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Austin, Texas-based Open Mortgage has announced that it will acquire the reverse origination arm formerly under 360 Mortgage Group. Sources within 360 Mortgage Group confirmed staff were notified last week that the company would be winding down its reverse mortgage originations, after entering the business earlier this year. 360 Mortgage Group, also based in Austin, will continue to acquire and service reverse mortgage loan pools. Around 20 originators based across the country will move from 360 Mortgage Group to Open Mortgage, with licensing currently in process.
”360 Mortgage Group has made the decision to allow the acquisition of its origination business for reverse mortgages in order to increase its focus on wholesale, correspondent, and the servicing of both forward and reverse mortgages,” said Mark Greco, founder and CEO of 360 Mortgage Group. “360 Mortgage Group’s goal remains the same; to gain market share in the multiple channels of origination as well as to continue building our servicing platform.