Genworth is presently the third largest providers of reverse mortgages and many have already left the business.
We have been doing reverse mortgages for many years, there used to be dozens of providers, but no more. You know how it goes, when there is less competition…cost for the elderly consumer will surely go up.
Ocwen is one of the largest mortgage servicers in this country. Their service are presently in India and Ecuador, which means they are certainly not adding jobs in this country. They presently have over 2,000 complaints against them, how do you think they will be working with the elderly?
The majority stock holder of Ocwen is Warren Buffett’s Berkshire Hathaway.
By John Yedinak