Comments on: WSFS Closing Reverse Mortgage Subsidiary After Earnings Announcement http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/ Reverse Mortgage News and Information Sat, 26 May 2012 06:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Stein http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-39130 Stein Thu, 06 Aug 2009 20:12:00 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-39130 It's sad for more folks to lose their jobs in this tough market...because if they want to stay in the mortgage field they really have very few places to go. Good luck to all! rnrnOn the other hand, I'm really not surprised that the parent company cut them off. If you take the time to look into the backgrounds of the top 3 executives...none, I repeat, NONE have a track record of profitability in ANY venture they have been involved in while holding a management position. Now that is the sad part! It’s sad for more folks to lose their jobs in this tough market…because if they want to stay in the mortgage field they really have very few places to go. Good luck to all! rnrnOn the other hand, I’m really not surprised that the parent company cut them off. If you take the time to look into the backgrounds of the top 3 executives…none, I repeat, NONE have a track record of profitability in ANY venture they have been involved in while holding a management position. Now that is the sad part!

]]> By: Stein http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-33431 Stein Thu, 06 Aug 2009 18:12:07 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-33431 It's sad for more folks to lose their jobs in this tough market...because if they want to stay in the mortgage field they really have very few places to go. Good luck to all! <br><br>On the other hand, I'm really not surprised that the parent company cut them off. If you take the time to look into the backgrounds of the top 3 executives...none, I repeat, NONE have a track record of profitability in ANY venture they have been involved in while holding a management position. Now that is the sad part! It's sad for more folks to lose their jobs in this tough market…because if they want to stay in the mortgage field they really have very few places to go. Good luck to all!

On the other hand, I'm really not surprised that the parent company cut them off. If you take the time to look into the backgrounds of the top 3 executives…none, I repeat, NONE have a track record of profitability in ANY venture they have been involved in while holding a management position. Now that is the sad part!

]]> By: Elaine http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-33301 Elaine Wed, 29 Jul 2009 22:06:46 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-33301 The wholesalers have been undercutting the big boys with unreasonable orig and servicing fees. It is no surprise that they could not sustain themselves. The wholesalers have been undercutting the big boys with unreasonable orig and servicing fees. It is no surprise that they could not sustain themselves.

]]> By: Elaine http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-33287 Elaine Wed, 29 Jul 2009 22:02:38 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-33287 Sorry to see 1st Reverse go. More wholesalers will be going down also because wholesale has been undercutting the big retail guys with lower than reality orig and servicing fees. There was no way they could sustain themselves with the undercutting they were doing. Sorry to see 1st Reverse go. More wholesalers will be going down also because wholesale has been undercutting the big retail guys with lower than reality orig and servicing fees. There was no way they could sustain themselves with the undercutting they were doing.

]]> By: Frank Rizzo http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-33268 Frank Rizzo Wed, 29 Jul 2009 03:49:27 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-33268 iluvrms,<br>I appreciate your commetns regarding the little guy having an outlet for the HECM. It truly is about helping seniors, however, let's also be real with each other...if a wholesale company, such as 1st Reverse or SLN, is losing money on their whoelsale business because the margins are so tight, it is nearly impossible to sustain the business unless you have a tremendous ability to service your portfolio and keep the loans on your books until the secondary markets improve. Truth is, companies like Metlife are going to be one of the last wholesalers standing until the investor pool opens up again and someone starts buying this product and stops lumping it in with other "mortgage related products" My statement was not meant to disparage anyone, only to speak the truth...wholesale is NOT a great market today and unfortunately, most companies do not have the financial ability to ride the wave right now. Companies need to know who they are and what made them successful and do everything they can to survive...that is the bottom line. iluvrms,
I appreciate your commetns regarding the little guy having an outlet for the HECM. It truly is about helping seniors, however, let's also be real with each other…if a wholesale company, such as 1st Reverse or SLN, is losing money on their whoelsale business because the margins are so tight, it is nearly impossible to sustain the business unless you have a tremendous ability to service your portfolio and keep the loans on your books until the secondary markets improve. Truth is, companies like Metlife are going to be one of the last wholesalers standing until the investor pool opens up again and someone starts buying this product and stops lumping it in with other “mortgage related products” My statement was not meant to disparage anyone, only to speak the truth…wholesale is NOT a great market today and unfortunately, most companies do not have the financial ability to ride the wave right now. Companies need to know who they are and what made them successful and do everything they can to survive…that is the bottom line.

]]> By: mortgageman http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-33264 mortgageman Wed, 29 Jul 2009 00:14:00 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-33264 WSFS. People call them "wisfis". I call them "Wusses" for pulling the plug like that. 1st reverse was on the way to profitability unless there is something that the general public does not know. Glad they lost $953,000 on the SLN deal. Serves them right. They know how to waste peoples time. Good luck in the tank Wusses....Dont mean to sound bitter but this nonsense needs to stop. How many boats do you need??? How much money is enough??? WSFS. People call them “wisfis”. I call them “Wusses” for pulling the plug like that. 1st reverse was on the way to profitability unless there is something that the general public does not know. Glad they lost $953,000 on the SLN deal. Serves them right. They know how to waste peoples time. Good luck in the tank Wusses….Dont mean to sound bitter but this nonsense needs to stop. How many boats do you need??? How much money is enough???

]]> By: iluvrms http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-33258 iluvrms Tue, 28 Jul 2009 19:15:30 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-33258 Mark Turner pulled the plug to quickly. Volume was growing and 1st Reverse's reputation for working with the "little guys" was the last bastion of hope for the smaller wholesale lenders that the "big guys" won't touch now. If given a bit more time, I believe WSFS would have seen a good profit and become a major player in the industry.<br><br> Mr. Rizzo: If there are no wholesale channels, the big lenders are able to corner the market, and the "little guys" wouldn't even have the option to offer this excellent senior resource. Then you get stuck with companies that are so cocky, that customer service goes by the wayside. Yes, wholesale lenders are harder to work with due to their different levels of experience and submitting not-so-clean files, but hard work never hurt anyone. btw, Mr. Rizzo, check your numbers. There is a lot of money to be had working with wholesale. And let keep our eye on the ball; it's about seniors, not just money. Mark Turner pulled the plug to quickly. Volume was growing and 1st Reverse's reputation for working with the “little guys” was the last bastion of hope for the smaller wholesale lenders that the “big guys” won't touch now. If given a bit more time, I believe WSFS would have seen a good profit and become a major player in the industry.

Mr. Rizzo: If there are no wholesale channels, the big lenders are able to corner the market, and the “little guys” wouldn't even have the option to offer this excellent senior resource. Then you get stuck with companies that are so cocky, that customer service goes by the wayside. Yes, wholesale lenders are harder to work with due to their different levels of experience and submitting not-so-clean files, but hard work never hurt anyone. btw, Mr. Rizzo, check your numbers. There is a lot of money to be had working with wholesale. And let keep our eye on the ball; it's about seniors, not just money.

]]> By: Frank Rizzo http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/comment-page-1/#comment-45773 Frank Rizzo Tue, 28 Jul 2009 17:57:00 +0000 http://reversemortgagedaily.com/2009/07/27/wsfs-closing-reverse-mortgage-subsidiary-after-earnings-announcement/#comment-45773 It seems there is a common element here with SLN and 1st Reverse which is wholesale. It just doesn't make money and distracts an organization from their core business model which is retail. I get it, retail may not be as glamorous as wholesale because its more of a challenge to produce real volume ,but it makes much more money and should not be ignored. Another example is JB Nutter, wholesale just doesn't make sense. It seems there is a common element here with SLN and 1st Reverse which is wholesale. It just doesn’t make money and distracts an organization from their core business model which is retail. I get it, retail may not be as glamorous as wholesale because its more of a challenge to produce real volume ,but it makes much more money and should not be ignored. Another example is JB Nutter, wholesale just doesn’t make sense.

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