Posted in Generation Mortgage
Nationstar Mortgage Holdings (NYSE: NSM), an active servicer of reverse mortgages, has acquired a portfolio of reverse mortgage servicing rights from Generation Mortgage following Generation’s exit from originations and subsequent wind down.
Nationstar paid $192 million to Generation Mortgage and received reverse mortgage net assets valued at $233 million, comprising $4.9 billion of unpaid principal balance assets and $4.6 of assumed liabilities, according to Nationstar’s most recent 10-Q filing with the Securities and Exchange Commission (SEC).
Generation, a longtime originator of reverse mortgages, announced in October 2014 it would be exiting originations and winding down its reverse mortgage business.
Last month, the Consumer Financial Protection Bureau (CFPB) published thousands of consumer narratives describing their various complaints with financial products, including reverse mortgages. But in the grand scheme of things, gripes related to reverse mortgages represent only a minute share of total mortgage complaints, according to new independent research.
Since it began accepting mortgage complaints in December 2011, the CFPB has published 138,086 complaints about mortgages through March 16, 2015—more than any other financial product, says the report Mortgages and Mortgage Complaints: The CFPB s Consumer Complaint Database Gets Real Results for Victims of Mortgage Problems from the U.S. PIRG Education Fund, a federation of state public interest research groups.
Urban Financial of America, LLC, has hired industry veteran Ron Bartley as Midwest area manager for the No. 3-ranked reverse mortgage lender’s Retail Sales Division.
“With nearly a decade in the reverse mortgage industry and 40 years’ mortgage experience, Ron is truly a seasoned mortgage veteran who brings expertise, client knowledge and exceptional recruiting talent to the table,” said National Retail Sales Vice President Scott Norman, in a statement.
Previously, Bartley was the Midwest area sales manager at American Advisors Group (AAG). Prior to that, he was a Home Equity Conversion Mortgage (HECM) advisor and central region team leader for Liberty Home Equity Solutions.
The only reverse mortgage market constant is change, and 2014 was no exception. This year saw the impact of product changes implemented in late 2013, as well as new changes: non-borrowing spouse protections, new principal limit factors, a top-10 lender exit, product innovation, and many, many others.
Industry members saw Generation Mortgage wind down its reverse mortgage originations business while AAG rose in the ranks to become the No. 1 lender by volume. Some borrowers received more proceeds under the new principal limit factors announced in 2014, and principal limit factors in general became more sensitive to interest rate adjustments — a big unknown for the years ahead. Continue reading
The Better Business Bureau Serving Metro Atlanta, Athens Northeast Georgia recognized Generation Mortgage Company with an award honoring ethical marketplace practices for the third year in a row. The company’s Chief Information Officer Walt Carter has also been named Corporate Georgia CIO of the year.
The awards were presented following Generation’s exit from reverse mortgage originations. announced in October. The company remains a reverse mortgage servicer and has continued in the business of securitizing reverse mortgage loans through Ginnie Mae.