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 […]
Category: Servicing
It’s almost the weekend — and if you count Labor Day as a hard-and-fast marker, there’s only a precious few summer weekends left! We here at RMD hope you get out and enjoy this one, wherever you may be and whatever you may have planned. But before you head out the door, here’s our weekly […]
Ocwen Financial Corporation (NYSE: OCN) posted a $32.6 million loss in the first quarter of 2017, but despite that news — and its recent raft of regulatory issues — CEO Ron Faris struck an upbeat and at times defiant tone on its quarterly earnings call Wednesday morning. That loss does represent an improvement from the […]
After enduring more than a week of bad press, investors in Ocwen Financial Corporation (NYSE: OCN) woke up to some brighter news Monday morning. The West Palm Beach, Fla.-based servicer announced the planned transfer of about $117 billion in mortgage servicing rights to New Residential Investment Corporation (NYSE: NRZ), a New York City-based real estate […]
In its final days, April saw showers of news about Ocwen, the multi-state mortgage servicer that responded to its very rough April 20 with a barrage of counterstrikes, including two requests for emergency injunctions and an attack on the constitutionality of its federal regulatory foe. But the reverse mortgage world had other headlines over the […]
Agencies from 21 states across the nation sent shockwaves through the lending industry last week when they issued cease-and-desist orders against Ocwen Financial Corporation (NYSE: OCN), preventing the servicer from acquiring new mortgage servicing rights and originating new loans — and, in the case of Massachusetts, forcing it to transfer its existing portfolio. But according […]
Followers of publicly traded mortgage servicers might be coming down with a case of whiplash over the last few weeks. Walter Investment Management Corporation (NYSE: WAC) experienced massive losses following a dark mid-month earnings call, while Nationstar Mortgage Holdings (NYSE: NSM) and Ocwen Financial Corporation (NYSE: OCN) found themselves buoyed by positive news. First, the […]
Reform and regulations — or the rollback thereof — were in the forefront this week in the mortgage and housing spaces, as the shockwaves from President Trump’s proposed Dodd-Frank cuts continue to reverberate through the industry. RMD readers also learned about Reverse Mortgage Funding’s expansion, as well as new resources for borrowers from NRMLA. Here’s […]
Congrats on making it to another Friday—the weekend is in sight! A lot has occurred in the past seven days, but in case you missed it, here’s what happened in reverse mortgage news this week: New Rule Offers Opportunities for Reverse Mortgage, Financial Planner Relationships—On Wednesday, the Department of Labor released its final rule amending the […]
Ginnie Mae currently has several initiatives in the works that it believes will help open the door to more reverse mortgage lenders participating in the issuance of HECM mortgage-backed securities (HMBS), according to one senior agency official. Growth in the reverse mortgage industry can mean many things. In the secondary market, growing the HECM market […]
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