The National Reverse Mortgage Lenders Association (NRMLA) has welcomed Live Well Financial Inc., of Richmond, Va. and Generation Mortgage Company of Atlanta, Ga., as charter members of the association’s new Wholesale Lenders Program. Launched on July 17, the Wholesale Lenders Program provides information to lenders and brokers on delivering reverse mortgages to reputable investors. The reverse mortgage marketplace continues to grow at a rapid pace. The number of lenders approved by the FHA to originate reverse mortgages leaped from 1,001 in January 2008 to 2,461 in June 2009.
“Live Well Financial is pleased to join NRMLA’s Wholesale Lender Program as a charter member. We look forward to partnering with NRMLA and all of its members to help the reverse mortgage industry continue its impressive growth,” said Chris Palumbo, senior vice president and COO of Live Well Financial.
Sherry Apanay, senior vice president of wholesale lending at Generation Mortgage Company, added, “Generation Mortgage is pleased to support NRMLA and our industry in this new endeavor. Wholesale lenders working together for the good of the reverse mortgage industry should make us all stronger."
“NRMLA is the primary resource for anyone who wishes to succeed in the reverse mortgage business,” said Peter Bell, President of NRMLA. “Whether you’re an experienced originator or just entering the business, the Wholesale Lender Program will address the challenges unique to wholesale lending.”
Other Wholesale Lender Program participants include: Senior Lending Network, Bank of America Home Loans, Metlife Home Loans and Genworth Financial Home Equity Access Inc.
For more information, visit www.NRMLAOnline.org.