Bank Launches Reverse Mortgage Subsidiary

image Mortgage Services III (MSI) announced the launch of Reverse Mortgage Division along with a new website.   

"The Reverse Mortgage is a powerful and incredible product for seniors allowing them to stay in their homes, and maintain or increase their present lifestyle," commented Stephen Gorman, Vice President Reverse Mortgage Division of Mortgage Services III, LLC.

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The company is headquartered in Bloomington, IL and is a subsidiary of First State Bank.

According to the company website, MSI has eight reverse mortgage loan officers.

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  • I suspect to get away from the onerous National State affilated licensing program, one will see a great deal more of this bank subsidiary business.
    I was recently contacted by a bank multi-level reverse mortgage program “sales manager” (paid so he said at the 70% level) who was recruiting “fellow” loan originators (paid at the 50% level) underneath him.
    Allegedly, the Company was headquartered on the East Coast and owned by a bank in Illinois. One of the key “managers” above him was a man who blogs on this site quite often, also allegedly. The sales point on switching to this Company was the ability to sell in almost all 50 States by telephone, USPO, UPS, and Fed-X without being individually State Licensed. Frankly, I think HUD/FHA ought to require face-to-face Applications by the loan originator who actually signs the FHA HECM Application. Seniors deserve such treatment.

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