Only two months after VirtualBank Seniors Lending Group returned to the reverse mortgage business, it’s closing its wholesale channel and keeping its small retail footprint said management in a conversation with RMD.
“Upon the recommendation of the senior management team, VirtualBank Seniors Lending Group has made the strategic decision to shift from a wholesale and retail [...]

RMD has learned that VirtualBank Seniors Lending Group is getting back into the reverse mortgage business after it was shut down in late 2007.  Al Rodriguez is heading up the business as President and Dennis Loxton will be the National Sales Manager for wholesale.
Virtual Bank is accepting new broker applications effective immediately and [...]

Over the past 3 weeks we have seen the exit of at least 2 large wholesale players in the Reverse Mortgage market.  Both have quietly packed up shop…  No press releases and no major announcements about their closings or layoffs.  The first new wholesale operation that we were aware of being scuttled was Deutsche Bank [...]

Virtual Bank has taken a different approach than other reverse mortgage lenders by only offering a range of proprietary products to their brokers.  The suite of products includes the Life Plan and Prime Life products, which are the first proprietary products developed to compete directly with the HECM and Fannie Mae Home Keeper.  Along with these two products, Virtual Bank also offers a jumbo [...]

Yesterday,  I posted about Virtual Bank’s LIFE Plan product which is the first proprietary product developed to compete directly with the HECM product.  Virtual Bank has another product that aims at the HECM market called Prime LIFE.  The Prime LIFE product is the first reverse mortgage based off prime and has lower fees when compared to the LIFE Plan and [...]

Virtual Bank is taking a different approach to reverse mortgages than most other lenders by moving away from the FHA standards we are all used to.  Instead of offering the HECM product they decided to offer a proprietary product that has a lending limit of $417,000.  They are hoping to capitalize on the market [...]

Virtual Bank, a division of Lydian Private Bank announced today the formation of their Seniors Lending Group which specializes in a suite of conventional reverse mortgage products. According to the press release, Virtual Lending Group has developed three reverse mortgage products called Lifetime Income From Equity (“LIFE”). The LIFE Plan, Prime LIFE, and [...]