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Ditech Holding unit enters $230M note agreement backed by mortgage assets

Reverse Mortgage Solutions Inc., through a subsidiary, issued a $229.8 million note backed by mortgage assets to National Founders LP.

The note is secured by a security interest in the underlying assets, which include home equity conversion mortgages previously repurchased from Ginnie Mae securitizations, certain real estate owned assets and related servicing advances. The note accrues interest at 6% per annum and includes an additional draw feature for future servicing advances of up to an additional $16.5 million.

Reverse Mortgage Solutions is an indirect subsidiary of Ditech Holding Corp., which disclosed in June that it planned to explore strategic options.