Reverse

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.

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.