Friday Round-Up: Walter’s Troubles, CFPB Slams Nationstar

The Ides of March proved turbulent for the financial industry, as President Trump’s proposed budget stirred fears of major impending cuts to the Department of Housing and Urban Development, and two players in the reverse mortgage servicing industry faced regulatory setbacks. If you were too busy following the national financial firestorms this week, here’s a quick […]

Walter Reveals HUD Subpoenas Amid Gloomy Earnings Call

On the same day that a quarterly earnings call revealed substantial losses, Walter Investment Management Corp. (NYSE: WAC) acknowledged the existence of two Department of Housing and Urban Development subpoenas Tuesday, both related to its former reverse mortgage origination arm, Reverse Mortgage Solutions. Walter received the first subpoena from HUD’s Office of the Inspector General […]

Industry Vet Suits Joins Federal Savings Bank

Mike Suits, a mortgage veteran who has spent more than 15 years in the marketplace, joined The Federal Savings Bank as a senior vice president of home equity conversion mortgages, the Chicago-based bank announced yesterday. Suits will lead Federal Savings’ reverse mortgage retail team in Austin, Texas, overseeing the bank’s planned growth in the region […]

Walter Shuts Down RMS, S1L Reverse Mortgage Originations

Walter Investment Management Corp. (NYSE: WAC) is exiting the reverse mortgage origination business, including its wholesale and retail channels under the Reverse Mortgage Solutions and Security One Lending brands. Walter will maintain its reverse mortgage servicing operations under RMS, the company confirmed to Reverse Mortgage Daily. The changes are effective January 17, 2017, a Walter […]

The Most-Read Reverse Mortgage News Stories of 2016

With 2016 coming to a close, it’s that time of year where RMD recaps the most popular reverse mortgage news stories of the year. A lot happened in the reverse mortgage industry this year. Federal regulators proposed new rules and consumer protections for the Home Equity Conversion Mortgage program; an industry player decided to shutter […]

Friday Round-Up: Major Reverse Mortgage Milestone, Appraisal ‘Pain Point’ States

A lot has happened in the past week. Presidential election results aside, it was also a busy week for reverse mortgages, complete with a major industry milestone, a story on what’s happening with appraisal delays, and what the recent President-Elect might have in store for mortgage regulations. Here are the most popular reverse mortgage news stories that […]

Walter Investment Weighs Reverse Mortgage Opportunities as Losses Widen

Walter Investment Management Corp. (NYSE: WAC) saw its reverse mortgage losses grow during the third quarter of 2016 as the company continues to explore strategic opportunities for this business segment amid recent changes to its leadership and operational structure. In the reverse mortgage business, Walter reported an adjusted loss of $12.4 million and AEBITDA (adjusted earnings before […]

Friday Round-Up: Industry Vet Teams with New Lender, RMS President Exits

Happy Friday! The weekend is only a few hours away, but before you take off, check out the top reverse mortgage news stories grabbing the attention of RMD readers this past week: RMS President Ousted in Major Walter Leadership Shake-Up—The president of top-10 industry lender Reverse Mortgage Solutions, Inc. was recently released from the company as part of […]

RMS President Ousted in Major Walter Leadership Shake-Up

The president of top-10 industry lender Reverse Mortgage Solutions, Inc. (RMS) was released from the company this week as part of a larger leadership shake-up at parent company Walter Investment Management Corp. (NYSE: WAC), sources close to the company have confirmed. Among nine executive departures effective Thursday, former RMS President Christopher Mullins will no longer […]