Melville-based Vertical Lend, doing business as Mortgage Warehouse on Long Island, announced Monday that it has been bought by Belgian bank KBC. Vertical Lend also owns Lender Lead Solutions, which offers reverse mortgage leads through its Senior Lending Network. Along with offering leads, LLS opened up a reverse mortgage wholesale operation in February of this year. “What KBC brings to the table is financial backing and the ability for us to develop new proprietary products,” said Vertical Lend’s founder and CEO David Peskin. Currently, LLS doesn’t offer any jumbo reverse mortgage products through their wholesale operation, but it looks like this might change now that they have the backing of KBC.
While Melville is also the base of American Home Mortgage who recently filed for Chapter 11, Vertical has already hired a few of the 700 former AHM employees that were laid off late last week. Peskin said the company received 100 to 150 resumes over the weekend, and could hire up to 100 people if their qualifications fit the company’s needs. “This is why I don’t want people to be negative about the industry, because we’re growing,” Peskin said. To read a full copy of the press release click the link below.
Belgian bank to buy Melville mortgage co. Vertical Lend (Newsday.com)
Technorati tags: Reverse Mortgage, Lender Lead Solutions, Vertical Lend, KBC, LLS, Reverse Mortgage News
