Comments on: First Mariner Bank May Sell Reverse Mortgage Division http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: JS http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/comment-page-1/#comment-38426 JS Mon, 23 Nov 2009 15:41:00 +0000 http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/#comment-38426 As I stated in another post, as far as I know if a subsidiary is not majority owned and controlled by the licensed parent company they are not able to put themselves out there as a mortgage lender/broker and they are not able to receive profits from the origination of reverse mortgages. If I am wrong then please let me know. If I am correct then they are marketing themselves (NGFS) as a mortgage lender but they are unlicensed which is clearly illegal. I do not see much of a difference between this and me going to my referral partners and setting up a joint venture that allows a profit sharing arrangement.rnrn As I stated in another post, as far as I know if a subsidiary is not majority owned and controlled by the licensed parent company they are not able to put themselves out there as a mortgage lender/broker and they are not able to receive profits from the origination of reverse mortgages. If I am wrong then please let me know. If I am correct then they are marketing themselves (NGFS) as a mortgage lender but they are unlicensed which is clearly illegal. I do not see much of a difference between this and me going to my referral partners and setting up a joint venture that allows a profit sharing arrangement.rnrn

]]> By: JS http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/comment-page-1/#comment-34749 JS Mon, 23 Nov 2009 13:41:37 +0000 http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/#comment-34749 As I stated in another post, as far as I know if a subsidiary is not majority owned and controlled by the licensed parent company they are not able to put themselves out there as a mortgage lender/broker and they are not able to receive profits from the origination of reverse mortgages. If I am wrong then please let me know. If I am correct then they are marketing themselves (NGFS) as a mortgage lender but they are unlicensed which is clearly illegal. I do not see much of a difference between this and me going to my referral partners and setting up a joint venture that allows a profit sharing arrangement. As I stated in another post, as far as I know if a subsidiary is not majority owned and controlled by the licensed parent company they are not able to put themselves out there as a mortgage lender/broker and they are not able to receive profits from the origination of reverse mortgages. If I am wrong then please let me know. If I am correct then they are marketing themselves (NGFS) as a mortgage lender but they are unlicensed which is clearly illegal. I do not see much of a difference between this and me going to my referral partners and setting up a joint venture that allows a profit sharing arrangement.

]]> By: The_Critic http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/comment-page-1/#comment-34740 The_Critic Sun, 22 Nov 2009 01:29:03 +0000 http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/#comment-34740 JS,<br><br>Are you implying there is something wrong with this arrangement? It sure looks that way. JS,

Are you implying there is something wrong with this arrangement? It sure looks that way.

]]> By: JS http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/comment-page-1/#comment-34724 JS Fri, 20 Nov 2009 16:22:36 +0000 http://reversemortgagedaily.com/2009/11/20/first-mariner-bank-may-sell-reverse-mortgage-division/#comment-34724 Here is the answer to my question from the post on they yesterday. They now have a "Profit Sharing Agreement" aka referral fee, while they get licensed for the next 18 months. Here is the answer to my question from the post on they yesterday. They now have a “Profit Sharing Agreement” aka referral fee, while they get licensed for the next 18 months.

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