Walter Shuts Down RMS, S1L Reverse Mortgage Originations

Walter Investment Management Corp. (NYSE: WAC) is exiting the reverse mortgage origination business, including its wholesale and retail channels under the Reverse Mortgage Solutions and Security One Lending brands. Walter will maintain its reverse mortgage servicing operations under RMS, the company confirmed to Reverse Mortgage Daily. The changes are effective January 17, 2017, a Walter […]

Reverse Mortgage Funding Leads Top HMBS Issuer Rankings in 2016

Maintaining its position achieved earlier this year, Reverse Mortgage Funding LLC finished 2016 as the top issuer of Home Equity Conversion Mortgage-backed securities (HMBS), according to the latest analysis of issuer rankings by New View Advisors. RMF issued approximately $2.001 billion of securities across 126 total pools in 2016, as evidenced in the latest New View Advisors […]

Friday Round-Up: CFPB Takes Aim at Reverse Mortgage Ads, What Trump Means for FHA Lending

Another busy week for reverse mortgage news. A lot happened, so let’s just jump right in… This week, President-elect Donald J. Trump confirmed his nomination of Dr. Ben Carson to serve as Secretary for the Department of Housing and Urban Development. The nomination, which drew both applause and criticism from mortgage industry trade groups and […]

CFPB Takes Issue with Reverse Mortgage Advertising

After a four-year investigation of reverse mortgage marketing practices, the Consumer Financial Protection Bureau (CFPB) has identified several issues with the wording used in advertisements of some of the industry’s largest lenders. On Wednesday, the CFPB took action against three reverse mortgage lenders, including American Advisors Group (AAG), Reverse Mortgage Solutions (RMS) and Aegean Financial, […]

Friday Round-Up: Industry Vet Teams with New Lender, RMS President Exits

Happy Friday! The weekend is only a few hours away, but before you take off, check out the top reverse mortgage news stories grabbing the attention of RMD readers this past week: RMS President Ousted in Major Walter Leadership Shake-Up—The president of top-10 industry lender Reverse Mortgage Solutions, Inc. was recently released from the company as part of […]

RMS President Ousted in Major Walter Leadership Shake-Up

The president of top-10 industry lender Reverse Mortgage Solutions, Inc. (RMS) was released from the company this week as part of a larger leadership shake-up at parent company Walter Investment Management Corp. (NYSE: WAC), sources close to the company have confirmed. Among nine executive departures effective Thursday, former RMS President Christopher Mullins will no longer […]

Friday Round-Up: The Road Backwards for Reverse Mortgages

Congrats on making it to another Friday. The weekend is in sight! But before you take off, here’s what happened in reverse mortgage news this week: What Consumer Groups Are Saying About FHA’s Reverse Mortgage Proposals—In the weeks following the closing of the comment period for the Federal Housing Administration’s latest round of proposals for […]

Walter Investment Exploring New Strategies for Reverse Mortgage Business

Following a dismal second quarter for earnings, Walter Investment Management Corp. (NYSE: WAC) is undertaking plans to re-engineer various segments of its business, including a strategic review of the company’s reverse mortgage interests. Walter reported a net loss of $232.4 million, or $6.49 per share, for the second quarter ending June 30, 2016. The loss […]

Nationstar CEO: New York Reverse Mortgage Probe is ‘Business as Usual’

Earlier this month, a New York financial services regulator opened an investigation into the reverse mortgage servicing and origination operations at Nationstar Mortgage (NYSE: NSM) and Reverse Mortgage Solutions, Inc. While RMS has remained silent on the matter, for Nationstar, the probe is “business as usual,” according to comments made by company leadership last week. The […]