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I’m back from the NRMLA conference in LA and one of the “big announcements” was the launch of NRMLAPedia, a resource guide for lenders that provides technical knowledge about reverse mortgages.  Think Wikipedia for reverse mortgages… great idea right?  I think so…

NRMLAPedia was created by NRMLA members over the past few months and NRMLA has decided to charge a “nominal” fee for access to it.  Yes, NRMLA is charging its own members to access something they created… such a NRMLA move.  Maybe they want to recoup the costs of burning NRMLAPedia onto CD’s since that’s the way they’re planning on distributing it.  The press release does say that they will eventually put it online, but doesn’t say whether or not they charge members to access it.

I’m going to offer to host NRMLAPedia on my server for free… as a dues paying member of NRMLA, I will happily incur the costs of bandwith and storage as long as NRMLA agrees to provide access to other members for free.  The members of NRMLA contributed all of the content for it, why should we have to pay for it?

This is part of my frustration with NRMLA and I know others feel the same way.  At the conference I was told that NRMLA is looking for new ways to generate extra revenue… makes sense, but why are they trying to increase revenue by nickel and diming its own members instead of trying to increase membership?  We all know there are plenty of originators in the business who are not NRMLA members… why not use something like NRMLAPedia as a way to entice originators to join?

Whether it’s the $25 Learn While You Lunch or the “nominal fee” for access to NRMLAPedia, why do they charge members for these things?  I know this is a bit of a rant, but I’m tired of not saying anything about stuff like this.  Am I the only one that thinks their membership should include these things?

Technorati Tags: Reverse Mortgage,News,HECM,HUD,FHA,NRMLA

Did you know we have a job board?  If you receive our daily email updates (sign up) you already know MetLife and Golden Gateway are hiring.  Below are a few other companies looking to expand:

• Reverse Mortgage Specialist (Nationwide) Transcontinental Lending Group
• Reverse Mortgage Specialist (Nationwide) Value Financial Mortgage
• Reverse Mortgage Professional (California) FutureSafe Financial

The best and brightest of the reverse mortgage business read RMD.  Looking to hire people with reverse mortgage experience?  Post your jobs to Reverse Mortgage Jobs Online and RMD will help get the word out.

Reverse Mortgage Jobs Online

PS – It’s still free to post jobs, so add them quick before we change our mind.  =)

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Jobs

Reverse Mortgage Solutions (RMS) announced that First American’s reverse mortgage packages and services are now integrated into its RM Compass loan origination system.  RMS Customers will now have the opportunity to use First American’s reverse mortgage document preparation service through RMS’s web application and ultimately saving time and eliminating the need to re-key data.

“Our customers rely on us to build relationships with providers who have experience with reverse mortgages and offer products that will assist them with their operational processes,” said Chad Pupillo, Director of Origination Systems at RMS. “First American is a proven leader in reverse-mortgage documents and compliance. We are pleased to be able to add this important third-party provider to our enterprise LOS platform.”

The document preparation business is getting very competitive.  BayDocs has long been the biggest provider of reverse mortgage documents but is now seeing competition from First American and Mortgage Cadence’s Finale solution.

Last week I had dinner with a colleague who is from the forward mortgage world and has started doing some reverse mortgages over the last 6 months.  As we ate our dinner and drank our scotch and whined about the general market and economy, he blurted out that he thought there should be a Community Reinvestment Act (CRA) spiff for all the reverse mortgages that he had done.  “The only way I may money on forward mortgages in Chicago is because XYZ lender gave me an extra .75 Yield Spread because of their need to meet their CRA requirements.”

I explained that there were two ways to determine eligibility:  The first way is by subject property address AND income and the second method being the use of JUST the property address.  The first way takes into account income and a Chicago senior’s income is going to be less than the whopping $55,760 limit, so we come back to just the qualification of property address as the primary determining factor.  So if most of the reverse’s he’s done are in areas like Bronzeville, Berwyn, Hyde Park (the home of president elect Obama) and beautiful Woodlawn, are these more valuable for CRA purposes than doing something in the Gold Coast or Lincoln Park?  Are lenders getting “extra credit” for our urban adventures into those Low-to-Moderate income areas?  Should I be additionally compensated for these noble efforts or better yet a bullet proof vest?

If Cuba Gooding Jr.’s character in Jerry McGuire was a reverse mortgage originator he might say…”Some originators have coin, but I have the quan.”

Technorati Tags: Reverse Mortgage,HECM,FHA,HUD,News,Jerry McGuire

First American Corporation announced it has developed a new reverse mortgage tool to help servicers identify candidates who may be eligible for a HECM.  The tool provides servicers with a score that examines a broad range of homeowner and property data obtained from First American’s data repository, to determine whether a HECM can be used as one of it loss mitigation workout options.

According to the press release, the evaluation also considers factors like living trusts, bankruptcy filings and powers of attorney.  The servicer will then receive a report that includes an estimated principal limit after paying off any current liens, servicing fees, origination fees, mortgage insurance and closing costs. 

“Last year, 648,000 Americans age 50 and older fell behind on their mortgage payments, and nearly 50,000 went into foreclosure, according to the American Association of Retired People (AARP),” said Randy Gilster, of First American’s Outsourcing and Technology Solutions business line. “Homeowners who are 62 years or older and who have equity in their homes can often qualify for a federally insured reverse mortgage, without regard to their credit score. Our new score helps lenders identify the best candidates for these loans and gives default managers new options to help senior homeowners.”

Enterprise Lending Solutions provider Mortgage Cadence announced that it has added Tim Counterman as its new Director of Compliance.  Counterman brings over 15 years of experience in data quality analysis, operational risk/control, audit and compliance and previously worked with companies like Wells Fargo and Chase Manhattan Mortgage Corporation.  The announcement comes just a few weeks after announcing the arrangement with Weiner Brodsky Sidman Kider PC to help provide insight and analysis on federal and state regulatory matters.

“Lenders of all sizes are looking for compliance and regulatory solutions that enable them to quickly and confidently respond to the myriad of changes taking place, and Mortgage Cadence has the answers and expertise,” stated Michael Detwiler, Chief Executive Officer of Mortgage Cadence.

“To deliver compliance support and insight that is unmatched in the industry we have expanded our already extensive internal team of compliance experts with the addition of Counterman. This, in conjunction with our relationship with Weiner Brodsky Sidman Kider PC, provides our customers with extraordinary solutions and insight that they need to innovate, adapt and thrive in this changing mortgage marketplace.”

Genworth Financial announced it’s applying to become a savings and loan after it reached a deal to acquire Interbank, fsb.  Genworth, a provider of life and mortgage insurance products, will acquire the Maple Grove, Minnesota based bank for an undisclosed sum. The community bank has about $1 billion in assets according to its website. 

Assuming that the acquisition and change in status to a savings and loan holding company is approved, Genworth will be able to receive funding from the TARP.  The injection of capital will help the Richmond, Virginia-based company who has been battered by investment losses, and concerns that it would run short of capital. Its shares have fallen from $25.45 at the beginning of the year, to as low as $1 last week. 

What does this mean Genworth’s reverse mortgage provider Liberty Reverse?  It’s to early to tell but this should provide a cheaper source of funds for its reverse mortgage production. Liberty is supposed to become Genworth Financial Home Equity Access sometime today, but the website isn’t live yet.

Generation Mortgage recently announced that John Lucas has joined their California branch as a reverse mortgage originator.  Lucas brings over 19 years of reverse mortgage experience to the company and is the co-author of Reverse Mortgages for Dummies.

“We are ecstatic to have John join our Retail Division. He has years of industry experience, and along with national credibility, he will greatly expand our Southern California presence,” said Phil Goss, Generation’s California Branch Manager.

Lucas began originating reverse mortgages in 1989 when HUD was testing out the HECM with a select group of lenders and has played a key role in the growth of the industry over the years.  “I gave a great deal of thought when choosing a lender with which to associate; My criteria was to find a company with stability during these difficult times, one that is committed to the reverse mortgage industry and who was also very committed to servicing our senior clients with integrity and a desire to enrich their lives. Generation Mortgage was my clear-cut choice,” said Lucas.

In 2005, Lucas co-authored, “Reverse Mortgages for Dummies” with Sarah Glendon Lyons, to provide a common sense guide that covers all the reverse mortgage basics.  The book is published by the same people who brought you Excel for Dummies and countless other “Dummies” titles.

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Generation,Mortgage

Several RMD readers have been asking if  EquityKey is still accepting applications for its reverse mortgage alternative product and the answer is “Yes”.  According to Equity Key’s Janis Jarosz, VP of Marketing, October was the company’s strongest application month yet. 

While the company is still accepting applications, they have suspended funding for new applicants until the new year.  “We could resume funding before that, or it could extend into a period of time next year, but for planning purposes we’ve communicated that people shouldn’t anticipate a resumption in funding until at least January 1, 2009,” said Jarosz. 

Equity Key is owned by Belgium based KBC Financial Products, which also owns the Senior Lending Network.  SLN also suspended funding of its proprietary products and doesn’t expect to accept any new applications until January 1st, 2008.

I’ve spoken with several reverse mortgage originators who have started offering the product since jumbos have disappeared and their clients have been very happy.    Even when a few jumbo options were around, for some borrowers Equity Key’s product made more sense than a jumbo reverse mortgage. 

Equity Key is expanding into new states, so if you have clients with higher home values, this might be a good option for them. 

Equity Key

Canadian based Home Equity Income Trust (HOMEQ) announced that its originations grew by 10% to a quarterly record of $38 million compared to Q3 2007, and trailing fourth quarter originations grew to $139 million in comparison to $118 million during the period ended Q3 2007.

HOMEQ is an unincorporated open-end investment trust created to serve as a long-term funding vehicle for the reverse mortgage business developed by Canadian Home Income Plan Corporation (CHIP). CHIP is a financial services company exclusively dedicated to reverse mortgages in Canada and has been the main underwriter of reverse mortgages since 1986.   

According to the press release, the aggregate of new mortgage originations and accrued interest is outpacing repayments, resulting in acceleration in the rate of growth of the mortgage portfolio. During the trailing four quarters ended September 30, 2008 the portfolio grew 18% or $120 million to $798 million.

"As a result of conservative underwriting policies, our portfolio currently has an average loan-to-value of 36%, and less than 1% of the portfolio has a loan-to-value of over 70%, which would reduce the impact of a drop in residential real estate, should that occur. Over the last several years we have refined our underwriting inputs to reduce risk in the event of future property depreciation, and are constantly assessing residential real estate trends across the country", said Steven Ranson, President and CEO.

The statement from HOMEQ said they have revised its underwriting assumptions to reduce the average mortgage amount for new clients by 5-15% due to the uncertainty of financial markets across the globe. 

Home Equity Income Trust

A few reverse mortgage stories from around the web

• Moving forward on reverse mortgages (Chicago Tribune)
• ICFE Bows Home Certified Equity Mortgage Conversion Specialist Course
• FHA Issues Home Purchase Program, No Monthly Payments (HULIQ)
• LibertyStreet Financial Group Launches New Government-Backed Reverse Mortgage Program (MarketWatch)

Have a great weekend!

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Mortgage

National Mortgage News has been the source for updates on the sale of IndyMac, and today it’s reporting that the Federal Deposit Insurance Corp. hopes to complete a deal to sell a majority of IndyMac in December.  According to an agency spokesman, "Our intent is to sell as much of it as possible to one buyer". 

The FDIC has been using IndyMac to test its loan modification program and according to NMN, it’s expected that continuing the loan modification program will be a pre-condition of sale.  An investment banking source familiar with the transaction, added that at least two parties are involved in the latest round of bidding.  One of the bidders  is a top player in the alt-A market.  (is there still an Alt-A market?)

While the FDIC spokesman declined to discuss the bidding process, they did say, "We’ll be conducting bidding later this month." The FDIC placed IndyMac into a conservatorship this past summer and has been attempting to find a buyer ever since. 

One of the most valuable assets included in the sale of IndyMac is their reverse mortgage division, Financial Freedom.  While the Irvine, California based reverse mortgage lender has seen its production drop significantly over the past year, the company is still the #2 retail reverse mortgage lender and the #1 wholesaler according to data provided by Reverse Market Insight.

FDIC: IndyMac Sale Slated for December (Subscription Required)

Yesterday HUD published two new documents regarding the HECM for purchase and new mortgage limits to help clarify the changes.  The HECM for purchase document is a Q&A with 25 questions and the mortgage limits document includes a table displaying the loan limit and origination fee changes.

A quick look through the questions and here are three that I thought were important for originators to know (they’re all important, so definitely read it yourself).

What activities can be performed prior to January 1, 2009?

A. Lenders may take application but they may not process or perform services that would result in a charge to a prospective mortgagor.

Can lenders refer clients, who are interested in a HECM for purchase transaction, to a HUD-approved housing counseling agency before January 1, 2009?

No. Counseling on HECM for purchase transactions will become available January 1, 2009. Counselors need time to adjust to the new provisions

What property types are ineligible?

• Cooperative units.
• Newly constructed residence where a Certificate of Occupancy or its equivalent has not been issued by the appropriate local authority.
• Boarding houses.
• Bed and breakfast establishments.
• Existing manufactured homes built before June 15, 1976; and
• Existing manufactured homes built after June 15, 1976 that fail to conform to the Manufactured Home Construction Safety Standards, as evidenced by affixed certification labels (e.g., data plate and HUD certification label) and/or lack a permanent foundation as required in HUD’s Permanent Foundations for Manufactured Housing Guide.

You can see each document at the links below.

Purchase FACTS

Mtg limits & loan origination FAQS

Reverse Mortgage Daily will be in LA next week for the National Reverse Mortgage Lenders Association Annual Meeting and Expo.  We will be there covering any breaking news and I’m participating in the Effective Online Marketing Strategies session on Monday morning .  The session includes:

• Bob Purcell, Golden Gateway Funding
• Me, ReverseMortgageDaily.com
• Bob Carilli, Reverse Mortgage Directory, LLC
• Aman Makkar, AppraiserLoft

See you in LA!

Liberty Reverse Mortgage has announced that on Nov. 17 it will become Genworth Financial Home Equity Access.  Genworth acquired the company in November 2007 for $50 million and was the first major insurance provider to acquire a reverse mortgage lender.

According to Reverse Market Insight’s October MIC Reports, the Rancho Cordova, California based company has seen its retail production drop 47% compared to last year.    While Liberty’s retail business still represents the majority of their business, its wholesale division has seen significant growth over the past year.

Along with the name change is a new website which looks to be taking place already.  Liberty’s website was recently redesigned however still reflects Liberty Reverse Mortgage logo.

I new Liberty was going through a lot of changes to become part of the Genworth family, but I’m a little surprised they’re changing the name.  Liberty has built up a lot of brand equity over the years and I thought it was part of the reason Genworth paid such a premium to acquire the company.

Liberty Reverse Mortgage

Technorati Tags: Reverse Mortgage,News,HECM,Genworth,Liberty Reverse,FHA,HUD,NRMLA

One of the questions I’ve been getting more and more from RMD readers is, “How can I improve my search ranking with Google?”.  Great question, but a tough one to answer. To help answer this question, Google recently released its official Search Engine Optimization (SEO) Starter Guide to give you tips on how to improve your website’s performance in Google.  

According to Googles Webmaster Central blog:

Our Search Engine Optimization Starter Guide covers around a dozen common areas that webmasters might consider optimizing. We felt that these areas (like improving title and description meta tags, URL structure, site navigation, content creation, anchor text, and more) would apply to webmasters of all experience levels and sites of all sizes and types.

The guide also includes many illustrations, pitfalls to avoid, and links to other resources that help to expand the explanation of topics.  So if you’re new to the whole SEO game, this is great place to start to make sure you’re reverse mortgage website is doing the right things so customers can find you.

Search Engine Optimization Starter Guide

Reverse Fortunes just released their newly redesigned set of tools to help reverse mortgage originators manage and grow their business.  Developed by some of the top reverse mortgage originators in the country, the tools are meant to help the originator on the street write more loans.

While our industry is full of loan origination systems that can help lenders originate, service, fund, and manage back office processing, Reverse Fortunes is specifically designed with the originator in mind.  “Reverse Fortunes is designed to meet the highly specialized needs for today’s originator”, said Shannon Hicks, Partner at Reverse Fortunes.

“While other products may have fit the needs of the back office, its top-down approach left the originator wanting for tools designed with them in mind. Reverse Fortunes provides a one-stop resource that brings all the necessary tools under one common user experience” said Hicks.  Originators can register for a free account at Reverse Fortunes and get access to its to do manager, discussion board, and its 100 point day system.

Reverse Fortunes also offers a premium subscription ($69/month or $828/year) which gives you access to a pipeline management system and marketing manager to help track your ROI on campaigns.  The premium subscription also includes access to tips on advertising in the yellow pages, using seminars to generate leads, and other ways to help market your business.  To read more about what’s included click here.

Reverse Fortunes can also function as a customer relationship manager (CRM).  The system is designed to integrate with ACT, which is a popular CRM system from Sage Software.  If you already own a copy of ACT, you can purchase an add on which will integrate your CRM database with Reverse Fortunes.  Personally, I’ve never been a big fan of ACT but everyone manages their contacts different so this could work for you.

These are just a couple of the tools you get from Reverse Fortunes, so I encourage you to check out the website if you’re an originator looking for something to help manage your reverse mortgage business.

Reverse Fortunes

The November edition of The Reverse Review is now available online.  This months feature article is about REO flipping schemes targeted towards seniors.  Read this an other articles at the link below.

The Reverse Review

According to the results of a recent poll from the MetLife Mature Market Institute, more than 50% of American’s over the age of 60 are calling today’s economic conditions the worst they have ever experienced.  The results of the poll also show that an overwhelming majority of this group is feeling the pinch in today’s current economy and that it has affected the way they spend their money, but not their plans for retirement.

In Feeling the Economic Pinch: A MetLife Poll of Americans 60+ found that:

• 87% of respondents said they are curtailing their spending.
• 70% are cutting back on essentials like food and transportation.
• 82% are spending less on non-essentials like dining out and vacation.
• 17% report having had to provide more financial assistance to family and/or friends as a result of the current economy.

“There is no doubt that older Americans are being adversely affected by the current situation,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “A closer look at the findings shows that women are tightening their spending habits more than men, and not surprisingly those who earn less are cutting
back even more.

“While there have been serious economic downturns in the past, it is clear that this group of people over 60 feel particularly vulnerable during this time of their lives. Yet, it appears that they are not, at this point, changing their longer range retirement plans.” Of those who are working, 73% said they would not postpone their planned retirement date because of the current economy. Only 16% of all respondents are withdrawing or plan to withdraw more from their retirement funds than they originally planned.

If you want to read the rest of the poll results click the link below.

Feeling the Pinch: A MetLife QuickPOLL of Americans 60+

Did you know we have a job board?  If you receive our daily email updates (sign up) you already know MetLife and Golden Gateway are hiring.  Below are a few other companies looking to expand:

• Experienced Reverse Mortgage Specialist (Chicago) Financial Freedom
• Inside Sales (Massachusetts) Coastal Finance LLC
• Virtual Loan Officer – Reverse (Multiple States) Diamond Funding Corporation

The best and brightest of the reverse mortgage business read RMD.  Looking to hire people with reverse mortgage experience?  Post your jobs to Reverse Mortgage Jobs Online and RMD will help get the word out.

Reverse Mortgage Jobs Online

PS – It’s still free to post jobs, so add them quick before we change our mind.  =)

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Jobs

Wolters Kluwer Financial Services (WKFS) recently introduced a new line of services to help manage compliance and operational risks for financial services companies.  Included in the offering are reverse mortgage lending solutions that assist institutions in obtaining the required licensing and training for their staff on the unique characteristics of the reverse mortgage business.

As the banking and financial industry continue to grow more complex, companies are finding they have neither the time nor sufficient in-house resources to stay on top of the latest requirements and guidelines so they turn to companies like WKFS.  The company’s experts can be deployed on-site at institutions to help them build and strengthen their risk management programs, educate their employees and show them how to utilize technology to help make compliance easier and more cost-effective.

"No other provider in the financial services marketplace has more in-house compliance experts or the level of regulatory expertise than Wolters Kluwer Financial Services," said Brian Longe, president and chief executive officer of Wolters Kluwer Financial Services. "Our consultants, attorneys and analysts live and breathe financial services compliance, and unlike most other firms, our experts won’t just identify problems, they’ll actually help an institution solve them."

The expanded offering includes:

– Reverse mortgage lending services that assist institutions in obtaining the required licensure and training for their staff on the unique characteristics of this type of lending;

– Mergers and acquisition services that can help institutions perform due diligence on the acquired institution’s compliance program, to better understand the impact of documents, compliance processes, compliance risk management and compliance integration strategies;

– Compliance program process and procedure reviews and related transactional testing services that address federal laws, including those associated with consumer compliance such as the Home Mortgage Disclosure and Community Reinvestment Acts and financial crimes such as the Bank Secrecy Act and the Fair and Accurate Credit Transactions Act’s new Red Flag Rules.

– Government Lending Services that can help institutions quickly enter Federal Housing Administration (FHA) and Veterans Administration (VA) loan markets with license support, provide them with warranted compliance documents and effectively train their staff;

WKFS isn’t totally new to the reverse mortgage business, last year they released a line of electronic documents they can use to help comply with regulatory requirements tied to Home Equity Conversion Mortgages (HECMs)

Wolters Kluwer Financial Services

Reverse Market Insight recently published its ReverseIQ Newsletter which included  a list of the top wholesale reverse mortgage lenders through July 2008.   The numbers might surprise you a bit, so check out the list below.

When I saw the numbers I was surprised by 2 things.

1. Financial Freedom – I didn’t realize how much they dominated the wholesale business a year ago.  Yet even after losing almost 50% of its volume compared to last year, they’re still #1.  That’s impressive with everything that IndyMac has gone through.
2. JB Nutter – I didn’t expect them to be #2.  Of all the wholesale lenders, they tend to keep a pretty low profile compared to most and it seems to be working.  For example, take a look at their website and you won’t see anything about offering wholesale.

Overall I think it will be an interesting year for wholesale lenders since everyone is offering pretty much the same products.  The days of proprietary products seem to be gone for a while, so wholesalers will all be competing for HECM business.

Luckily, even with proprietary products gone, there should be plenty of new business out there with the new loan limits and other aspects of HERA becoming active in the near future… the million dollar question is, what do they need to do to get it and pick up market share?

To sign up for Reverse Market Insights newsletter head over to their website.

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Top HECM Lenders,Financial Freedom

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Rates are down, but not quite enough to trip a Principal Limit increase for loans using common margins. This week, all Treasury-based HECM’s with a margin of +174 or less will pay the HECM maximum benefits. Ditto for LIBOR-based HECM’s with margins of +128 or less. Using these margins, the initial note rate on a LIBOR HECM would be 8 bp less than that on a Treasury HECM.

The rates as of 11/11/08 are:

Technorati Tags: Reverse Mortgage,HECM,FHA,HUD,Rates

Reverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software - The Industry Standard Since 1995. This is not just a slogan — six of the top 10 reverse mortgage originators plus NRMLA and the AARP use Ibis Software for their websites, retail and wholesale businesses.

Celink recently released its new Client Data Portal which provides its customers a secure way to access standard reports.  The Client Data Portal also has the ability to make ad hoc queries on their portfolio database, create new reports, and view loan-level information in real time.

“The days of providing only monthly reports to lenders and investors in the reverse mortgage industry are quickly coming to a close. Our clients, and their investors, deserve instant access to their loan data because if they want to run a special report on their portfolio, or just want to look at the status of an individual loan, they can now do it any time they want” said John LaRose, Celink’s Chief Executive Officer.

The Client Data Portal is part of Celink’s new ReverServ platform which it created with IBM earlier this year to provide its clients with a web-based servicing platform.  ReverServ is a Java (J2EE) web-based interface using IBM rational tools for reporting that provides: 

• Ease of customization to clients’ requirements and reporting needs.
• Automated execution of user functions.
• Web touch and feel.
• Added functionality to interfaces.
• Ease of new private-label product additions.
• Data compression, reduced storage requirements and back-up times.
• A proven platform that provides for future development flexibility.
• A robust, and leading-edge business application.

IBM published a case study about working with Celink which you can read here.

Generation Mortgage just announced that its wholesale division has consistently posted an approximate 20% month-to-month production gain throughout the past year, despite recent economic upheaval in the mortgage industry.  “We anticipate continued, measured growth as we strategically align ourselves with the best in our industry,” explained Sherry Apanay, Senior Vice President of Generation’s Wholesale Division.

Generation credits its success to the high level of customer service it’s able to provide its clients throughout the life of the loan. The company is one of the few wholesale lenders in today’s market that has taken on the task of servicing their loans in house. “Because we handle the servicing in house, we’re able to provide the same high level of personal service throughout the life of the loan,” continued Apanay.

The Atlanta, Georgia based company is the 9th largest wholesale lender according to data provided by Reverse Market Insight’s ReverseIQ Newsletter.  The majority of Generation’s business is originated through its wholesale channel, which Apanay said represents about 75% of its total production.

The company also recently added Kimberly Kerrigan, the former VP of One Mortgage Network to expand its wholesale business out west.

Generation Mortgage