RMS Parent Ditech Explores ‘Strategic Alternatives,’ Company Sale

Ditch Holding Corporation (NYSE: DHCP), parent company of Reverse Mortgage Solutions (RMS), announced Wednesday that it has initiated a process to evaluate strategic alternatives to enhance its shareholder value. The review process is being commenced following inquires from the company’s board of directors, and will be conducted with the assistance of financial and legal advisors. […]

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 President Promoted to Interim CEO of Ditech

The current president of Reverse Mortgage Solutions will now serve as its parent company’s interim CEO and president. Ditech Holding Corporation (NYSE: DHCP) — until early this month known as Walter Investment Management Corporation — this week announced the promotion of Jeffrey Baker to the top spot. His predecessor, Anthony Renzi, departed the company shortly […]

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 Enters Chapter 11, Reverse Mortgage Solutions Potfolio Spared

Walter Investment Management Corporation (NYSE: WAC.BC) voluntarily entered Chapter 11 bankruptcy protection late Thursday night, after the required number of lenders and noteholders approved the company’s prepackaged plan. The Fort Washington, Pa.-based firm, which services reverse mortgages through its Reverse Mortgage Solutions subsidiary, plans to shed $800 million in corporate debt through the process. Management […]

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 […]