1st Reverse Financial Services announced yesterday that it will start taking applications for its new jumbo reverse mortgage product starting March 25, 2009. The FLEX-XL™ will initially be available to retail customers and a select group of correspondent before it’s opened up to everyone said President Ralph E. Rosynek. The FLEX-XL is an adjustable rate […]
Category: 1st Reverse
Seeking Alpha posted a transcript from WSFS Financial Corporation’s Q4 earnings call where the company discussed its acquisition of 1st Reverse Financial. The company acquired a majority stake in the company in April of 2008 for about $3.4 million. The call includes questions from KBW and Kennedy Capital and covers why WSFS bought 1st Reverse […]
1st Reverse recently announced some changes to its HECM Pathway product, which is designed to assist borrowers in hardship situations where they receive little to no proceeds after settlement. Starting in 2009, the program includes four major changes to help more borrowers qualify:
Lots of RMD readers want to learn more about the HECM for purchase, so I wanted to pass along an event that 1st Reverse is putting on next week. On January 20th at the Holiday Inn Oak Brook Terrace, they will go over the following: HECM for Home Purchase New Changes to HECM Products, Indexes […]
Today, 1st Reverse Financial Services announced the launch of its new E-Retail Reverse Mortgage Center to help leverage its originators out in the field, call center, and internet based loan origination activities. Located outside of Cleveland, Ohio the center is managed by Pamela Burkett and staffed with several experienced reverse mortgage lending professionals. The office […]
1st Reverse Financial Services, a subsidiary of Wilmington Savings Fund Society, FSB (WSFS Bank), continues to expand its retail presence in the reverse mortgage marketplace with the addition of Tim Linger as Mid-Atlantic Retail Sales Manager. The addition of Linger comes just a few days after 1st Reverse hired Robert Wallace to head their retail […]
1st Reverse Financial Services, a subsidiary of Wilmington Savings Fund Society, FSB (WSFS Bank) continues to grow its retail footprint with the addition of Robert Wallace as its Eastern Region Director of Retail Reverse Mortgage Lending. Based out of its Westmont, IL headquarters, Wallace will manage all of 1st Reverse’s retail lending operations east of […]
1st Reverse Financial Services, a subsidiary of Wilmington Savings Fund Society, FSB announced that Roger Cresswell has joined the company as the head of it’s Southeast Regional Retail Group. Based in 1st Reverse’s Florida location, Cresswell will help expand the company’s retail footprint by adding another 60 retail originators in the next few months. Cresswell […]
This week 1st Reverse Financial Services announced that it has hired two new executives to help expand their growing wholesale lending business. Jack McGovern will be their Southwestern Regional Director of Correspondent Lending and Jamie Longe will serve as the Northeastern Regional Director under the direction of Jeanette Heller, 1st Reverse’s First Vice President. “We […]
Today 1st Reverse Financial Services announced that they have updated their HECM Pathway™ program which is designed to assist borrowers in hardship situations where they receive little to no proceeds after settlement. The product can also be used if borrowers are short on funds to close and are required to bring funds to settlement. Originally […]
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