Tag: Reverse Mortgages
AARP Has Joined Class Action Lawsuit Against CeLink And RMF
AARP Has Joined The Lawsuit Against Reverse Mortgage Giants CeLink And Reverse Mortgage Funding (RMF) Over Illegal Fees The AARP Foundation has joined a proposed class action lawsuit against Celink and RMF. The two companies are the two prominent players in the reverse mortgage industry. The lawsuit alleges that these companies added unlawful loan servicing…
Reverse Mortgage Funding LLC Is Dead
Reverse Mortgage Funding LLC Files Bankruptcy Fires 90% Of Staff It’s the final curtain for Reverse Mortgage Funding LLC aka RMF. The NJ-based reverse mortgage abruptly halted all funding shortly after Thanksgiving. then, last week they filed for bankruptcy protection. The group has further petitioned the bankruptcy court to allow it to make some minor…
Reverse Mortgage Funding LLC Pauses Originations
Reverse Mortgage Funding LLC Pauses Originations. It Tells Partners It Won’t Fund Loans That Haven’t Already Closed Reverse Mortgage Funding LLC (RMF) has halted all of its origination activities Monday. The New Jersey based lender sent a letter addressed to its partners states that, “all loans that have not closed will no longer be processed.”…
American Advisors Group Does Another Round Of Layoffs
American Advisors Group Does Another Round Of Layoffs For The Third Consecutive Time This Year Multiple sources are reporting that American Advisors Group has cut its workforce for a third consecutive time this year. The full extent of the latest layoff round was unclear. Some sources claim that cuts were made in retail origination and…
Novad Management In Gambit To Keep HECM Contract With HUD
Novad Management Consulting Files Protest In Desperate Gambit To Keep HECM Contract With HUD Novad Management Consulting has held HUD’s HECM Assets contract since 2014. Unfortunately for them, Celink was awarded the contract to provide servicing for HECM loans earlier this year. However, Novad has filed a protest against the award of Compu-Link Corporation (Celink)…
Finance of America Plans To Exit Wholesale Lending & Sell Retail Division
Finance of America Plans To Exit Wholesale Lending And Sell Retail Division. Company Will Focus On Reverse Mortgages And Home Improvement Loans. Housingwire is reporting Finance of America (FoA) plans to sell its retail mortgage division. They are also reporting FoA is shutting down its forward wholesale channel. Former top executives and business partners claim…
American Advisors Group Does Another Round Of Mass Layoffs
Reverse Mortgage Lender American Advisors Group Also Known As AAG Does Another Round Of Mass Layoffs Last Week Industry-leading reverse mortgage lender American Advisors Group aka AAG instituted a round of layoffs this week. This is the second round of mass layoffs since June. Unfortunately, AAG representatives for the company declined to comment. Current and…