1st Reverse Financial Services continues expansion: Hires new eastern regional directorMortgagePress.com1st Reverse Financial Services, reverse mortgages, Wilmington Savings Fund Society, Robert Wallace, HUD, HECM 1st Reverse Financial Services, LLC (1st Reverse), a subsidiary of Wilmington Savings Fund Society FSB (WSFS Bank), continues it's successful reverse mortgage retail expansion with the appointment of Robert Wallace as eastern region director of retail reverse mortgage lending. In his new role, Wallace will oversee and manage all of 1st Reverse's retail lending operations east of the Mississippi river. Currently, 1st Reverse is in the midst of a major retail reverse mortgage lending expansion with new retail associates added in a number of regions throughout the country. The growth in 1st Reverse's retail lending activities come at a time when new reverse mortgage features are being released by Department of Housing and Urban Development (HUD) to the FHA insured Home Equity Conversion Mortgage (HECM). Under the recently passed Housing and Economic Recovery Act of 2008, HUD's enhancements to the HECM reverse mortgage program will include a national lending limit of $417,000 and will now allow the use of HECM reverse mortgage loans for direct home purchases. "Bob Wallace is one of the key components to our national retail strategy," said David Cesario, executive vice president of sales and marketing for 1st Reverse. "He is a proven leader with a great following in the industry. We look forward to working with Bob and the team he is creating." Wallace brings over 30 years of mortgage lending experience to the 1st Reverse management team, with over four years of direct reverse mortgage lending and management experience while serving as retail manager for the Great Lakes Region of Financial Freedom Senior Funding Corporation. Prior to this, he founded Midwest One Mortgage Service/Midwest Bank Group, served with the Federal Deposit Insurance Corporation (FDIC) and Resolution Trust Corporation (RTC) and has held other high-level sales and management positions. For more informaiton, visit www.1stReverse.com.
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