Knight Completes Urban Financial Acquisition

Knight Capital Group, Inc. (NYSE Euronext: KCG) announced it closed the acquisition of Urban Financial Group, Inc., one of the largest reverse mortgage lenders in the country late Thursday. The purchase of Urban provides Knight with an origination securitization distribution model in home equity conversion mortgage backed securities according to Thomas M. Joyce, Chairman and Chief […]

Lincoln Appraisal and Settlement Services Expands Reverse Mortgage Footprint

Lincoln Appraisal & Settlement Services continues to expand its reverse mortgage presence by adding Urban Financial to its list of reverse mortgage lenders using its appraisal management and settlement services. Licensed to work in Oklahoma, Kansas, Missouri, Colorado, Illinois, Indiana, Wisconsin & Michigan for reverse mortgages, Urban Financial Group has the ability to customize loan […]

Wholesale Reverse Volume Down, Urban Takes Top Spot

Wholesale reverse mortgage volume fell 21.9% from February, coming at 3,038 units during March said the latest report from Reverse Market Insight.  Retail products was down 10.9% from February. Large lenders continue to dominate the industry, controlling 88.3% of March volume. This is slightly off from last month’s figure of 92.4%, but still above trend for […]

Knight: Reverse Mortgage Acquisition Provides Attractive Growth Opportunity

A couple weeks after announcing the acquisition of Urban Financial Group, Tom Joyce, CEO and Chairman of Knight Capital Group, Inc. (NASDAQ:NITE) said the purchase provides Knight an attractive growth opportunity during a conference call with analysts after the company’s first-quarter net profit jumped to $27.8 million from $9.4 million, a year earlier. Expected to […]

Knight Capital Group to Purchase Urban Financial

Knight Capital Group, Inc. (Nasdaq: NITE), announced that it has agreed to acquire Urban Financial Group, Inc., a privately-held, independent reverse mortgage mortgage company based in Tulsa, Okla. The acquisition will provide Knight’s fixed income team with a captive new issue pipeline of HECM mortgage-backed securities (HMBS) for institutional clients said the company in a […]

Financial Freedom Discontinues Fixed Rate Reverse Mortgage in Illinois

Financial Freedom announced that it’s discontinuing the HECM fixed rate product in the state of Illinois, effective immediately said the company statement. The statement read that: We will continue to process and fund existing Illinois Fixed-Rate loans in the pipeline pending further review of our ongoing ability to sell these loans, but can provide no […]

MetLife Grabs Top Wholesale Reverse Mortgage Lender Spot

Reverse Market Insight reports that after last month’s 20% drop, wholesale volume picked up a bit in June, growing just north of 8% to 4,623 units, with trailing 12 month volume coming in at 60,448. Below is a list of the top wholesale reverse mortgage lenders over the last 12 months.   Lender Units Growth […]

Reverse Mortgage Companies See Opportunity in Wholesale

When JB Nutter announced it was suspending new submissions for its wholesale business, brokers scrambled to get files closed with other lenders and it lead to slower turn times across the industry.  While things seem to be back to normal at Nutter, its “hiccup” at the beginning of the year was a great opportunity for […]

Reverseit Plans For Wholesale Reverse Mortgage Growth

When you take a look at the Top HECM Lenders of 2008, there are only two independent reverse mortgage lenders that crack the top 10.  One of those independent lenders is Tulsa, OK based Urban Financial Group, who saw its volume grow over 30% in 2008. Urban Financial uses a dual channel approach by having […]