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Special Reports
Reverse Mortgages
Wholesale Unit Started by OneMortgageNetwork
By Brad Finkelstein
OneMortgageNetwork here already had a presence in the retail reverse mortgage
origination channel with its subsidiary OneReverseMortgage.
Now the company has created a unit to operate in the third-party originator channel called Reverse Mortgage Lender
Network.
Sean Marsh, president and chief executive, said the reason for creating the separate unit was because it did not
want brand or channel conflict with the retail division. Rather, OneReverseMortgage and Reverse Mortgage Lender
Network are structured to meet the specific needs of each type of originator, whether it is a mortgage broker or
a retail loan officer.
Besides offering the HECM 100 variation of the Federal Housing Administration Home Equity Conversion Mortgage,
Mr. Marsh said both OneReverseMortgage and Reverse Mortgage Lenders Network are among the first in the nation to
offer the fixed-rate HECM product. "The HECM Fixed Rate is much easier for consumers - and lenders - to understand.
In the past, sometimes lenders and potential borrowers have been intimidated by their lack of knowledge regarding
reverse mortgages. And up until just last week, there were limited reverse mortgage options to offer the senior
consumer. The HECM Fixed Rate eliminates any potential confusion and the variability that surrounds adjustable
rate loans," he said.
The advantage of having a fixed rate, the company said, is that it provides how much interest will accrue. Senior
borrowers will be able to calculate exactly how much money will be taken from their estate and how much they can
pass on to their heirs.
As for the new wholesale operation, Mr. Marsh said what will set it apart is the level of marketing support and
training provided.
Mortgage brokers have been flocking to the company's website. Over one recent three-day period, he noted that 100
brokers downloaded and filled out correspondent packages on line.
With the collapse of the subprime market, originators are looking for new revenue sources. Mortgage brokers, he
said, are looking for the right kind of company to help them get into reverse mortgage originations.
On the marketing end, "We have partnered with ReverseMortgageAdviser.com to help our customers grow their
businesses," he said. "Our mortgage brokers will be provided with a free state-specific listing in the
ReverseMortgageAdviser directory and age- and LTV-qualified, exclusive leads of customers who are actively seeking
reverse mortgage information."
The company is looking to work with small to midsized broker shops.
Another edge is in technology, he claimed. "Our system is Web-based, which means that our mortgage brokers
can originate anytime, anywhere. And we have the best quick quoting system available in the market."
Right now the company is licensed in 35 states, but working on getting approved in the others.
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