Jan-Feb2020

Member News Who’s Who in Reverse Mortgages Member News Mortgage Assets Management Acquires RMS Mortgage Assets Management LLC (MAM), a mortgage portfolio investment company based in Washington, DC that focuses on reverse mortgage acquisitions, commented on the acquisition of Reverse Mortgage Solutions Inc. (RMS), based in Houston, TX, following the Southern District of New York’s U.S. Bankruptcy Court’s approval of MAM’s acquisition plan of RMS from Ditech Holding Corp. MAM President Cheryl MacNally confirmed that RMS will now operate as a wholly- owned subsidiary of MAM. MacNally also confirmed that the existing servicing operations of RMS will remain intact and continue with providing quality reverse mortgage services to its customers. “MAM and RMS are a perfect fit,” says MacNally. “MAM’s vision for RMS includes maintaining and focusing on its core servicing operations while implementing both process and technology initiatives for promoting greater efficiencies. Our RMS employees constitute a skilled and dedicated workforce committed to providing best-in-class service to our borrowers and stakeholders.” Lenders Announced Entry Into New York Market On Oct. 18, Reverse Mortgage Funding LLC, Bloomfield, NJ, announced it was now licensed to originate Home Equity Conversion Mortgages (HECMs) to homeowners and homebuyers in the State of New York, through its retail and wholesale channels. “We are thrilled to now be able to serve New Yorkers and to provide older homeowners and homebuyers here with access to RMF’s industry-leading expertise, our extraordinarily caring, personalized service and the pricing advantages we can offer as a direct lender,” said David Peskin, president of RMF. Three days later, on Oct. 21, Longbridge Financial, Mahwah, NJ, issued a similar announcement that it was now licensed in New York. “Longbridge Financial is thrilled to get our lender license in the State of NY, which is another key step in our company’s growth,” said Chris Mayer, president and CEO of Longbridge. “New York State is an expensive place to live, especially for seniors on a fixed income. That’s why it is important for us to make the HECM program more accessible to New Yorkers.” When asked what business channels are impacted by the new license, Mayer replied, “Retail broker and PAA (principal authorized agent). Anything we underwrite.” ReverseVision Launches New Strategic and Rebranding Effort ReverseVision, San Diego, CA, announced its transformation as an API-enabled flexible reverse lending platform and unveiled a new logo as part of its revised mission and rebranding. ReverseVision’s revised approach and associated system updates reflect its commitment to evolving platform functionality and equipping every lender— forward and reverse—with tools to easily integrate HECM and private reverse mortgages into the loan evaluation, sales and origination process for every applicable senior borrower. “The ReverseVision platform is transforming to enable a broader range of implementations matching lenders’ business models. We are enabling all lenders to meet borrowers where they are in life,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “Our revised API-enabled platform offers an operationally pragmatic approach to reverse home equity products.” Personnel Changes Longbridge Financial LLC hired Adrian Prieto as its new assistant vice president and wholesale lending sales leader. In his new position, Prieto will lead the Longbridge account executive and partner liaison team to focus on wholesale business growth, with a particular focus on the broker channel. Prieto entered the reverse mortgage business in 2004 as a regional sales manager with Financial Freedom and has been employed by top producing lenders, such as Senior Lending Network, Genworth Financial Home Equity Access, Liberty Home Equity Solutions, American Advisors Group and most recently at HighTechLending Inc. John Loveless joined New American Funding as a loan originator for California and Nevada. He most recently served as business development manager at HighTechLending Inc. John Metcalf joined Retirement Funding Solutions/ Mutual of Omaha Mortgage as business development manager. He held the same position most recently at Resolute Bank, Maumee, OH, and before that he was HECM Division Manager at Proficio Mortgage Ventures LLC. Allegiant Reverse Services, a division of FNC Title Services, LLC Allegiant Reverse Services, a division of FNC Title Services, LLC., is a full-service title and settlement company with a national footprint. Our seasoned staff is regarded as the most knowledgeable and professional team in the industry. Additionally, we are backed by the top two underwriters in the nation. Fidelity National Title and First American Title provide the comprehensive coverage, stability and security our borrowers and lenders deserve. This along with our steadfast dedication and loyalty to the reverse mortgage industry continues to make us the partner you can depend on. Megan Hafenstein, Vice President megan@allegiantreverse.com 844-808-8299 • allegiantreverse.com American Advisors Group (AAG) AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation’s leader in reverse mortgage lending, AAG offers a suite of home equity solutions – including federally-insured Home Equity Conversion Mortgages, traditional and proprietary mortgages, and real estate services – that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company’s website at www.aag.com/wholesale. Tabatha Addison, Vice President, Business Development & Training taddison@aag.com (866) 964-1109 • www.aag.com/wholesale Profiles of Member Companies 34 REVERSE MORTGAGE / JANUARY-FEBRUARY 2020