American Bankers Assoc. Forms Reverse Mortgage Partnership With S1L

American Bankers Association subsidiary Business Solutions today announced Security One Lending will be its strategic alliance partner to offer reverse mortgage products and solutions to its membership.

The program will allow small banks to offer reverse mortgages locally by its partnership with S1L, a top-5 reverse mortgage lender that recently ramped up its reverse mortgage team following the departure of MetLife from the business.

“Community bank customers inquire about reverse mortgages, and this program makes it possible for smaller banks to offer them locally,” said Bill Kroll, president of Business Solutions.

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San Diego-based S1L recently hired more than 100 former MetLife reverse mortgage professionals and expanded its reach throughout the East Coast to boost its national presence.

“We’re thrilled to have this relationship with Business Solutions, and the opportunity to serve ABA member banks,” said Michael Mooney, Security One Lending’s senior vice president for wholesale lending, who formerly led MetLife Home Loans’ wholesale reverse mortgage business. “Security One Lending’s mission is to help older adults secure the power to live their lives with greater financial flexibility. We’re eager to help ABA members more fully serve their customers by sharing our reverse mortgage expertise and innovation, competitive products, industry-leading systems and processes, and outstanding service.”

Written by Elizabeth Ecker

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  • I
    am interested in the details of this partnership. However I don’t know that these
    details will be made available. Will S1L be originating these loans directly or
    will an LO at the local bank? Is the arrangement such that S1L compensates the
    referring/originating bank? If S1L is receiving referrals from the bank are
    they being forwarded to a local S1L LO or might they be available to their
    broker partners? Is this simply a formal agreement by the ABA to promote S1L to
    their member banks as the reverse mortgage partner of choice with no
    compensation being exchanged but rather the reputation of the ABA amongst their
    members as leverage to S1L? Just some questions that come to mind after reading
    this article.

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