After MetLife Exit, Lenders to Fast-Track New Reverse Brokers, Applications

Genworth Financial Home Equity Access (GFHEA) announced Friday that the company will accept applications from new reverse mortgage partners without requiring an application package to be generated through its GFHEA system. It also has implemented a “fast-track” broker approval process to allow for new business partners as quickly as possible.

The announcement comes on the heels of MetLife’s decision on Thursday to retreat from the reverse mortgage business, leaving its post as the No. 1 lender.

“Growing our reverse mortgage business and delivering world-class customer service are ourtop priorities in 2012,” said Pete Engelken, President of GFHEA. “To support this vision, we havemade significant enhancements to many of our programs, systems, and processes.”

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Those changes include real-time loan status available online, new marketing materials to help find customers, new operations structures, new training paths based on partner needs and an industry first iPhone™ app—”Reverse2go.”

“We also are looking to hire top quality sales and operations staff to support our growth plans,” Engelken said.

Other lenders too have implemented plans to fast track brokers, if they don’t already do so. Security One Lending, for example, offers 48 hour turn times for new partners.

Written by Elizabeth Ecker

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