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
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
For more informaiton, visit www.1stReverse.com.