Bloomfield, NJ, October 18, 2019 — Reverse Mortgage Funding LLC (RMF), one of the nation’s leading reverse mortgage lenders and the #1 HECM-backed securities (HMBS) issuer for 2018,1 today announced that the company is now licensed to originate Home Equity Conversion Mortgages (HECM) to homeowners and homebuyers in the State of New York, through its retail and wholesale channels.
While RMF is headquartered in Bloomfield, New Jersey, it has a significant presence in the State of New York, with two operational centers in Long Island and Newburgh employing more than 130 people. Said David Peskin, President of RMF — who lives and works in New York — “We are thrilled to now be able to serve New Yorkers, and to provide older homeowners and homebuyers here with access to RMF’s industry-leading expertise, our extraordinarily caring, personalized service, and the pricing advantages we can offer as a direct lender”.
Licensing in New York presents an exciting opportunity for retail customers as well as its third-party businesses.
According to Mark O’Neil, National Sales Leader of RMF’s Wholesale and Correspondent business channel, “This is great news for our wholesale partners who are already licensed in New York, as well as ‘forward’ mortgage originators who would like to add reverse mortgages to their product mix—because this can help them be more competitive, with the support of the industry’s most experienced leadership team behind them. We look forward to forging new relationships in the state.” RMF will accept New York loans from its approved wholesale and correspondent lenders as of Monday, October 21, 2019.
Peskin says that RMF is also looking forward to working with community banks and credit unions to offer HECMs to their New York customers and members. In addition to its regular wholesale lending platform for mortgage brokers, RMF’s “TurnKey” platform is specifically designed for depository institutions — making it easy for them to enter the reverse mortgage business, more fully serve an important demographic, and generate a new line of revenue without an investment of infrastructure.
With the addition of its New York license, RMF can now originate in 49 U.S. states (not including Hawaii) plus the District of Columbia (DC).
RMF, which is recognized as a leader in reverse mortgage education, plans to expand its existing education platform into the Empire State. Said Peskin, “We’ll be doing community outreach to New York homeowners age 62 and older, so they can learn how to strategically use home equity to ease financial concerns. We will also be working with financial advisors and realtors in the state, to help them better understand how the product can be used to help their older clients enjoy their retirement years with more financial flexibility.”
New York homeowners and homebuyers age 62 and older who are considering a reverse mortgage are invited to talk to an experienced RMF loan specialist by calling (855) 763- 7334 to learn more.
Mortgage brokers, principal/authorized agents and correspondent lenders can inquire about becoming an RMF wholesale partner by calling 877-820-5314.
About Reverse Mortgage Funding LLC
Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the fastest- growing reverse mortgage lenders in the industry, one of the nation’s largest GNMA issuers of reverse mortgages, and a recognized thought leader in the reverse mortgage business. A wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), the company’s focus is on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with corporate offices in New York, California and Michigan and field offices throughout the U.S. Learn more by calling 888- 494-0882, visiting www.reversefunding.com, or following RMF on Facebook or LinkedIn.
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1Based on new whole loan issuance amounts, according to GNMA data.
NOT FOR USE WITH CONSUMERS.
This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
©2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: #1019941 For licensing information, go to: www.nmlsconsumeraccess.org. Arizona Mortgage Banker License #0927682; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Georgia Mortgage Lender Licensee #36793; Massachusetts Mortgage Lender License #ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Licensed Mortgage Banker-NYS Department of Financial Services -in-state branch address 700 Corporate Blvd, Newburgh, NY 12550; Rhode Island Licensed Lender; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905. Not all products and options are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. L2605-Exp052020