Reverse Mortgage Solutions Records $29.6M Loss as Ginnie Mae Buyouts Rise

Reverse Mortgage Solutions recorded $29.6 million in pre-tax losses during the second quarter of 2018, with management at its parent company in part blaming high costs associated with Ginnie Mae buyouts. In addition to elevated fair value losses, Ditech Holding Corporation (NYSE: DHCP) pointed to an extra $9.7 million in borrowing costs related to mandatory […]

Servicers Offer Tips on Handling Reverse Mortgage Repair Requirements

At face value, it could seem like a small issue: A borrower might need to make a few minor repairs on a property in the weeks and months after securing a reverse mortgage to bring it up to the Department of Housing  and Urban Development’s standards. But improperly navigating the repair and approval process could […]

Ditech Loses $12.8M on Reverse Mortgage Solutions in Q1

In its first quarterly earnings call after emerging from Chapter 11 bankruptcy protection, Ditech Holding Corporation (NYSE: DHCP) rolled out several initiatives related to its reverse mortgage servicing operation. The company’s Reverse Mortgage Solutions subsidiary logged revenues of $18 million for the first quarter, a dip of $4.5 million from the same time last year. […]

RMS Parent Ditech Receives Another Delisting Warning from NYSE

Ditech Holding Corporation (NYSE: DHCP) late last week received a delisting warning from the New York Stock Exchange, its third such compliance notice in less than a year. The most recent NYSE issue came after Ditech failed to submit its first quarter report to the Securities and Exchange Commission within the specified time period. Management […]

RMS Parent Ditech Appoints New CEO

Ditech Holding Corp., the parent company of Reverse Mortgage Solutions, announced Wednesday it has appointed board chairman Thomas F. Marano as CEO and president of the company, effective immediately. Marano replaces interim CEO and president Jeffrey Baker, who will continue to serve as president of RMS.  “We are pleased to appoint an executive of Tom’s […]

New Software Allows Reverse Mortgage Lenders to Service Loans

A reverse mortgage technology veteran has launched a new product that will enable lenders to service their own loans via a cloud-based servicing platform. ReverseQuest launched this week under the leadership of Kevin Gherardi, president of the product’s parent company Reverse Technology Group (RTG) — which also is the owner and operator of the Department […]

Despite Anti-Foreclosure Bill, Reverse Mortgage Servicers’ Hands Tied

A new Philadelphia law would prevent reverse mortgage servicers from foreclosing on homeowners who have entered into property tax payment plans with the city — but several players in the industry say it’s not that simple.  Introduced last week by city councilwoman Cherelle Parker, the law specifically attempts to stop mortgage servicing companies from paying […]

RMS’s Parent Company Emerges from Bankruptcy as Ditech

After a slight delay, Walter Investment Management Corp. (NYSE: WAC.BC) emerged on Friday from a prepackaged Chapter 11 restructuring plan — with a new name. The parent company of Reverse Mortgage Solutions will be known as Ditech Holding Corporation, adopting the new ticker symbol DHCP when trading begins Monday morning. “We are emerging from this […]

Bankruptcy Court Approves RMS Parent’s Chapter 11 Plan

A federal court formally approved Walter Investment Management Corporation’s (NYSE: WAC.BC) prepackaged Chapter 11 plan this week, though the company expects its remaining time in bankruptcy protection to be short. The Fort Washington, Pa.-based financial firm — which services Home Equity Conversion Mortgages through its Reverse Mortgage Solutions subsidiary — first floated the idea of […]

Top 10 Reverse Mortgage Stories of 2017

The past year may well go down as one of the most transformative in the reverse mortgage industry since the program began in the late 1980s. The Department of Housing and Urban Development rolled out a series of sweeping changes to the Home Equity Conversion Mortgage, multiple major players began looking beyond the HECM for […]