nearly invisible to the borrowers as the customer-facing processes have only been improved and will continue to benefit from the strength of the PHH servicing organization. RMS has always been borrower focused and the PHH core principles are perfectly aligned with delivering servicing excellence. RM: Can you share how many reverse mortgages (HECM and private-label) are now being serviced by PHH? Does that make PHH the largest reverse mortgage servicer? LF: RMS was a servicer of legacy reverse mortgages, which were principally HECMs. Being a part of PHH provides a perfect opportunity to expand the operations to include newly originated HECMS and proprietary reverse mortgages. PHH’s reverse lending business operates under Liberty Reverse Mortgage. The Liberty portfolio had previously been subserviced. On December 1, the Liberty portfolio was brought in house and all new originations are being serviced by PHH. These new originations and other subservicing client transactions create a large servicing portfolio of Ginnie Mae, Fannie Mae and private securitizations. It is exciting to see new reverse mortgages and proprietary products being boarded each month. I believe in reverse mortgages and the safety and security it can bring to people’s lives. I further believe that everyone in the reverse industry— including loan officers, underwriters, processors and servicing staff—make a positive difference in peoples’ lives, and we love doing it. RM: The Federal Housing Administration has implemented policies to protect HECM borrowers who were negatively impacted by the pandemic. Things are slowly returning to normal, but are you at all concerned about a possible increase in foreclosure activity? Is PHH taking precautionary measures to protect its clients? LF: FHA has gone to great lengths to protect borrowers during the pandemic, as has the federal government From the Top continued on page 14 From the Top Here’s why. • No B.S. Underwriting • Unbeatable Service • No Commission Caps • Volume Bonuses Corporation NATIONWIDE Equities • Use your own AMC • Liberal Exceptions • Competitive Pricing • Support Team Access For industry professionals only. Become a wholesale partner and you’ll see. nwecorp.com/nrmla NMLS #1408 NRMLA-Mar_April-Print_concepts - Copy.indd 1 1/26/2022 4:16:00 PM REVERSE MORTGAGE / MARCH-APR I L 2022 13
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