Nationwide Equities Corporation, a top-10 reverse mortgage lender, today announced its decision to join the National Reverse Mortgage Lenders Association and take several steps to “shore up the confidence level with HECM-to-HECM loans.”
The Mahwah, N.J.-based lender said it “placed its differences aside” with NRMLA and pledged to adhere to its code of ethics, and also plans to develop a training and recruitment program for traditional “forward” mortgage originators who wish to enter the Home Equity Conversion Mortgage space. In addition, Nationwide will set up a call center, led by regional manager Bobby Windsor, to handle new reverse mortgage business.
“We encourage all HECM originators, regardless of their volume, to join and become members of NRMLA, which is our sole voice in Washington,” Nationwide CEO Paul Lamparillo said in a statement.
“With uncertain times ahead, it is imperative that we all support our industry voice, which is the direct representative of its members. In unity there is strength, which ensures for all of us a firm footing with HUD, in Washington, and with all regulatory agencies.”
Lamparillo also announced Nationwide’s decision to increase its focus on new HECM originations.
“With less than 2% market penetration, the reverse mortgage industry has tremendous room for growth, while also providing an ethical and moral parachute for those seniors who struggle to have a financial balance in their ‘gray’ years,” Lamparillo said. “Nationwide Equities will do its part to contribute to this growth.”
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