1st Reverse Mortgage USA Adds Reverse Mortgages to Forward Lending
1st Reverse Mortgage USA is looking to help forward loan officers break into the reverse mortgage marking by bridging the gap between the two, according to a recent report.
"With so many forward loan officers within their company, senior vice president and reverse division manager Dan Harder said 1st Reverse Mortgage is in the perfect position to put Home Equity Conversion Mortgages into the hands of the forward LOs looking for additional loan products," according to Reverse Mortgage Daily.
"As interest rates rise and refinance volume has dropped, loan officers other options and Harder said he only expects this need to grow over the next few years."
Higher rates are forcing loan officers to look for new ways to diversify their client base. It does meant that LOs would have to adjust to the HECM process and the obvious learning curves that can come during the education process.
“It’s actually a product of business strategy,” said Harder, according to the report.
“It does take some subject matter experts, it does take some special attention to the product, but it’s not something that traditional lenders are not going to go learn. It is not so special that a forward mortgage company can’t incorporate.”
To learn more about 1st Reverse Mortgage USA's combination of forward and reverse lending, click on the image above.
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