Ditech: RMS Losses Will Continue

Ditech Holding Corporation, parent company of Reverse Mortgage Solutions (RMS), announced its fourth quarter and full year 2018 financial results in a form 10-K filing released Tuesday, which details an expectation that their unprofitable reverse mortgage arm will remain so while also saying that the company cannot guarantee that it will successfully emerge from Chapter […]

WSJ: Ditech Bankruptcy Loophole Could Cause Adverse Effect for Some Homeowners

Compounding a series of financial problems the companies are facing, Reverse Mortgage Solutions (RMS) and its parent company Ditech Holding Corporation are experiencing new scrutiny from consumer advocates and the United States Department of Justice (DOJ) due to the company’s latest chapter 11 bankruptcy filing, according to an article at the Wall Street Journal. Some […]

RMS Parent Ditech Closes Minnesota Facility, Sheds 210 Jobs

The financial woes of Reverse Mortgage Solutions (RMS)’ parent company, Ditech Holding Corporation, continue. A filing with the Minnesota state Department of Employment and Economic Development, reveals that the company is closing its St. Paul, Minn. facility, and laying off the facility’s 210 employees. The closure is planned to take place at the end of […]

Ditech Secures Financing for RMS During Restructuring

Reverse Mortgage Solutions (RMS) will continue its operations during its bankruptcy proceedings due to financing secured by its parent company, Ditech Holding Corporation, according to a new 8-K filing by Ditech with the Securities and Exchange Commission (SEC). According to the filing, the bankruptcy court approved an order for Ditech’s debtor-in-possession (DIP) facilities, allowing Ditech […]

RMS Updates Reverse Mortgage Borrowers As Parent Company Restructures

Ditech Holding Corporation (NYSE: DHCP), parent company of Reverse Mortgage Solutions (RMS), announced today that it has filed filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. As a result of the process, some borrower payments may have been temporarily impacted, the company said in a notice to customers. Certain subsidiaries including […]

What Reverse Mortgage Firms Can Learn from Florida Case Judgment

A recent reverse mortgage court decision in Florida could have an impact on loans in other states. The court’s determination that a loan can be called due and payable at the maturity date rather than upon the death of the borrower has the potential to drive decisions in other states, an attorney tells RMD. It […]

Ditech Risks Default, Avoids Second Bankruptcy and Terminates COO

Ditech Holding Corporation (NYSE: DHCP), parent company of Reverse Mortgage Solutions (RMS), elected not to make an approximately $9 million cash interest payment to its creditors that was due on December 17, 2018. With Thursday marking the end of a 30-day grace period related to that payment, that decision has put the beleaguered corporation at […]