There’s a new reverse mortgage title company in town. America’s Reverse Title, based in Clearwater, Florida and launched in 2010, sees the reverse mortgage market as poised for growth, and says its national title experience will lend itself to expansion in the reverse market.
America’s Reverse Title, or “ART,” is one of several companies housed under the National Title Network corporation, which primarily includes refinancing as well as both forward and reverse mortgage title divisions. Vice President of Sales Chris Beard says founders William Baumgart and Paula Pautauros entered the reverse title industry at a strategic time, especially with the slowdown of the refinancing market.
“With reverse mortgages, there’s less fallout on the purchase side. Once the counseling is started, [the loan] usually goes through, and on the title side as well. Plus, the senior market is going to be growing in the next 15-20 years, and we’re going to see a continued growth,” said Beard. “I think what differentiates us is our long term title experience in the industry, reverse-trained closers, flat service fees, nationwide coverage and commitment to build strong relationships with our reverse producers.”
Baumgart and Pautauros are the former founder/CEO and senior vice president, respectively, of TransContinental Title Company, which was sold to First American Corporation in 2006.
National Title Network already works with some large lenders, including TD Bank and Mortgage Investors, and now ART is pursuing Wells Fargo reverse producers, Beard says. ART’s services include providing property reports, title searches, title insurance, deed recording, escrow agency and all other services required to close mortgages, and the company expects the majority of the its closings will be refinances in which borrowers obtain a reverse mortgage loan. ART can close in all 50 states as well as the Dominican Republic.
Written by Alyssa Gerace