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 [...]

WSFS Financial, the parent company of Wilmington Savings Fund Society, FSB reported a breakeven net income for the third quarter and a loss per common share of $0.10.
“We have made fundamental progress at improving our core franchise and earnings power, and while our results have stabilized in the third quarter, we continue to be challenged [...]

The US Department of Housing and Urban Developments decision to reduce the principal limits for the Home Equity Conversion Mortgage (HECM) has received a decent amount press over the past couple of weeks.
The Washington Post covered how the Federal Housing Administration’s reverse mortgage program faces changes due to an estimated budget shortfall of $798 million [...]

Earlier today Wilmington Savings Fund Society, FSB announced it was winding down 1st Reverse Financial Services, its reverse mortgage subsidiary in the third quarter.
Effective at the end of business on July 31st, 1st Reverse will no longer accept any new loan applications from the company’s network of retail loan originators and wholesale lending partners.  [...]

WSFS Financial Corporation, the parent company of WSFS Bank, reported a quarterly loss per common share of $0.50 and net loss of $2.3 million compared to diluted earnings per common share of $1.07 and net income of $6.7 million for the second quarter of 2008.
Included in its earnings announcement is that it’s conducting an early [...]

WSFS Financial Corp earnings showed a pre-tax loss of $586,000 during the first quarter of 2009 for its reverse mortgage subsidiary 1st Reverse Financial Services.  The company acquired a majority stake of 1st Reverse in April of 2008 for about $3.4 million.
1st Reverse’s Q1 2009 numbers show an improvement compared to a pre-tax loss of [...]

When 1st Reverse announced it was releasing a new jumbo reverse mortgage product, there was plenty of questions from RMD readers.  Below is some additional information about the new FLEX jumbo reverse mortgage product :