Urban Financial of America (UFA) is now licensed to offer its retail and wholesale reverse mortgage businesses to include the state of Hawaii, the company announced Monday.
Both reverse and traditional forward mortgage companies licensed in Hawaii can now offer UFA’s competitively priced reverse mortgages. Additionally, Hawaiian homeowners can also contact UFA directly to work with a licensed reverse mortgage specialist.
“Our underwriting team and locally-based account executive have a deep understanding of the valuations, environmental zoning, landscaping requirements and other unique aspects of the Hawaii real estate market as well as the needs of brokers and correspondent lenders,” said UFA President Steve McClellan in a written statement.
A top-5 reverse mortgage lender, according to the most recent Reverse Market Insight report, UFA logged 180 loans in June to bring its trailing 12-month tally to 3,589 loans to date.
Meanwhile, as total endorsements overall dropped 12.7% nationwide as of June, the Pacific/Hawaii region was the only area to post positive volume during the month, increasing 6.1% from May to 901 loans, according to the RMI data.
“With our years of expertise, reputation for making the process easy, and our highly competitive pricing as one of the largest GNMA issuers, UFA is an excellent partner not only for Hawaii’s current reverse mortgage providers but also forward mortgage companies looking to expand into the reverse mortgage business,” stated McClellan.
Leading UFA’s wholesale efforts in Hawaii is Herbert Lau, a resident of the state and a 16-year veteran in the mortgage business.
The addition of Hawaii adds to UFA’s reverse mortgage reach, which includes 45 states and Puerto Rico.
Written by Jason Oliva