Reverse
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.
Company decentralizes its operations and creates Reverse Advisory Council.
The plan helps senior homeowners with FHA-insured HECMs who are behind on required property charge payments due to effects of the COVID-19 pandemic.
Reverse mortgage lender & servicer also faces lawsuit over November layoffs.
Filing for protection from creditors comes just a day after company laid off 400 employees.
Lender cut 80% of staff a week after pausing mortgage originations.
Lender tells partners it won't fund loans that haven't already closed.