocwen Financial Services, has rebranded under a new and simplified brand name: Liberty Reverse Mortgage, a name which calls back to the company’s roots. The company will also begin operating as a division of PHH Mortgage Corporation. Both measures are effective as of March […]