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REO Management Solutions, LLC was recently acquired by PHH Mortgage Corporation (PHH) as part of an asset purchase transaction entered into with Reverse Mortgage Solutions, Inc (RMS). For over 30 years, PHH Mortgage has provided industry-leading mortgage services and helped countless homebuyers and homeowners find financing solutions to meet their needs. For more information, please visit https://www.phhmortgage.com/.

REO News

Reverse Mortgage Industry Encouraged by 2022 Lending Limit Increase
With the HECM lending limit set to rise to over $970k in 2022, industry participants share their thoughts about what this could mean for the business.

WSJ: Higher Home Value Could be Served by Reverse Mortgage Refi
A WSJ reader asking about how to exit a reverse mortgage was given another potential option for leveraging a higher home value: a refinance.

Reverse Mortgage SVP Shares Sales Tips, How Seniors and Products Have Evolved
Norcom SVP of Reverse Mortgage Lending John Luddy offers thoughts on how LOs can best appeal to senior borrowers, discussing how he developed his popular video sales tips.

The RMD Podcast #27: John Luddy, SVP of Reverse Lending at Norcom Mortgage
Reverse mortgage professionals are often confronted with a great deal of change that seems to come from all sides. Whether it’s in new regulations handed down by the federal government, new products or services introduced by lenders or the interaction that can come from an advertising campaign, change is a constant. One other change that […]

NRMLA Board Re-elects Norman and Kent as Co-Chairs
The NRMLA Board of Directors has re-elected co-chairs Scott Norman and Mike Kent to serve in the 2021-2022 term, alongside other returning officers.

Reverse Mortgages Could be Highly Beneficial to Mass Affluent Seniors, Study Finds
A new study corroborates ways in which affluent borrowers can benefit from a reverse mortgage, especially when aiming to avoid investment volatility.

Mr. Cooper Completes Reverse Servicing Portfolio Sale to MAM
Mr. Cooper has completed the sale of its reverse mortgage servicing portfolio to MAM, which has re-entered reverse servicing after selling RMS.

Reverse Mortgage Volume Drops Slightly as HMBS Issuance Hits New Record in November
While reverse mortgage volume fell very slightly in November, the month still had the second-highest volume of the year while HMBS issuance broke an all-time record.

New York Reverse Mortgage Co-op Bill Signed by Governor
A bill which would allow New York state co-op residents to take out a reverse mortgage loan has been signed by the state's governor.

Open Mortgage Adds President Position, Appoints Industry Veteran
Open Mortgage has announced the creation of a new president role, and the appointment of a mortgage industry veteran to serve in it.