Reverse Mortgage Exec Responds: ‘No Basis’ for Civil Complaint

A former reverse mortgage executive and consultant has responded to civil charges of fraud levied by her former employer, saying they have “no basis” and that the executive was dropped by the company after the acquisition of a reverse mortgage servicer. This is according to court filings obtained by RMD. In the civil suit, filed […]

Reverse Mortgage Players Subject of Lawsuit by RMS Parent Company

A mortgage executive and a reverse mortgage consulting company are the subjects of a lawsuit filed earlier this month by Reverse Mortgage Solutions (RMS) parent company Mortgage Assets Management, LLC (MAM). The executive, Cheryl MacNally, formerly held prominent reverse mortgage roles with Wells Fargo and Generation Mortgage, and has recently served as president of MAM. […]

3 Things Reverse Mortgage Originators Should Know About Servicing During Coronavirus

Reverse mortgage servicing has seen a lot of guidance coming down from the federal government recently due to the ongoing effects of the COVID-19 coronavirus pandemic. Because of this, servicing professionals answered a series of questions related to concerns that loan originators might have about servicing during the current national emergency, answering them in a […]

Reverse Mortgage Servicers Express Support for Foreclosure Moratorium

Last week, President Donald Trump announced that the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) would be suspending all new and pending foreclosure and eviction actions for 60 days, in an effort to provide relief to homeowners and renters who have been financially impacted by the spread […]

Top 10 Reverse Mortgage Stories of 2019

The reverse mortgage industry is about to close out another eventful year on the calendar, which has naturally put those of us in the RMD offices in a bit of a reflective mood as we get ready to say goodbye to 2019. The year has not been without its interesting and eye-catching stories, whether discussing […]

Ditech Completes Sale of RMS to Mortgage Assets Management

After a protracted legal fight and a recently-approved bankruptcy plan cleared the way for a final sale, Ditech Holding Corporation has announced that it has completed the stock and assets sale comprising reverse mortgage servicing business Reverse Mortgage Solutions to buyer Mortgage Assets Management, LLC. In a press release announcing the completion of the transaction, […]

RMS Sale Approved by Bankruptcy Court

After a tumultuous road stemming from a bankruptcy declaration and attempt to sell its forward and reverse mortgage servicing businesses, Ditech Holding Corporation’s previously-announced stock and asset sale agreements have been approved in the United States Bankruptcy Court for the Southern District of New York, which has also confirmed the company’s third amended bankruptcy plan. […]

RMS Sale in Sight as Creditors Approve New Ditech Bankruptcy Plan

After a federal bankruptcy judge blocked a bankruptcy plan that would’ve allowed Ditech Holding Corporation’s forward and reverse mortgage servicing businesses to be sold free and clear of legal complaints against them, a Consumer Creditors’ Committee that acted as primary opposition to that plan has filed a statement in court approving a newly-amended plan that […]

Ditech Inches Closer to RMS Sale, Seeks New Bankruptcy Plan

After having a “free-and-clear” sale of both its forward and reverse mortgage servicing businesses rejected in bankruptcy court late last month, Ditech Holding Corporation has announced its intention to modify its bankruptcy plan to achieve a consensual resolution with its legal opponents. This means that Ditech will submit a new bankruptcy plan to the court […]

Ditech Denied ‘Free and Clear’ Sale of RMS in Bankruptcy Court

The ongoing sale process of Reverse Mortgage Solutions (RMS) may be at risk after a federal judge has denied its parent company’s proposed bankruptcy plan. In a hearing taking place at the Bankruptcy Court for the Southern District of New York on Wednesday, a federal judge denied the proposed bankruptcy reorganization plan petitioned by the […]