Comments on: WSFS Completes Wind Down of Reverse Mortgage Subsidiary

By: Anonymous

Anonymous — Mon, 01 Feb 2010 14:36:00 +0000

Yes, WSFS retail division is alive and well. rnAs for The Cynic’s comments, if 1st Reverse products provided such high profits for the Bank do you honestly think they would have been shut down? And yes, it is sad that they are no more. They provided a service to the smaller broker firms that was not readily available elsewhere. I wish them all well.rnrnTrish KaukerrnVP Reverse MortgagernWSFS Bank

By: tkauker

tkauker — Mon, 01 Feb 2010 12:36:58 +0000

Yes, WSFS retail division is alive and well.
As for The Cynic's comments, if 1st Reverse products provided such high profits for the Bank do you honestly think they would have been shut down? And yes, it is sad that they are no more. They provided a service to the smaller broker firms that was not readily available elsewhere. I wish them all well.

Trish Kauker
VP Reverse Mortgage
WSFS Bank

By: wealthone

wealthone — Fri, 29 Jan 2010 18:32:02 +0000

So is WSFS still originating their own RMs?

By: The_Cynic

The_Cynic — Fri, 29 Jan 2010 17:21:39 +0000

This entity was at the center of controversy from the day it started. Some advocated their position of providing proprietary products at higher costs but lower origination fees. Others argued for their technique of eking out as much net principal limit as possible in the HECM process. What was very clear is that their products provided high profits to the WSFS group at the loss of those correspondents who needed their products. Low demand killed this entity. The question is why was there so little demand?

At first some argued eloquently for maximizing profits as this firm did. Some viewed this entity as the smart guy and all of the rest of us as the fall guys. Most assumed their operating principles were fundamentally based on one all encompassing principle, greed.

The sad thing is that they are no more.