Fortes Financial Closing Doors, Reverse Mortgage Business Remains Open

image Fortes Financial announced on its website that it has decided to wind down operations of the company and its divisions as of November 24, 2008.  The company’s Board of Directors made the decision and will not be accepting any new loan submissions or will it fund any loans currently in the existing pipeline.

Fortes Financial was founded in August of 2007 by Peter J. Levasseur with the help of Cagan McAfee Capital Partners.  The company had hoped to leverage opportunities arising form the current mortgage market by acquiring existing mortgage banking companies.  Earlier this year the company had acquired five wholesale offices from National City and three retail banking offices. 

Fortes also had a reverse mortgage division which operated as Security One Lending.  Individuals at Security One Lending told RMD that they are still in business and will continue to operate under the Security One Lending name. 

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Below is a copy of the message from Fortes which you can also find at their website.

After careful thought and consideration, the Board of Directors of Fortes Financial, Inc has decided to wind down operations of the company and its divisions as of November 24, 2008.

Effective immediately, Fortes will not be accepting any new loan submissions nor will it fund any loans currently in the existing pipeline. We regret having to take this action and the disruption it may cause the parties involved.

We want to sincerely thank you for your business and wish you all the best in your future business endeavors. We are committed to making this process as smooth as possible.

All notices and communication should be directed to customer service at (949) 215-7770 or customerservice@fortesfinancial.com.

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