WSFS Financial Corporation, the parent company of WSFS Bank, announced that Henrietta Belcher-Stack, Assistant Vice President of Reverse Mortgage, received the first Certified Reverse Mortgage Professional (CRMP) designation. The CRMP designation was created by an Independent Certification Committee comprising of members from the National Reverse Mortgage Lenders Association (NRMLA) that administer the program, while working [...]

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 [...]

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 [...]

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 [...]