Wholesale reverse mortgage volume came in at 4,326 units in December, up 10% compared to November.  Bank of America took over the top spot in December with 963 units followed by MetLife (930 units) and Urban Financial/Reverseit (550 units). Overall wholesale volume for 2009 was 58,935, down 7% from 2008.  The top wholesale lender for [...]

WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Wilmington Savings Fund Society, FSB (WSFS Bank), reported breakeven net income for the fourth quarter and a loss per common share of $0.09 after preferred stock dividends. WSFS also completed the wind-down of 1st Reverse Financial Services, its national reverse mortgage subsidiary which contributed a loss [...]

Last to chance to sign up for another free training session for Reverse Mortgage Daily readers with Sam Collins on February 2, 2010 at 2:00 PM. Sam will show you how to build solid relationships with your seniors that increase originations, loyalty, and get more referrals. You’ll discover the value of building relationships and keeping [...]

Sun West Mortgage Company today announced that it has crossed the $2 Billion mark in HECM Mortgage Backed Securities (HMBS). Acting as a participation agent or an issuer, the Cerritos, CA based reverse mortgage lender fulfills a strategic role in supporting liquidity in today’s troubled credit markets.

A proposal by FHA to eliminate correspondents and raise the bar on mortgage brokers – both forward and reverse – may have a silver lining for several industry players. Possible increases in net worth requirements, strengthened lender approval criteria and greater lender liability for the practices of wholesale clients, appear on the surface to spell [...]

President Barack Obama gave his first State of the Union address last night where he announced plans to freeze government spending starting in 2011 for three years. While the President announced that spending related to national security, Medicare, Medicaid, and social security would not be affected by the freeze, it remains unclear how the freeze [...]