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| Five of the biggest reverse mortgage wholesale lenders have joined an effort to educate mortgage brokers who are new to the business.
The effort was announced today by the National Reverse Mortgage Lenders Association. The new wholesale lender program aims to provide new entrants with a guide on delivering business to reverse wholesalers. The lenders launching the effort include Bank of America Home Loans, Metlife Home Loans, Generation Mortgage Co. and Genworth Financial Home Equity Access Inc. — respectively the third, fourth, sixth and eight biggest reverse wholesalers during the past 12 months according to data reported by Reverse Market Insight. Senior Lending Network was also among the charter members. The unit was operated by World Alliance Financial Corp. — which stopped accepting new loan applications according to a July 7 statement. World Alliance ranked No. 5 among reverse wholesalers. NRMLA said the number of FHA-approved reverse lenders has grown from 1,001 in January 2008 to 2,461 last month. The five wholesalers will be featured on the trade group’s Web site and promoted through its publications and conferences. |
