The most common motivation for borrowers (and nonborrowers) in opting for a reverse mortgage was “to gain extra income for everyday expenses” and “paying off mortgage debt,” according to an Ohio State University study on reverse mortgage motivations and outcomes. Published in the latest issue of the Department of Housing and Urban Development’s Cityscape: A Journal of Policy Development and Research, the study said both motivations reflect previous findings that reverse mortgage borrowers are likely to be “house rich” and cash poor.” The study used survey information collected as part of the Aging in Place (AIP) study, which looked at borrower motivations for seeking a Home Equity Conversion Mortgage as well as reasons for not getting one. The primary data set consisted of 1,761 senior households that received counseling for a HECM loan between 2006 and 2011 and responded to the ...

Other servicing-related issues identified include premature foreclosure filings, mishandling of escrow accounts, incomplete periodic statements and dual tracking.

PHH Corp. releases its first quarter results the second week of May.

The market for new nonprime mortgages includes some options for borrowers, allowing for income verification via bank statements for borrowers with moderate credit scores or somewhat stringent underwriting for borrowers with exceptionally low scores. And loans to borrowers with scores around 700 have features that fall between the two offerings. Originations of nonprime mortgages remain suppressed compared with the pre-crisis heyday for subprime loans and Alt A mortgages. However, the market has slowly started to gain traction in recent years thanks to Lone Star Funds. An affiliate of Lone Star is...

Ocwen’s counsel includes Goodwin Procter LLP, which also is representing PHH Corp. in its legal battle against the agency…

Fitch notes that New Residential Investment Corp., a publicly traded REIT, owns $118.7 billion in servicing rights that are being subserviced by Ocwen.

The company adds: “Under these circumstances, Ocwen has a responsibility to its customers, shareholders, and employees to vigorously defend the company.”

The Sterling loans tend to have tighter underwriting characteristics than Caliber’s contributions.

Meanwhile, over at the Pasadena, CA-based CALCAP, its use of third-party brokers to make loans is just getting underway.

Arch Capital will issue its quarterly earnings this Wednesday, April 26. It will mark the first earnings release following the Arch Mortgage Insurance purchase of competitor United Guaranty…