One Reverse Mortgage LLC has announced that it has received approval from Ginnie Mae to participate in the agency's HECM Mortgage-Backed Securities (HMBS) program. One Reverse Mortgage will now be able to leverage the company's relationships in the investor community to seamlessly transition from a whole loan seller to securities issuer.
"Receiving approval from Ginnie Mae to issue securities was an important next step in our growth," said Gregg Smith, president and chief operating officer of One Reverse Mortgage LLC. "We will now be able to leverage the relationships we have forged with the investment community, as well as those we have made through our relationship with Quicken Loans."
Through the HMBS program, One Reverse Mortgage will be able to bundle and sell reverse mortgage securities, similar to the process used for so-called forward mortgages through Fannie Mae and Freddie Mac.
"The HMBS program allows us to secure the best possible pricing for our clients, which was the primary reason we decided to undertake the lengthy certification process," Smith added. "It is the natural next step in our mission to provide our clients with the best service and pricing in the reverse mortgage industry."