Reverse mortgages

Originations of home equity conversion mortgages surged nationwide at the end of the year, with December numbers near a 4-year high.

Nearly half of the company’s revenue comes from sources outside of the traditional home lending market, CEO Patricia Cook told analysts during the company’s earnings call.

Recent offerings come with lower age-eligibility requirements compared to traditional government-backed home equity conversion mortgages.

The company has been making investments in correspondent originations and servicing and “reverse” loans used by borrowers age 62 and up to withdraw home equity.

The $16 billion Champion Mortgage portfolio sale follows Ocwen Financial’s purchase of different assets from MAM a few weeks prior.

The ruling confirms that a state precedent regarding forward mortgages also applies to home equity conversion loans.

The deal will add $7.8 billion in reverse mortgage subservicing to Ocwen $6.7 billion portfolio.

The newly public company expects a 20% overall loss in adjusted earnings this year.

Hild, 46, schemed with other Live Well executives to increase the reported value of a pool of bonds used as collateral for loans, Assistant U.S. Attorney Jordan Estes told jurors in opening statements on Wednesday.

The forward and reverse mortgage lender completed its merger with blank check company Replay Acquisition Corp. on April 1.