Liberty Parent Ocwen/PHH Buys RMS Servicing Platform

Liberty Reverse Mortgage parent company Ocwen Financial Services has announced that its subsidiary PHH Mortgage Corp has acquired the operations, employees and assets of Reverse Mortgage Solutions (RMS) from its previous owner, Mortgage Assets Management, LLC (MAM).

NRMLA Board Elects Norman, Kent as Co-Chairs

The Board of Directors for the National Reverse Mortgage Lenders Association (NRMLA) has elected its co-chairs to serve in the 2020-2021 term. Scott Norman of Finance of America Reverse (FAR) and Mike Kent of Liberty Reverse Mortgage were unanimously elected. Norman was first elected to NRMLA’s board in 2012, and serves as FAR’s VP of […]

Reverse Mortgage Lenders, Servicers and Software Providers Prepare for Rate Index Shift

As the timeline for the London Interbank Offered Rate (LIBOR) index’s service as the basis for adjustable-rate reverse mortgages has been considerably shortened after a decision last month by the Government National Mortgage Association (GNMA, or “Ginnie Mae”), the reverse mortgage industry has found itself needing to quickly adapt to the adoption of a new […]

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 […]