EquiPoint to Wind Down Reverse Mortgage Business

EquiPoint Financial is winding down its reverse mortgage business at year-end, and its loan officers are seeking new opportunities, sources close to the company have told RMD.

The San Diego-based company was acquired in October 2010 by insurance provider LTC Global, and has since operated a team of loan officers under the leadership of its parent company.

Those loan officers are now seeking new opportunities, several sources have confirmed to RMD, with the understanding they will close for business at year-end.

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The company closed 348 reverse mortgages in the 12 months ended October 31, according to the latest data from Reverse Market Insight, putting EquiPoint at the No. 25 lender spot for retail and wholesale combined.

A source at EquiPoint declined to comment, but said the company was going through a transition period. Additional requests for comment from LTC Global were not returned as of press time.

Written by Elizabeth Ecker

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  • This is sad especially for the loan officers who were working for the company for a very long time. Let us just hope that they can immediately find new jobs before the year end so they do not have to worry much about their future. 

  • It has nothing to do with California Assemby Bill 793.

    What it does “have to do with” is a company named LTC Global that came into this industry with naïveté and total ignorance about our industry. They bought two good, solid lenders in1st Mariner and Equipoint and because of LTC’s total ineptness, destroyed jobs and opportunities for many people.

    I have seen this before and unfortunately, it will happen again. Damn shame for all those people losing thier jobs.

    • reversemaniac,

      Yet despite the ignorance and naïveté the company became the 25th largest lender in the industry. 

      It is clear you believe you know what you are talking about but many of us do not.  Perhaps you can put some meat on the bones.

      This kind of announcement could have happened at any time but it comes now.  Here is a company headquartered in California whose principal business is rooted in insurance with a draconian law exclusively related to insurance business production and reverse mortgages going into effect in less than 2 weeks.  It would seem the timing of the announcement could have been influenced by the date the new law goes into effect, sort of like the straw that broker the camel’s back.

      It is hard to believe that the timing (not the reason behind the announcement) “has nothing to do with” AB 793.

  • Any mixture of insurance and HECM products will prove to be toxic going forward. Is anybody really going to be surprised when Met Life quietly exits the RM business altoether down the road? They have already ditched the banking to concentrate on their core business- INSURANCE What a shame, they are such a fine outfit but hey…Big Brother knows best..knows best about stifling industry that is.

  • Any mixture of insurance and HECM products will prove to be toxic going forward. Is anybody really going to be surprised when Met Life quietly exits the RM business altoether down the road? They have already ditched the banking to concentrate on their core business- INSURANCE What a shame, they are such a fine outfit but hey…Big Brother knows best..knows best about stifling industry that is.

    • James,

      I may be naive but I strongly believe MetLife will keep the reverse mortgage unit UNLESS someone buys MetLife Bank and insists those operations be part of the acquisition or if someone is willing to pay enough for it as a separate unit.

    • James,

      I may be naive but I strongly believe MetLife will keep the reverse mortgage unit UNLESS someone buys MetLife Bank and insists those operations be part of the acquisition or if someone is willing to pay enough for it as a separate unit.

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