Reverse

South Carolina mortgage company hires industry vet to run the operation

PHH, a subsidiary of Ocwen Financial, says deal offers opportunity to grow its reverse subservicing portfolio.

Decision OK'd after one-day delay for reverse mortgage lender to provide additional funding information.

The development work group will analyze and develop standards for reverse mortgages.

Lack of funds, plan to cease loan servicing among issues cited.

Dallas-based lender saw its loan originations fall 46% in 2022 from a year earlier.

Announces plan after acquiring Cherry Creek Mortgage, a top 10 HECM lender.

Volume buoyed by drop in interest rates; some hesitancy due to banking concerns.

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Prosecutors had sought 15 years in $200M bond fraud scheme.