NYSE Delists RMS Parent Company Ditech

Following multiple warnings, Ditech Holding Corporation (NYSE: DHCP), the parent company of Reverse Mortgage Solutions, is being delisted from the New York Stock Exchange. The NYSE is delisting the company after its failing to meet the NYSE’s listing standard requiring companies to maintain at least $15 million in average global market capitalization over a consecutive […]

RMS Parent Ditech Receives Another Delisting Warning from NYSE

Ditech Holding Corporation (NYSE: DHCP) late last week received a delisting warning from the New York Stock Exchange, its third such compliance notice in less than a year. The most recent NYSE issue came after Ditech failed to submit its first quarter report to the Securities and Exchange Commission within the specified time period. Management […]

RMS’s Parent Company Emerges from Bankruptcy as Ditech

After a slight delay, Walter Investment Management Corp. (NYSE: WAC.BC) emerged on Friday from a prepackaged Chapter 11 restructuring plan — with a new name. The parent company of Reverse Mortgage Solutions will be known as Ditech Holding Corporation, adopting the new ticker symbol DHCP when trading begins Monday morning. “We are emerging from this […]

RMS Parent’s Bankruptcy Proceedings Hit Delay

Walter Investment Management Corp. (NYSE: WAC.BC) isn’t emerging from bankruptcy protection quite as quickly as anticipated. The parent company of Home Equity Conversion Mortgage servicer Reverse Mortgage Solutions announced Wednesday that its prepackaged Chapter 11 restructuring plan won’t come to a close until at least Friday — despite the fact that it had estimated the […]

Bankruptcy Court Approves RMS Parent’s Chapter 11 Plan

A federal court formally approved Walter Investment Management Corporation’s (NYSE: WAC.BC) prepackaged Chapter 11 plan this week, though the company expects its remaining time in bankruptcy protection to be short. The Fort Washington, Pa.-based financial firm — which services Home Equity Conversion Mortgages through its Reverse Mortgage Solutions subsidiary — first floated the idea of […]

Amid Chapter 11, RMS Parent Shakes Up Leadership

Less than a week after filing for Chapter 11 bankruptcy protection last week, Walter Investment Management Corp. (NYSE: WAC.BC) on Wednesday announced two key changes to its executive management team. Chief financial officer Gary Tillett will retire in February, the company said, with former JPMorgan Chase executive Jerry Lombardo taking his place. In addition, Reverse […]

Walter Taking Steps Toward Chapter 11, But RMS Spared

Walter Investment Management Corporation (NYSE: WAC) on Friday announced a plan to pursue a corporate restructuring through a prepackaged Chapter 11 plan, but subsidiary Reverse Mortgage Solutions, Inc. won’t be involved. In a late-night press release, the Fort Washington, Pa.-based firm said it entered into a restructuring support agreement (RSA) with its noteholders to pursue […]

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 […]

RMS Parent Receives Second Warning from NYSE

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 […]

Friday Round-Up: Life After LIBOR, Walter on the Brink

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 […]