CFPB Has Banned Novad Consulting From Servicing Reverse Mortgages For Failing To Properly Communicate With Mortgage Borrowers The CFPB has banned Novad Consulting from servicing reverse mortgages. HUD and CFPB had first ordered the company to stop illegal activities that harmed older homeowners. The CFPB found that NOVAD Management Consulting had inadequate resources and staffing […]
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 […]
American Homeowners Grapple with Rising Financial Anxiety. Yet, Many Overlook Vast Home Equity Potential As A Financial Cushion Finance of America Reverse LLC (FAR) has issued a new survey and it says American homeowners are freaking out. The survey shows that nearly 80% of American homeowners grapple emotionally about the state of the U.S. economy. […]
Federal Judge Could Sentence Former Live Well CEO Michael Hild To 33 Years For $200 Million Bond Fraud Scheme Federal prosecutors have recommended former Live Well CEO receive 15 years in prison. However, the federal court could send him to prison for up to 33 years. A federal judge found him guilty of orchestrating a […]
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 […]
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