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 [...]

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 :

1st Reverse Financial Services announced yesterday that it will start taking applications for its new jumbo reverse mortgage product starting March 25, 2009.  The FLEX-XL™ will initially be available to retail customers and a select group of correspondent before it’s opened up to everyone said President Ralph E. Rosynek.  The FLEX-XL is an adjustable rate [...]

Seeking Alpha posted a transcript from WSFS Financial Corporation’s Q4 earnings call where the company discussed its acquisition of 1st Reverse Financial.  The company acquired a majority stake in the company in April of 2008 for about $3.4 million. The call includes questions from KBW and Kennedy Capital and covers why WSFS bought 1st Reverse [...]

1st Reverse recently announced some changes to its HECM Pathway product, which is designed to assist borrowers in hardship situations where they receive little to no proceeds after settlement.  Starting in 2009, the program includes four major changes to help more borrowers qualify:

Lots of RMD readers want to learn more about the HECM for purchase, so I wanted to pass along an event that 1st Reverse is putting on next week. On January 20th at the Holiday Inn Oak Brook Terrace, they will go over the following: HECM for Home Purchase New Changes to HECM Products, Indexes [...]