RTG Reverse Mortgage Servicing Platform Adds Borrower Website, Updates

Several months after announcing the launch of reverse mortgage servicing technology platform ReverseQuest, Reverse Technology Group (RTG) has launched a new borrower portal that allows reverse mortgage holders to access their account information online. “The website works just like your forward mortgage website where after registration, the borrower is able to view the loan balance, […]

Reverse Mortgage Players Suggest Back-End Fixes to FHA’s Systems

Earlier this month, new Federal Housing Administration commissioner Brian Montgomery laid the blame for troubles in the reverse mortgage industry on back-end issues at his own department. The new commissioner, confirmed in May, inherited a Home Equity Conversion Mortgage program that caused a $14.5 billion drag on the Mutual Mortgage Insurance Fund (MMIF), according to […]

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 […]

Labor Day Round-Up: HUD’s Major Reverse Mortgage Shake-Up

After a blockbuster week in the world of reverse mortgages, you’ve earned a relaxing Labor Day weekend. All of us at RMD wish you a wonderful break, and don’t forget to take a second to tip your cap to the workers — of all kinds and walks of life — who keep our country running […]

‘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 […]