FAR Enters Secondary Market for Inactive Reverse Mortgage Loans

Finance of America Reverse has issued a pool of securities associated with inactive Home Equity Conversion Mortgages — a strategy that could represent a solution to liquidity issues in the space. The pool consists of 2,078 inactive loans with a total balance of just under $420 million, according to an analysis from Moody’s Investors Service. The […]

Amid Chapter 11, RMS Parent Shakes Up Leadership

Less than a week after filing for Chapter 11 bankruptcy protection last week, Walter Investment Management Corp. (NYSE: WAC.BC) on Wednesday announced two key changes to its executive management team. Chief financial officer Gary Tillett will retire in February, the company said, with former JPMorgan Chase executive Jerry Lombardo taking his place. In addition, Reverse […]

Walter Enters Chapter 11, Reverse Mortgage Solutions Potfolio Spared

Walter Investment Management Corporation (NYSE: WAC.BC) voluntarily entered Chapter 11 bankruptcy protection late Thursday night, after the required number of lenders and noteholders approved the company’s prepackaged plan. The Fort Washington, Pa.-based firm, which services reverse mortgages through its Reverse Mortgage Solutions subsidiary, plans to shed $800 million in corporate debt through the process. Management […]

Reverse Mortgage Must-Reads: Deceptive Ad Charges, Liberty for Sale

Just in case you missed them the first time around, here’s our weekly roundup of the must-read stories from a very busy week in Home Equity Conversion Mortgages — from a state enforcement action over deceptive advertisements to major industry changes potentially on the horizon. Washington Charges HighTechLending with Deceptive HECM Advertising — The state of […]

Carson Calls for Relaxed Federal Oversight for FHA Lending

Ben Carson used a speech at the Mortgage Bankers Association’s annual conference in Denver to express interest in cutting government regulations on Federal Housing Administration-backed lending. The Housing and Urban Development secretary told the MBA that his department plans to make life easier for FHA lenders in order to expand loan availability to lower-income borrowers, […]

Walter Taking Steps Toward Chapter 11, But RMS Spared

Walter Investment Management Corporation (NYSE: WAC) on Friday announced a plan to pursue a corporate restructuring through a prepackaged Chapter 11 plan, but subsidiary Reverse Mortgage Solutions, Inc. won’t be involved. In a late-night press release, the Fort Washington, Pa.-based firm said it entered into a restructuring support agreement (RSA) with its noteholders to pursue […]

HECM Endorsements Jump in August, But Rule-Change Bump Still in Future

Reverse mortgage endorsements jumped 15.8% between July and August, with solid gains on both the retail and wholesale sides, but it’s still too early to see the effects of the recent mortgagee letter on actual origination demand. Home Equity Conversion Mortgage originators — including those approved by the Federal Housing Administration and their non-approved counterparts […]

Friday Round-Up: HUD Secretary Praises Reverse Mortgages

It’s been an eventful week in the reverse mortgage industry, so in case you missed it, here are the top headlines from Reverse Mortgage Daily from the last seven days. HUD Secretary Carson Praises Reverse Mortgage Program in Speech — In a rare move, a sitting Department of Housing and Urban Development secretary lavished praise on […]

Ocwen’s Spicy Accusations Against Auditors, Walter’s Accounting Woes

Companies that operate two major reverse mortgage servicers had an interesting holiday weekend, with one forced to admit that its most recent annual report was based on bad accounting, and the other claiming a state-appointed monitor wasted its money at strip clubs and casinos. The latter charge comes from an unusually scandalous lawsuit filed earlier […]

Walter Loses $5.3M on Reverse Mortgages in Q1, Turns in Small Overall Gain

Walter Investment Management Corp. (NYSE: WAC) lost $5.3 million on its reverse mortgage servicing operations in the first quarter of 2017, and CEO Anthony Renzi signaled that the company is eager to shed its connection to the Home Equity Conversion Mortgage program as soon as possible. On its quarterly earnings call with shareholders on Wednesday […]