First National Bank of Layton has launched a new reverse mortgage production center, the company confirmed Wednesday, with the help of Joe Morris, Generation Mortgage founder and longtime reverse mortgage executive. FNB has experienced steady growth in its reverse mortgage volume in 2011, and is continuing its efforts into 2012.
With the help of its new production center, now operating in Kennesaw, Georgia, FNB says it will increase its reverse mortgage production and is seeking experienced loan officers to staff its new operation.
“First National Bank gives us a national platform where we can operate in every state,” Morris says.
The new center currently staffs three originators, but Morris says it is looking to hire several more in 2012.
With respect to a recent financial assessment implemented by one major lender and encouragement of the National Reverse Mortgage Lenders Association for other lenders to follow suit, Morris says the timing of the production center is beneficial.
“Looking at this business model of the production center, we will be able to [better] navigate it,” he says, noting that the use of more leads can help to counteract any volume lost due to the assessment.
First National Bank of Layton has already seen volume increase in 2011, rising to become a top-15 lender. The bank’s year-to-date reverse mortgages endorsed through September totaled 612 loans, according to data from Reverse Market Insight.
Written by Elizabeth Ecker