Reverse Mortgage Lender Network is one of the new additions to a small list of reverse mortgage wholesale lenders that are offering the Fixed Rate HECM to their approved brokers. RMLN is a division of One Mortgage Network and they are based out of San Diego, CA.
According to Kimbery Kerrigan, Senior VP of RMLN, “As a company, we are in a position to aid brokers not currently in the reverse mortgage business to break into the industry. For these types of accounts we offer additional training and support so that they can begin reaching desired levels of production at a quicker than average rate. ” Today, many reverse mortgage lenders charge a substantial application fee that can deter new brokers looking to get into the reverse mortgage business. Ms. Kerrigan notes that, “Our fees are nominal compared to industry standard. For brokers currently in the RM industry, there is NO fee to get approved with our company. For brokers not currently in the industry but are FHA approved, there is a $250 flat fee for RM product training. For brokers neither in the industry nor FHA approved, there is a $500 flat fee for FHA approval support and RM product training.” The training provided also helps brokers learn RMLN’s point of sale technology with is completely web based. The technology allows users to get quick quotes on all of the products offered, as well as real-time underwriting status, and user friendly good faith estimates.
At the moment RMLN is offering three different HECM products: Fixed Rate HECM, HECM 100, and HECM 150. Ms. Kerrigan also noted that, “Our HECM compensation structure includes a very competitive back end premium.” As well as the three HECM products, RMLN will be releasing a new proprietary product called “Pinnacle Prime” which will be a jumbo fixed rate loan based off of prime rate. As well as offering these products to their brokers RMLN also allows brokers to use their Broker Advisor Program which enables their approved brokers to solicit reverse mortgage business from non-FHA approved mortgage brokers. To get more information regarding RMLN feel free to click the link below.