Freddie Mac Sells Off $1.1 Billion of Delinquent Ocwen-Serviced Loans

Freddie Mac announced Wednesday that it sold via auction 5,208 “deeply delinquent” non-performing loans serviced by Ocwen Loan Servicing, LLC, the mortgage servicing arm of Ocwen Financial Corporation (NYSE: OCN). The transaction is expected to settle in October 2015, and servicing will be transferred post-settlement. The sale is part of Freddie Mac’s Standard Pool Offerings.  […]

Report Digs Deeper Into CFPB Reverse Mortgage Complaints

Last month, the Consumer Financial Protection Bureau (CFPB) published thousands of consumer narratives describing their various complaints with financial products, including reverse mortgages. But in the grand scheme of things, gripes related to reverse mortgages represent only a minute share of total mortgage complaints, according to new independent research.  Since it began accepting mortgage complaints […]

Lenders Seek Reverse Mortgage Professionals Nationwide — Apply Today

The reverse mortgage industry is experiencing a surge in position openings, with lenders nationwide looking for talented professionals to fill their spots. The Money Store, Reverse Mortgage Funding LLC, Premier Reverse Closings and VanDyk Mortgage San Antonio, among others, are seeking reverse mortgage loan officers, regional sales managers, business development representatives, reverse mortgage originators and […]

Lenders Seek Reverse Mortgage Pros — Apply Today

The recent wind down of reverse mortgage operations by one top-10 lender is opening up more opportunities for other lenders to capture a bigger share of the market. And to do so lenders are seeking the best and brightest to help them expand their reverse mortgage divisions. Companies including HighTechLending, Nationwide Equities, Sun West Mortgage […]

Sun West Continues Expansion, Launches East Coast Operations

Sun West Mortgage Company, based in Cerritos, Calif., has expanded its national presence with the opening of its eastern divisional headquarters in Morris County, N.J., which will include a reverse mortgage division and objective. “Our expansion comes at an exciting time within mortgage banking,” said Pavan Agarwal, chief executive officer of Sun West, in a […]

Sun West Launches Retail Division, Plans to Grow

Wholesale reverse mortgage veteran Sun West Mortgage Company is in the process of launching a retail division, according to company executives. The family-owned Cerritos-based reverse mortgage company has hired Robin Bergh, formerly of Wells Fargo, to head up the new channel. Bergh, who has been in the reverse mortgage business for 15 years, has begun to […]

March HECM Wholesale Drags, Non-FHA Approved Third-Party Originations Surge

Wholesale HECM endorsements fell slightly in March, with third-party originations by non-FHA originators gaining steam, according to a recent report from Reverse Market Insight. While wholesale saw a 0.7% drop, retail endorsements gained 10.8% during the month. RMI has tracked the declining number of originators in the industry for some time, but the TPO originations by […]

SunWest Technology Compatible With New GNMA Servicing Requirements

Sun West announced its reverse mortgage origination platform is compatible with new Ginnie Mae servicing requirements. Earlier this month, Ginnie Mae eliminated the flat-fee option for servicing HECM mortgage-backed securities (HMBS) program and provided issuers more flexibility starting July 1st, 2011. Under the new guidelines, issuers can select an increased servicing margin of up to 150 […]

Wholesale Lenders Scramble After Fed’s LO Compensation Rule Delayed

Late last week, a stay was granted by the US Court of Appeals on the Federal Reserve’s loan officer compensation rule. The purpose of the administrative stay is to provide the court sufficient opportunity to consider the merits of the motions for emergency relief.  Whether or not the stay will end up doing anything more […]

Third Party Reverse Mortgage Originators, Experience is Key

The Department of Housing and Urban Development’s decision to eliminate correspondents has the potential to open up the reverse mortgage industry to a new group of brokers, but not everyone is welcoming them with open arms. “We are not trying to bring a lot of new players into the market,” said John Nixon of Bank […]