Synergy One to Acquire Midwest-Based Lender BBMC

Synergy One Lending announced Wednesday it will acquire some of the assets of Lombard, Illinois-based BBMC Mortgage, broadening its presence in both forward and reverse mortgage markets. San Diego-based Synergy One, which offers reverse mortgages under the Retirement Funding Solutions brand, was recently acquired by Mutual of Omaha Bank. Mutual of Omaha stated its commitment to […]

HECM for Purchase Success Can Rest on a Few Key Connections

It’s a given that Home Equity Conversion Mortgage for Purchase originators rely on partnerships with builders to grow their business. Not only do they accrue business referrals this way, but originators become an important conduit by helping builders educate their clients about the program and potentially sell more homes. With the right person, a single […]

Wave of New Private Reverse Mortgages to Hit This Summer

On the same day Reverse Mortgage Funding announced its new proprietary Equity Edge Reverse Mortgage, two more companies affirmed their commitment to building the private home equity conversion loan space. Longbridge Financial will introduce multiple private reverse mortgage products this year, CEO Chris Mayer announced Monday* at the National Reverse Mortgage Lenders Association’s eastern meeting […]

Reverse Mortgage Must Reads: Expansion Down Under, Mutual of Omaha

In case you missed them the first time around, reset your industry knowledge with a look at the top stories from the last seven days — including a peek at reverse mortgages down under, and the blockbuster entrance of a new player into the space. Australian Government Rolls Out Universal Reverse Mortgage Plan — In a […]

Mutual of Omaha Bank Enters Reverse with Synergy One Acquisition

In the wake of recent changes that have substantially altered the lending landscape, the reverse mortgage space has a new entrant. Mutual of Omaha Bank on Thursday announced the purchase of Synergy One Lending, a San Diego-based lender and top-five originator of Home Equity Conversion Mortgages through its Retirement Funding Solutions brand. “We are a […]

Reverse Mortgage Originators Tackle Ways to Improve Servicing

Reverse mortgage lenders and originators have made great strides in improving the product’s image over the last decade. But once the borrower signs the loan documents, his or her fate — and the loan’s reputation — is fully in the hands of the servicer. Although all lenders interviewed for this article expressed satisfaction with the […]

New Rules Improve the HECM for Purchase, But Challenges Remain

Recent changes to the reverse mortgage program that reduced principal limits and amended ongoing insurance premiums have many originators expecting a slump in business. But some say the Home Equity Conversion Mortgage for Purchase is greatly improved under the new guidelines, and they plan to double down on their efforts to promote the product in […]

Some Progress, More Frustration with HECM Roadblocks in Some Towns

For the last two and a half years, John and Deena Baird have been trying to secure a reverse mortgage on their home in Sun City, Ariz., a 55-and-over retirement community northwest of Phoenix. But due to an obscure Federal Housing Administration rule, they’ve been unable to close the deal — and they aren’t alone. […]