Comments on: Reverse Mortgage Lender Names New CEO

By: JS

JS — Thu, 19 Nov 2009 23:23:00 +0000

I understand that from the recruiting page on their site. My question was if NGFS is getting profit from the origination of reverse mortgages do they need to be majority owned by the licensed company that is actually originating the loan to receive the profit? If that is not required then that is great, its just like net branching with no licensing requirements.

By: Anonymous

Anonymous — Thu, 19 Nov 2009 22:56:00 +0000

all employees who originate loans do NOT work for ngfsrnthey are all bank employees, and the bank is a fnma/hud approved lender

By: JS

JS — Thu, 19 Nov 2009 21:23:29 +0000

By: haroldcratch

haroldcratch — Thu, 19 Nov 2009 20:56:57 +0000

all employees who originate loans do NOT work for ngfs
they are all bank employees, and the bank is a fnma/hud approved lender

By: Anonymous

Anonymous — Thu, 19 Nov 2009 18:52:00 +0000

jamesanelson,rnrnWell said.

By: JS

JS — Thu, 19 Nov 2009 17:03:00 +0000

rmguy, I heard that they are looking for capital from a friend that works at an investment bank that was a approached by them. My understanding however is that for a company that is a subsidiary to use the parent companies licenses they must be majority owned by the parent company. It would seem that now that they are no longer majority owned by First Mariner, they would have no right to legally collect fees from the origination of reverse mortgages since they are not licensed themselves. If anybody knows that this is incorrect please respond since this would be valuable information to have for future negotiations.

By: The_Critic

The_Critic — Thu, 19 Nov 2009 16:52:16 +0000

jamesanelson,

Well said.

By: JS

JS — Thu, 19 Nov 2009 15:03:36 +0000