Reverse mortgages

This move comes at a time when the largest HECM producer sold its operations to a rival and another filed for bankruptcy.

The Lansing, Michigan-based firm was awarded the contract this spring and takes over from Novad Management Consulting, which had previously serviced government-held HECMs since 2014.

The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.

In the face of a growing number in home-equity products, HECM endorsements dropped nationwide by over 43% on a monthly basis to its lowest point in more than two years.

The deadline for inclusion in Ginnie mortgage-backed securities has been extended and an exception will be made for some participations.

HomeEquity will sell an as-yet undetermined volume of notes to finance forthcoming originations by the bank sponsored by Birch Hill Equity Partners Management.

The restrictions on the pooling of loans with any interest term based on Libor will be effective for traditional mortgage-backed securities issued starting Jan. 21, 2021, and earlier for reverse-mortgage securitizations.

Also the Federal Housing Administration, which is a key contributor of government-insured loans to Ginnie securitizations, recently set new conditions on mortgage applicants that have been in forbearance.

Ginnie Mae helped to fund more than $70 billion in loans aimed at helping low- and moderate-income borrowers in July.

The cancellation by New Residential of a money-losing subservicing agreement should benefit Ocwen's financial results going forward, the company said.

Dana Wade would succeed Brian Montgomery, the acting deputy secretary of the Department of Housing and Urban Development.

A trade group is looking into why New York Gov. Andrew Cuomo felt foreclosure risks were too high to sign a bill that would have approved reverse mortgages for cooperative properties.

Nationstar’s next securitization of defaulted or inactive home equity conversion mortgages will have a higher-than-average exposure to properties with steep leverage, as well as ties to judicial foreclosure states.

Live Well Financial CEO Michael Hild has been charged with misrepresenting the value of a bond portfolio in parallel actions by the U.S. Attorney's Office and the Securities and Exchange Commission.

Ginnie Mae followed through with plans to look more closely at secured debt ratios in its latest round of new and revised issuer requirements.

Steeper rate declines contributed to a deeper quarterly net loss at Ocwen Financial, forcing it to extend its timeline for returning to profitability.

The more than $44 billion in new Ginnie Mae mortgage-backed securities that came to market in June marked the strongest month for the government bond insurer in more than two years.

Nearly 67% of the loans in the $309 million loans and repossessed properties backing FASST 2019-HB1 were obtained from a 2017 deal that was recently collapsed.

Liquidity, products and pricing are the main concerns for the secondary mortgage market in 2019.

The $571 million transaction is backed by 915 loans originated from 2002 and 2008 that Waterfall Asset Management acquired over eight years.