Fannie Mae Updates Reverse Mortgage Loan Servicing Manual

In an effort to help reverse mortgage servicers with post-foreclosure sale responsibilities and fees, Fannie Mae has updated its loan servicing manual regarding real estate owned (REO) inventory. Under the changes to its Reverse Mortgage Loan Servicing Manual, Fannie Mae will assume responsibility for ground rents, co-op fees and assessments, and property taxes “for certain properties […]

A Servicer Responds to Originators’ Calls for Change

By Mary Katherine QuasaranoVice President of Learning and Development, Celink  Late last month, RMD published an important call to action for those in the servicing industry, an article titled “Reverse Mortgage Originators Tackle Ways to Improve Servicing” From this servicer’s perspective, many of the stated and determined efforts of originators to deal with — or […]

Ocwen Inks Deals with 10 States to Restore Servicing Rights

Just one day after Illinois and Montana announced agreements with Ocwen Financial Corporation (NYSE: OCN) to lift mortgage servicing and origination restrictions, the servicer made deals with eight other states. The West Palm Beach, Fla.-based Ocwen now has a path out of bans in Georgia, Idaho, Maine, Michigan, Mississippi, Rhode Island, South Carolina, and Wisconsin, […]

Reverse Mortgages and Hurricanes: How to Handle a Natural Disaster

Hurricane Irma caused extensive property damage to homes throughout Florida and the rest of the Southeast, and Home Equity Conversion Mortgage lenders could find themselves in a tricky situation if they have loans pending on properties in the affected regions. Each time a natural disaster strikes, homes awaiting Federal Housing Administration loans — including those […]

How Servicers, Originators Can Prevent Reverse Mortgage Defaults

The reverse mortgage industry has been under scrutiny in recent weeks over tax-and-insurance defaults, with the Washington Post highlighting several seniors’ issues with servicers and the Department of Housing and Urban Development instituting new rules to help protect the Mutual Mortgage Insurance Fund from losses. One group in California has been attempting to provide resources […]

‘Victims of a Past System’: WaPo Looks at Reverse Mortgage Foreclosures

The Washington Post on Friday analyzed several stories of seniors facing reverse mortgage foreclosures, incorporating the voices of both Home Equity Conversion Mortgage supporters and those who have had problems with the products. Citing a 2016 report from the Department of Housing and Urban Development, the Post noted that 18% of reverse mortgages originated between […]

Wells Fargo Closes Book on Reverse Mortgages with Final Servicing Transfer

Wells Fargo (NYSE: WFC) will complete the transfer of all remaining reverse mortgages in its servicing portfolio to Champion Mortgage on September 1, ending an era in the Home Equity Conversion Mortgage industry. The two parties agreed to the transfer of about 80,000 HECMs — the last remaining in Wells Fargo’s portfolio — back in […]

Nationstar Mortgage Officially Rebrands as ‘Mr. Cooper’

More than a year after first internally announcing the name change, Nationstar Mortgage Holdings Inc. (NYSE: NSM) on Monday officially rebranded its operations as “Mr. Cooper.” The Coppell, Texas-based lender and servicer — which services reverse mortgages under the Champion brand — embarked on the unorthodox name change in order to put a more personal […]

RMS Parent Receives Second Warning from NYSE

Embattled mortgage servicer Walter Investment Management Corporation (NYSE: WAC) received a second de-listing notification from the New York Stock Exchange, this time over a dwindling market capitalization. The Fort Washington, Pa.-based Walter — which services reverse mortgages through its Reverse Mortgage Solutions arm — has seen its market capitalization sit below $50 million for 30 […]