MetLife will continue to buy closed loans from Lenders One, the companies announced this week. Reverse mortgage loan originator and seller Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services announced this week it is renewing its exclusive partnership with MetLife Home Loans. Under the partnership, MetLife agrees to purchase cooperative members’ closed reverse mortgages and fixed-rate HECM loans exclusively through its correspondent division.
“More individuals are exploring reverse mortgages as an option to help meet some of their financial obligations,” said Michael Mooney, assistant vice president with MetLife Home Loans. “Lenders One members are taking advantage of reverse mortgages, which further solidifies our partnership.”
Reverse mortgages are gaining more interest among Lenders One members, the cooperative said in a statement. That interest is reflected in the increase in the number of reverse mortgages closed by Lenders One this year; in the second quarter reverse mortgage volume was $27.3 million compared with $23.8 million for the same quarter in 2010.
“Our members have been successful at the community level because they strive to meet the needs of the individual instead of trying to make the individual fit into a specific loan product,” said Scott Stern, CEO of Lenders One.
The renewal agreement extends the partnership for two years.
Written by Elizabeth Ecker