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REO News

Reverse Mortgage Endorsements Crater in February, Drop 17.6%
The post-October 2 hangover is here. Originators of Home Equity Conversion Mortgages — including both Federal Housing Administration-approved lenders and their non-approved counterparts — suffered a decline of 17.6% in February, according to the most recent set of numbers from Reverse Market Insight. That’s a major shift from January, which saw the effects of the […]

CFPB Slaps Wells Fargo with $1 Billion Fine
Wells Fargo (NYSE: WFC) must pay a $1 billion fine related to its auto loan and rate-lock programs, the Consumer Financial Protection Bureau announced late last week. The whopping penalty comes as the CFPB has generally relaxed its enforcement actions under the Trump administration and new acting director Mick Mulvaney, and received support from both […]

Ocwen CEO Retires, Former PHH Executive to Assume Role
Ocwen Financial Corporation (NYSE: OCN) president and CEO Ron Faris will retire at the end of June, the financial services corporation announced Thursday. Glen Messina, former president and CEO of PHH Corp. (NYSE: PHH) — which Ocwen acquired earlier this year — will step into the top spot. “As president and CEO, Ron guided Ocwen […]

RMS Parent Ditech Appoints New CEO
Ditech Holding Corp., the parent company of Reverse Mortgage Solutions, announced Wednesday it has appointed board chairman Thomas F. Marano as CEO and president of the company, effective immediately. Marano replaces interim CEO and president Jeffrey Baker, who will continue to serve as president of RMS.  “We are pleased to appoint an executive of Tom’s […]

How Reverse Mortgage Professionals Can Prevent Wire Fraud
Real estate transactions—including reverse mortgage transactions—are increasingly a target for scammers, as seen by title and closing professionals on an ongoing basis. But there are precautions and measures loan originators and others who participate in the reverse mortgage market can take in order to avoid the unfortunate consequence of a borrower’s funds being stolen. “The […]

ReverseVision Exec Receives MBA Tech All-Star Award
Reverse mortgage technology executive Wendy Peel was honored this week by the Mortgage Bankers Association with its 2018 Tech All-Star Award. Peel, who serves as vice president of sales and marketing for national  software provider ReverseVision, accepted the award Monday during the MBA’s annual Technology Solutions Conference & Expo in Detroit. It is the 17th […]

Reverse Mortgage Originators Name Their Favorite Educational Resources
When potential borrowers want to learn more about reverse mortgage products, many professionals look to their in-house resources, like company websites, to begin the education process. For Beth Paterson, executive vice president at Reverse Mortgages SIDAC in St. Paul, Minn., her website’s articles are a primary “education piece.” “Our website is designed as educational, not […]

NRMLA to Include Consumer Focus in Reverse Mortgage Education Week
The National Reverse Mortgage Lenders Association will host a pair of consumer-focused webinars as part of its annual education outreach, including a session focused on paying for in-home care. The Washington, D.C.-based industry trade group will team up with Next Avenue, PBS’s senior-focused news website, to host a Q&A on home equity and aging in […]