Reverse mortgage

PHH Mortgage Renews Partnership With the NAACP to Help COVID-19 Impacted Homeowners Through Virtual Borrower Outreach Series

Mortgage, Ocwen, PHH Corporation, Finance, Money, Forbearance, Mortgage servicer, Mortgage loan, Reverse mortgage, Debt

The virtual events provide attendees with information regarding mortgage assistance options and feature speakers from a local HUD-certified counseling agency and PHH Mortgage.

Key Points:

The virtual events provide attendees with information regarding mortgage assistance options and feature speakers from a local HUD-certified counseling agency and PHH Mortgage.
PHH Mortgage remains committed to assisting struggling homeowners by creating positive outcomes for its customers, particularly those who have been financially impacted by COVID-19.
PHH Mortgage has provided more than 190,000 customers with mortgage forbearance due to financial hardships related to the COVID-19 pandemic.
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage.

Finance of America Reverse Introduces EquityAvail™, a Hybrid Product that Empowers Homeowners to Reinvent Their Retirement Roadmaps

Retrieved on:

Wednesday, March 10, 2021

The first-of-its-kind product will combine elements of a forward mortgage with a reverse mortgage to improve cash flow and help retirees accomplish their retirement goals.

Key Points:

The first-of-its-kind product will combine elements of a forward mortgage with a reverse mortgage to improve cash flow and help retirees accomplish their retirement goals.
The hybrid product allows qualifying homeowners to refinance their traditional mortgages and reduce their required monthly payments for 10 years.
In creating EquityAvail, FAR has invented a way to address one of the most critical problems facing elder generations in America.
As a retirement solutions company, Finance of America Reverse is committed to empowering people with the tools they need to achieve financial independence and get to work on retirement.

Six-in-10 Canadians 55+ Can't Fully Cover the Costs of In-Home Care

Retrieved on:

Wednesday, March 10, 2021

Mortgage, Old age, Reverse mortgage, HomeEquity Bank, Mortgage loan, Financial services

HomeEquity Bank-commissioned Ipsos survey finds 88% of Canadians 55+ can't fully pay for in-home care for their aging parents.

Key Points:

HomeEquity Bank-commissioned Ipsos survey finds 88% of Canadians 55+ can't fully pay for in-home care for their aging parents.
Almost half of Canadians 55+ are now considering in-home care because of the pandemic.
It dispels myths about reverse mortgages and details how they can become a critical part of every Canadian's retirement planning toolkit.
Home Run makes clear that reverse mortgages give older Canadians the solution they're seeking as well as essential peace of mind.

Ocwen Financial Announces Pricing of $400 Million of Senior Secured Notes Due 2026 by PHH Mortgage Corporation

Mortgage, Loans, Money, Finance, Ocwen, PHH Corporation, Loan servicing, Mortgage servicer, Financial services, Mortgage loan, Reverse mortgage

The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation, the parent company of PMC and subsidiary of the Company (PHH).

Key Points:

The Notes will be guaranteed on a senior secured basis by the Company and PHH Corporation, the parent company of PMC and subsidiary of the Company (PHH).
The issuance and sale of the Notes is expected to close on March 4, 2021, subject to customary closing conditions.
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage.
PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs.

GreenPath and Homeownership Preservation Foundation Helps COVID-19 Affected Homeowners Avoid Foreclosure

Retrieved on:

Thursday, February 18, 2021

GreenPath Financial Wellness , a national nonprofit that provides financial counseling and debt management services and its affiliate, Homeownership Preservation Foundation (HPF) that provides housing counseling services, helped 19,500 borrowers experiencing COVID-19 and other related financial hardship avoid foreclosure in 2020.

Key Points:

GreenPath Financial Wellness , a national nonprofit that provides financial counseling and debt management services and its affiliate, Homeownership Preservation Foundation (HPF) that provides housing counseling services, helped 19,500 borrowers experiencing COVID-19 and other related financial hardship avoid foreclosure in 2020.
In addition to foreclosure prevention, HPFs certified counselors assist callers with forbearance guidance, pre- and post-modification support, reverse mortgage and rental counseling.
Homeownership Preservation Foundation, also known as HPF, is a national nonprofit organization dedicated to guiding consumers on the path of sustainable homeownership and improving their overall financial health.
GreenPath is a member of the National Foundation for Credit Counseling, Michigan Diversity Council, Texas Diversity Council, and is accredited by the Council on Accreditation.

Finance of America Reverse Expands Field Retail Sales Team to Meet Market Demand

Retrieved on:

Tuesday, February 16, 2021

Construction & Property, Insurance, Finance, Consulting, Banking, Professional services, REIT, Residential Building & Real Estate, Geography of Oklahoma, Mortgage, Old age, Reverse mortgage, Tulsa, Oklahoma, Mortgage loan, NMLS

Ms. Crdenas is based in the San Francisco Bay Area reporting to Scott Norman, VP of Field Retail Sales and Director of Government Relations.

Key Points:

Ms. Crdenas is based in the San Francisco Bay Area reporting to Scott Norman, VP of Field Retail Sales and Director of Government Relations.
We are in growth mode and are continuing to invest in and build our field sales operations, including scaling the team with the most talented professionals in the business.
The Field Retail team remains a vital resource and supplier of HECM and proprietary reverse mortgages for FARs valued customers.
2021 Finance of America Reverse LLC is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 ( www.nmls.consumeraccess.org ) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133
View source version on businesswire.com: https://www.businesswire.com/news/home/20210216005867/en/

The Academy of Home Equity In Financial Planning Releases Home Equity Model Language and Guidance for Financial Services Firms

Retrieved on:

Wednesday, February 10, 2021

Finance, Money, Economy, Financial markets, Brokerage firms, Financial adviser, Broker-dealer, Financial services, Reverse mortgage, Registered Investment Adviser, Dodd–Frank Wall Street Reform and Consumer Protection Act

The Academy has just released compliance guidance around home equity and financial planning designed to help financial service companies update their language, policies, and procedures, many of which no longer follow best practices in the industry.

Key Points:

The Academy has just released compliance guidance around home equity and financial planning designed to help financial service companies update their language, policies, and procedures, many of which no longer follow best practices in the industry.
Many broker-dealers and financial service firms maintain that a reverse mortgage is appropriate only as a last resort once all other available assets are depleted.
The Academy of Home Equity in Financial Planning has reviewed several broker-dealers and advisory firms' compliance policies.
Your financial advisors can help determine what is in your best interest when it comes to financial planning and available strategies or products.

Equitable Bank partners with Coast Capital to offer members reverse mortgage product

Retrieved on:

Thursday, January 14, 2021

Finance, Companies, Broadway, Financial services, Mortgage, Old age, Reverse mortgage, Mortgage loan, EQB, ING Group, Equitable Holdings

TORONTO, Jan. 14, 2021 /CNW/ -Equitable Group Inc. (TSX: EQB) (TSX: EQB.PR.C), through its wholly-owned subsidiary Equitable Bank (Equitable), is pleased to announce a new arrangement with Coast Capital Savings Federal Credit Union (Coast Capital) to bring the Equitable Bank Reverse Mortgage to members of the BC-based federal credit union.

Key Points:

TORONTO, Jan. 14, 2021 /CNW/ -Equitable Group Inc. (TSX: EQB) (TSX: EQB.PR.C), through its wholly-owned subsidiary Equitable Bank (Equitable), is pleased to announce a new arrangement with Coast Capital Savings Federal Credit Union (Coast Capital) to bring the Equitable Bank Reverse Mortgage to members of the BC-based federal credit union.
Through this referral program, Equitable's reverse mortgage offering will be available to eligible Coast Capital members, allowing them to access up to 55% of their home's value to aid in reaching their financial goals and build their better future.
"Coast Capital members have come to know their financial institution as a reliable partner and trusted advisor in building their financial wellbeing at every stage of life and we are keen to partner with them to deliver this product to their membership," said Paul von Martels, Vice President of Reverse Mortgage Lending at Equitable Bank.
"With the addition of Equitable Bank's Reverse Mortgage product, Coast Capital continues to deliver on our commitment to helping our members build a better future."

Senior Housing Wealth Reaches Record $7.82 Trillion

Retrieved on:

Thursday, January 14, 2021

Mortgage, Old age, Reverse mortgage, Money, Mortgage loan, Finance, Economy, Subprime mortgage crisis

WASHINGTON, Jan. 14, 2021 /PRNewswire/ --Homeowners 62 and older saw their housing wealth grow by 1.6 percent or $121 billion in the third quarter to a record $7.82 trillion from Q12 2020, the National Reverse Mortgage Lenders Association reported today in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.

Key Points:

WASHINGTON, Jan. 14, 2021 /PRNewswire/ --Homeowners 62 and older saw their housing wealth grow by 1.6 percent or $121 billion in the third quarter to a record $7.82 trillion from Q12 2020, the National Reverse Mortgage Lenders Association reported today in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index.
The RMMI rose in Q3 2020 to 280.99, another all-time high since the index was first published in 2000.
The increase in senior homeowner's wealth was mainly driven by an estimated 1.6 percent or $149 billion increase in senior home values, offset by a 1.6 percent or $28 billion increase in senior-held mortgage debt.
"While the HECM still accounts for over 90 percent of the market, we expect private-label reverse mortgage distribution channels to expand over time."

Ocwen Financial Comments on Conclusion of Mediation With the Consumer Financial Protection Bureau

Ocwen, Mortgage, PHH Corporation, Finance, Loans, Money, Financial services in the United States, Mortgage loan, Reverse mortgage, Mortgage servicer, United States housing bubble, United States foreclosure crisis

WEST PALM BEACH, Fla., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (Ocwen or the Company), a leading non-bank mortgage servicer and originator, today issued the following statement in response to the mediators notice that the Companys court-ordered mediation with the Consumer Financial Protection Bureau (CFPB or Bureau) had concluded.

Key Points:

WEST PALM BEACH, Fla., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Ocwen Financial Corporation (NYSE: OCN) (Ocwen or the Company), a leading non-bank mortgage servicer and originator, today issued the following statement in response to the mediators notice that the Companys court-ordered mediation with the Consumer Financial Protection Bureau (CFPB or Bureau) had concluded.
We engaged with the Bureau in good faith throughout the course of mediation and numerous related discussions and took all actions in an attempt to reach a fair and reasonable resolution.
Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage.
Liberty is one of the nations largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs.