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. However, the company will process, underwrite and fund all loans currently submitted or received by July 31st.
“Our primary goal during this wind-down of operations is to protect and serve the seniors who have reverse mortgage loan applications on file with 1st Reverse,” said Ralph Rosynek, President and CEO of 1st Reverse.
“Management and staff have taken pride in the company’s record and reputation for support and service to seniors and our business partners. The decision to close our company will not alter our commitment to the seniors we so proudly serve, our business partners who have chosen to work with us, and the vendors who have supported us”, said Rosynek.