The veteran-owned, federally chartered The Federal Savings Bank has announced it is targeting reverse mortgages growth and has partnered with ReverseVision as its origination software system.
The Chicago-based bank currently operates across all 50 states with a team of 40 originators focused on serving U.S. military veterans.
The company says it is focused on offering the Home Equity Conversion Mortgage product to assist veterans on fixed incomes.
“Offering HUD’s HECM product is critical to our mission, which is why we have offered reverse mortgages since our founding in 2011,” said The Federal Savings Bank EVP Michael Crossett. “HECM reverse mortgages allow our bank to serve the interests of our seniors and veterans on fixed incomes.”
The Federal Savings Bank is now focusing on the HECM for Purchase market, following its past success in residential purchase transactions.
“At a macro level we are interested in the safety and soundness of the loans we originate and the borrowers we serve, so we want to support and grow this channel in a prudent manner,” Crossett said. “We have complete confidence in ReverseVision as our reverse mortgage loan origination platform.”
ReverseVision, which has recently announced the addition of several new partnerships including Universal Lending Corp., Live Well, Mason-McDuffie and 360 Mortgage Group, welcomed the bank to its client roster.
“We are delighted to add The Federal Savings Bank to the RV Exchange,” said ReverseVision President John Button. “It is gratifying to be a trusted service provider to organizations that emphasize quality and integrity in delivering the HECM program to its intended recipients.”
Written by Elizabeth Ecker