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Reverse mortgages

AARP sues Celink, Carrington, Finance of America over HECMs

Home equity loans, Law and legal issues, Reverse mortgages, Servicing /

A new class action lawsuit claims Carrington Mortgage Services, Celink and Finance of America Reverse have squeezed thousands of dollars of illegal fees out of tens of thousands of older homeowners.  Processing Content Representatives for reverse mortgage borrowers say the homeowners were overcharged for a variety of fees and suffered inflated interest and mortgage insurance […]

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FHA reverse mortgage properties go up for sale

Distressed, Reverse mortgages, Secondary markets, Servicing /

The Department of Housing and Urban Development will be selling thousands more reverse mortgages that have been called due-and-payable on occupied homes, continuing a practice that began late last year. Processing Content More than 2,500 nonvacant loans with a total principal balance around $730 million are going up for sale on Feb. 10. Until recently, department’s

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FOA buys Onity’s reverse MSRs in strategic shift

LOAN PRODUCTS, Reverse mortgages, Secondary markets, Servicing /

Onity’s PHH Mortgage Corp. subsidiary is repositioning its reverse mortgage business, selling its loan pipeline and multibillion-dollar servicing rights portfolio in that part of the market to Finance of America while staying involved as a subservicer and niche securitizer. PHH said it is working to accommodate a smooth transition for its reverse mortgage originators when

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Finance of America reports 3Q loss, nine-month profit

Capital markets, Earnings, Mortgage technology, Originations, Reverse mortgages, Secondary markets, Technology /

Reverse mortgage company Finance of America’s continuing operations took a net loss on a one-time adjustment in the third quarter, but it was profitable on that basis for the year-to-date, unaudited interim results show. The company reported a $29 million in net loss from continuing operations during the third quarter due to home price model

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Ex-LO sentenced in Chicago-area reverse mortgage scheme

Law and legal issues, Reverse mortgages /

Another ex-loan originator in a reverse mortgage scheme that cost elderly African-American Chicago-area homeowners millions of dollars is going to prison. Gary Bohn, 59, was sentenced Wednesday to 1-and-a-half years in prison for his role in the wider fraud, according to Law360 which reported the sentencing. The former Illinois-based LO with American Fidelity Financial Services

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HUD plans to sell close to 4,000 HECM loans

HUD, Politics and policy, Reverse mortgages /

The Department of Housing and Urban Development is auctioning off hundreds of millions of dollars in reverse mortgages on Wednesday in a bid to reduce risk to its insurance fund. Close to 1,600 home equity conversion mortgages (HECMs) secured by vacant properties are for sale, a notice published by the department on the Federal Register

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FOA posts profit, buys out Blackstone stake

Earnings, LOAN PRODUCTS, Marketing, Originations, Reverse mortgages, Securitization /

Finance of America was profitable for a second consecutive quarter as funded volume at the reverse mortgage lender grew 7% versus the first quarter and 35% year-over-year. The company made net income from continuing operations of $80 million for the period ended June 30, unchanged from the first quarter and up from a $5 million

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New proprietary reverse mortgages hit the market this spring

Home equity loans, LOAN PRODUCTS, Originations, Reverse mortgages /

With tappable home equity near historic highs and a preference among a majority of baby boomers to remain in their homes, several reverse mortgage lenders have recently launched products to capture the greater opportunity in this part of the market.   Demographic trends suggest a market primed for growth and current interest rate levels also make

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