1st Reverse Mortgage USA Hires Todd Zurik in Houston

1st Reverse Mortgage USA recently hired Todd Zurik as a senior loan consultant in its Houston office. The Houston-area native and graduate of Stephen F. Austin State University in Nacogdoches, Texas has previously worked as a retail lending branch manager, wholesale lending account manager, and a foreclosure liquidator during his more than 30 years in […]

Reverse Mortgage Volume Up as AAG Keeps Top Lender Spot

American Advisors Group (AAG) is continuing to drive top volume among reverse mortgage lenders, according to the latest Department of Housing and Urban Development data, reported by Reverse Market Insight (RMI). AAG ranks as the No.1 Top-10 lender in May, with 1,382 loans closed during the month. One Reverse Mortgage LLC follows with 396 loans closed. AAG […]

WSFS Employee Receives NRMLA CRMP Designation

WSFS Financial Corporation, the parent company of WSFS Bank, announced that Henrietta Belcher-Stack, Assistant Vice President of Reverse Mortgage, received the first Certified Reverse Mortgage Professional (CRMP) designation. The CRMP designation was created by an Independent Certification Committee comprising of members from the National Reverse Mortgage Lenders Association (NRMLA) that administer the program, while working […]

WSFS Completes Wind Down of Reverse Mortgage Subsidiary

WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Wilmington Savings Fund Society, FSB (WSFS Bank), reported breakeven net income for the fourth quarter and a loss per common share of $0.09 after preferred stock dividends. WSFS also completed the wind-down of 1st Reverse Financial Services, its national reverse mortgage subsidiary which contributed a loss […]

WSFS Expects Wind Down of Reverse Mortgage Subsidiary by Year End

WSFS Financial, the parent company of Wilmington Savings Fund Society, FSB reported a breakeven net income for the third quarter and a loss per common share of $0.10. “We have made fundamental progress at improving our core franchise and earnings power, and while our results have stabilized in the third quarter, we continue to be […]

Reducing the Impact of Decision to Cut Reverse Mortgage Principal Limits

The US Department of Housing and Urban Developments decision to reduce the principal limits for the Home Equity Conversion Mortgage (HECM) has received a decent amount press over the past couple of weeks. The Washington Post covered how the Federal Housing Administration’s reverse mortgage program faces changes due to an estimated budget shortfall of $798 […]

1st Reverse Winding Down, Still Funding Loans In Process

Earlier today Wilmington Savings Fund Society, FSB announced it was winding down 1st Reverse Financial Services, its reverse mortgage subsidiary in the third quarter. Effective at the end of business on July 31st, 1st Reverse will no longer accept any new loan applications from the company’s network of retail loan originators and wholesale lending partners.  […]

WSFS Reverse Mortgage Subsidiary Posts Loss, Earnings Call Details

WSFS Financial Corp earnings showed a pre-tax loss of $586,000 during the first quarter of 2009 for its reverse mortgage subsidiary 1st Reverse Financial Services.  The company acquired a majority stake of 1st Reverse in April of 2008 for about $3.4 million. 1st Reverse’s Q1 2009 numbers show an improvement compared to a pre-tax loss […]