Wholesale Reverse Mortgage Companies

Reverse Mortgage Broker FinancingI’m sure you have heard the terms “Mortgage Broker, ” “Bank” and “Lender, ” but do you know the difference? Do you know for which your loan officer or originator works? Do you know how to check on their background? I’m writing this article to clear up the confusion so you learn the difference and the advantages of working with a Reverse Mortgage Broker.

A mortgage broker is a company in the mortgage business who works with various lenders but does not loan the money. Sometimes referred to as an originating lender.

A Bank or Federal Insured Depositary Institution will often have mortgage loan officers who are employed by the bank and offer only the banks mortgage products, giving borrowers limited choices.Reverse Mortgage Broker Financing version Mortgage, often called a HECM.

A lender is a company who lends money, but is not necessarily a bank. They too often employ loan officers who only offer their mortgage products (called their retail department) which has limited choices for borrowers. Lenders may also choose to be FHA licensed and offer the HECM.

Banks and lenders may have a wholesale department where their reverse mortgage products are offered through approved mortgage brokers. Not all mortgage brokers can offer reverse mortgages. To offer reverse mortgages the loan officer’s company must be approved by an FHA approved lender. Lenders will only approve mortgage brokers who meet certain criteria.

Let’s look at why working with a reverse mortgage broker instead of a bank or lender’s retail loan officer has it’s advantages.

  • Mortgage brokers often work with more than one lender which allows the borrowers to have more options available to be in their best interest and work with the lender/servicing company with the best customer service.
  • As of January 1, 2011 all mortgage brokers (reverse or traditional) are required to be licensed both at the Federal and State levels. This is managed through the National Mortgage Licensing System or NMLS.

Mortgage Pros - Reverse Mortgage

2005-05-03 10:58:04 by bean

Hello,
I've worked in wholesale mtg lending for years, but none of the companies I've ever worked for have offered a reverse mortgage product. I have an older friend who is going to get a reverse mortgage - no matter what. Is there anything I need to tell him to look out for (beside the obvious)? Fees that are out of line.... Any recommendations for a lender? - LOs & AEs I am not looking for your solicitations. What I do need is some sound advice for my friend and perhaps some leads.
Thank you all in advance!

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