Top-25 industry lender Proficio Mortgage Ventures has decided to “wind down” its reverse mortgage operations, RMD has learned.
“As a business matter, Proficio has made the decision to wind down the reverse mortgage operations,” Proficio President and Chief Operating Officer Steve Chapton told RMD via email.
Proficio Mortgage Ventures is a wholly-owned subsidiary of Proficio Bank, a state chartered bank headquartered in Salt Lake City, Utah. The company’s reverse mortgage division is based in Henderson, Nev.
The extent to which Proficio plans to wind down its reverse mortgage operations remains unclear.
So far in 2016, Proficio has totaled 80 HECM endorsements through March, a 77% drop from its year-ago volume, when the company reported 350 loans during the first three months of 2015, according to industry data tracked by Reverse Market Insight.
Written by Jason Oliva