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 […]

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 […]

This past week, RMD readers continued to turn to us for insight on how a decision made in the United Kingdom could eventually affect Home Equity Conversion Mortgages in a big way, as well as the news of a major shake-up coming at a top servicer. Before you head off into the first weekend of […]

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 […]

Walter Investment Management Corp. (NYSE: WAC), a national mortgage servicer and former originator of reverse mortgages, received notice from the New York Stock Exchange this week that the company fell below compliance standards after its average closing price fell below $1 over a consecutive 30-day trading period. As of July 13, the company received notice […]

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 […]

It’s finally warming up around RMD’s headquarters in Chicago, and with the long-awaited spring weather came a bumper crop of news from around the reverse mortgage world and beyond. So if you’ve been too lost in the Comey-Trump soap opera to follow RMD’s coverage of the week in Home Equity Conversion Mortgages, check out our […]