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Ocwen Buying Genworth May Not Bode Well for the Future of Reverse Mortgages

Ocwen will be the new servicer for Genworth Reverse Mortgage Division.

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.

Ocwen Acquires Genworth Reverse Mortgage Division for $22 Million (Update)

By John Yedinak

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Jim G. November 04, 2012 at 02:26 AM
At least this one won't set off another 100-post "No, YOU are!" political slap-fest. Count yer blessings.
Mary November 14, 2012 at 05:32 PM
Ocwen bought Homeq Serivining back in 2010 and outsourced all the work and over 2,000 employees were laid off. Genworth maybe headed down the same road. Sad

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