Items Tagged with 'RMS'

ARTICLES

  • Ditech selling forward, reverse mortgage businesses

    New Residential Investment snaps up forward book, Mortgage Assets Management buys reverse
    Ditech Holding is selling its forward and reverse mortgage businesses, the company announced Tuesday. New Residential Investment has agreed to purchase the stock and assets of Ditech’s forward mortgage originations and servicing business, while Mortgage Assets Management will acquire the stock and assets of Ditech’s reverse mortgage business, Reverse Mortgage Solutions.
    Read More
  • New York Court approves representation for mortgage borrowers in Ditech bankruptcy

    Ditech loses motion to dismiss consumer committee
    The Bankruptcy Court of the Southern District New York denied Ditech’s motion Friday to dismiss the formation of a consumer committee to protect the interests of mortgage borrowers who have loans with Ditech or its subsidiaries – including those who have reverse mortgages with its subsidiary Reverse Mortgage Solutions – ensuring these borrowers will not suffer too great a loss as the mortgage giant restructures.
    Read More
  • Mortgage borrowers win protection in Ditech bankruptcy, Ditech fights back

    New York court must rule on Ditech's objection
    The long and winding saga of Ditech's bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. The committee is intended to ensure that borrowers who have a mortgage with Ditech or its subsidiaries don't get trampled in the proceedings, but if Ditech has its way, this group will be disbanded before it has a chance to weigh in.
    Read More
  • Victims of reverse mortgage scam want protection from Ditech bankruptcy

    Request the creation of a committee to protect consumer interests
    Ditech is in the midst of a bankruptcy, and some are worried that the rights of its borrowers will be trampled in the process. A recent filing with the U.S. Trustee asked that a consumer creditor committee be formed to protect the rights of those who have claims with Ditech, including the victims of a reverse mortgage scam who have open claims with Ditech subsidiary Reverse Mortgage Solutions.
    Read More
  • Ditech says its reverse mortgage business is unprofitable

    With continued losses likely, the struggling nonbank says it's weighing its options
    Aware that sweeping regulatory changes would likely send the reverse mortgage business into a tailspin, Ditech – then named Walter Investment Management – shut down the HECM origination channel of its subsidiary, Reverse Mortgage Solutions, in 2017. But the company has continued to service reverse mortgages, and it’s not going well. According to a report filed Tuesday with SEC, Ditech's reverse mortgage business is operating at a sizable loss – and this trend isn’t likely to turn around anytime soon.
    Read More
  • Servicing: Not All STORMs Should Be Feared

    A STORM within the reverse mortgage industry has been brewing for almost three years, and while this storm has grown in intensity, it will bring a change not for the worse, but for the better. The storm in this case is not coming from the Atlantic or the Gulf of Mexico, but from HUD in Washington, D.C., and by STORM I mean HUD’s acronym for Servicing Technology on Reverse Mortgages. This storm’s name is HERMIT (Home Equity Reverse Mortgage Information Technology).In October 2012, the new HERMIT system is set to replace HUD’s Insurance Accounting Collection System, better known as IACS.
    Read More
  • Hot Seat: Robert D. Yeary

    From his most unforgettable memory to his thoughts about the reverse space, we get the personal and professional facts from Robert D. Yeary, chairman of Reverse Mortgage Solutions, in our monthly edition of The Hot Seat. You can't always be the best, but you’d better strive to be the best. My favorite magazine is Popular Mechanics. I love to see the wild and crazy things that are in our future and excerpts from years gone by. When I was younger I wanted to be a lawyer, but I got sidetracked by military service. Every morning I thank God for being
    Read More
  • Servicing: Understanding Default in the Reverse Mortgage World

    Those of us in the reverse mortgage servicing business often speak a different language than our colleagues on the forward side. One example is the use of the word “default.” In the forward mortgage world, “default” generally reflects failure, as in a borrower who stops making payments or a loan that stops performing according to expectations. But in the reverse sector, that word most often means a predictable conclusion: that the senior has left the residence under several different but predictable conditions. As a result, the timing can be challenging for actually declaring a loan “due and payable” (a.k.a. in
    Read More
  • Hot Seat: Marc Helm

    From what he wanted to be as a child to what he believes was the greatest setback for the industry, we get the personal and professional facts from Marc Helm, CEO of Reverse Mortgage Solutions, in our monthly edition of The Hot Seat.When I was younger I wanted to be a doctor and then a lawyer … my, how boring that would have been! I can't go without Southern comfort food at least once a month. When I was a kid we were very poor, and learned that opportunities are not given but made. The best job I've ever had
    Read More