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 […]

Friday Round-Up: HUD Secretary Praises Reverse Mortgages

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 Shares Fall Below $1, NYSE Puts Company on Notice

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 […]

Friday Round-Up: Fox Loves HECMs, Jackson Makes Anti-Foreclosure “PUSH”

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 […]

Walter Loses $5.3M on Reverse Mortgages in Q1, Turns in Small Overall Gain

Walter Investment Management Corp. (NYSE: WAC) lost $5.3 million on its reverse mortgage servicing operations in the first quarter of 2017, and CEO Anthony Renzi signaled that the company is eager to shed its connection to the Home Equity Conversion Mortgage program as soon as possible. On its quarterly earnings call with shareholders on Wednesday […]

Tale of Three Servicers: Nationstar Rising, Walter Struggling, Ocwen Rebounding

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 […]

Friday Round-Up: Rate Hike Uncertainty, Bad Bets on Walter

Happy Friday to all of the readers out in reverse mortgage land! It’s a beautiful early-spring day here in Reverse Mortgage Daily’s hometown of Chicago, and we hope this post finds you easing into a pleasant weekend — unless, of course, you’re just refreshing your browser incessantly for the latest bits of news from the […]

New Firm Acquires HERMIT Reverse Mortgage Software

Reverse mortgage industry veteran Kevin Gherardi only launched his new software company, Reverse Technology Group, this past August, but he already has a major new acquisition under his belt: the Department of Housing and Urban Development’s central reverse mortgage software system. RTG purchased the Home Equity Reverse Mortgage Information Technology (HERMIT) platform from Walter Investment Management […]

Hedge Fund Manager Bets $123 Million on Walter, Loses

It’s a maxim that even novice investors can parrot with confidence: “Diversify your portfolio.”  But players in the high-powered world of hedge fund investing sometimes go long on a single stock with perceived growth potential — a strategy that led to a very bad week for one hedge fund manager who thought Walter Investment Management […]