Mortgage Banker 360 Mortgage Group is making entry into the reverse mortgage business after the recent hire of Mike Suits and partnership with loan origination platform ReverseVision.
The privately owned mortgage bank has a primary focus on third party origination and has built its business on a high-technology platform used to communicate with customers and business partners. Based in Austin, Texas, 360 Mortgage Group is a Ginnie Mae Issuer operating in 44 states.
The company says it has had plans to enter the reverse mortgage market for some time, and accelerated that timeline after hiring Suits, who brings many years of experience in the business. Plans include operations in retail, wholesale and correspondent lending channels.
“We are a traditional mortgage company that leverages technology as its competitive edge,” said Mark Greco, President and Founder of 360 Mortgage Group. “We are eager to apply our traditional know-how in the reverse space and we are confident that the ReverseVision end-to-end platform will support our success.”
The partnership with ReverseVision was announced in conjunction with the entry into the reverse space this week. ReverseVision stressed 360 Mortgage Group’s experience as a lender and its opportunity for expansion into reverse.
“360 Mortgage Group has been an exciting innovator in mortgage lending since 2007 and it speaks volumes about the opportunity in reverse lending that they’ve entered the ring,” said ReverseVision President John Button. “It is always good to get validation on our solutions from businesses that have made technology a centerpiece.”
In addition to being a Ginnie Mae issuer, 360 Mortgage Group is a direct Fannie Mae and Freddie Mac seller servicer. The company was founded in 2007.
Written by Elizabeth Ecker