Is the issue of heirs opposing their parents taking a reverse mortgage rooted in truth or is it a myth perpetuated by a misinformed media? Last week we sat with Michael Banner, National Education Director for Security One Lending and founder of the American CE Institute who shares his real life experiences with children heirs and senior professionals across the country.
Committed to expanding the traditional HECM market, S1L a Division of Reverse Mortgage Solutions. Inc. (“RMS”) is pleased to sponsor a task force of renowned academicians who will meet at the S1L home office…
Continue readingwww.FundingLongevity.com to be an educational portal for Retirement Planning Professionals
San Diego, Calif., June 3, 2013—Security One Lending (S1L), a division of Reverse Mortgage Solutions, Inc. (RMS) announced today that it has built and released an educational portal that allows Financial Advisors to determine whether a Reverse Mortgage, coupled with other asset management/investment strategies, solves one of the biggest retirement risks…outliving one’s assets. The term “Funding Longevity” best describes this risk during the distribution phase (versus asset accumulation phase) that concern many retirees today.
The simplicity of this site will allow S1L’s Loan Originators to effectively bring value to the Financial Planning/Advising community. S1L has been very active in the Financial Planners of America, (FPA) national and local chapters in educating the value a Libor-Based HECM Saver can bring their clientele. Tremendous progress has been made to date, and S1L believes this channel of production will play a role in expanding the Reverse Mortgage Industry.
“Our sales force is made up of some of the best professionals in the industry, all of whom are committed to the financial well-being of the senior homeowner,” said Torrey Larsen, EVP and President of Retail Lending of RMS/S1L. “To that end, S1L has established a formal “business incubator” that has been designed to perfect the most important growth initiatives for the industry. Within this division of the firm, the best ideas are prioritized for execution. From that point, the testing and development phases begin while working hand in glove with the impacted industry leadership groups for quick business execution. The Financial Advisor/Planner component represents one of four current projects managed within the incubator leadership team. We will leverage the team’s collective knowledge and experience to deliver the best possible service to our referral partners and their customers.”
Unlike other reverse mortgage lenders, S1L does not rely solely on leveraging the existing RM market, but, rather, looks to the future of the industry and builds new value propositions for delivery to its Origination force.
“Our customers (Originators) can rest assured that we are building a variety of business channels and initiatives that will move the needle for the retail business and secure relationships that have been difficult to reach during the past five years. RMS is very excited about these growth opportunities and the thoughtful process we have engaged to do it the right way”, stated Mike Kent, EVP and President of RMS’ Origination Business.
Security One Lending is the Retail Lending division of Reverse Mortgage Solutions, Inc. RMS, which is owned by Walter Investment Management Corp., operates a coast-to-coast, origination, servicing and issuing business.
For more information on Security One Lending, visit www.s1l.com for more information about RMS, visit www.rmsnav.com.
Walter Investment Management Corp. is an asset manager, mortgage servicer and origination focused on finding solutions for consumers and credit owners. Based in Tampa, Fla, the Company has over 4800 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company’s website at www.walterinvestment.com
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(Tampa, Fla.) – Walter Investment Management Corp. (NYSE: WAC) (“Walter Investment” or the “Company”) an asset manager, mortgage portfolio owner and mortgage servicer, today announced the completion of the acquisition of 100% of the stock of Security One Lending (“S1L”). A definitive acquisition agreement was signed on December, 31, 2012, with the closing subject to regulatory and change of control approvals, which have been secured.
S1L, based in San Diego, California, is a retail and wholesale reverse mortgage originator which has grown to a top tier company since its inception in November of 2006. The combination of Walter Investment’s subsidiary, Reverse Mortgage Solutions, Inc., (“RMS”) the largest issuer of HMBS securities in the industry, and S1L creates a combined platform with diverse, established originations channels without significant overlap.
“We believe S1L’s management team is among the best in the reverse mortgage sector and has a strong vision and strategic growth plan. The entire team is highly respected in the industry and we anticipate that they will contribute to the firm’s goal of being a leading service provider to our origination force and our broker partners,” said Mike Kent, Executive Vice President of RMS. “Additionally, there is a strong cultural alignment between the two firms which we believe will contribute to a smooth integration of the businesses.”
“We are pleased to be able to leverage the access to capital that Walter Investment can provide and believe our ability to combine expertise and resources with RMS and its management team places S1L and our employees in the very best position to compete within the reverse mortgage sector,” said Torrey Larsen, President of S1L. “RMS’s investment in the company and its industry resources will enable S1L to maintain its position as a dominant originator in the reverse mortgage space.”
“The combination of RMS and S1L secure our position as a leader in the reverse mortgage industry. The combined expertise of the two firms is highly synergistic, and we look for continued strong returns from the reverse mortgage business,” stated H. Marc Helm, Chairman and CEO of RMS. “We believe in this industry and think we are uniquely positioned to capitalize on the growth opportunities in this sector.”
About Walter Investment Management Corp.
Walter Investment Management Corp. is an asset manager, mortgage servicer and originator focused on finding solutions for consumers and credit owners. Based in Tampa, Fla., the Company has over 4,800 employees and services a diverse loan portfolio. For more information about Walter Investment Management Corp., please visit the Company’s website at www.walterinvestment.com.
300 Bayport Drive, Suite 1100 Tampa, Florida 33607
813.421.7600 www.walterinvestment.com
ecurity One Lending Loan Originators will have the opportunity to earn tracking stock based upon their individual productivity over the next 5 years. The President‟s Club creates
Continue readingContact: Torrey Larsen
More than 70 Real Estate Agents attend recent class in Bend, Oregon
Security One Lending and American C.E. Institute have created a joint educational system that provides Real Estate Agents the opportunity to learn about the Reverse Mortgage and its impact on their business. American CE Institute has the only Reverse Mortgage CE Class offered by the National Association of Realtors (NAR) to its 1.2 million members.
Results from the most recent training have been nothing short of remarkable. The response from those attending the class are summarized by S1L’s Regional Manager, Sharon Falvey “Yesterdays’ class held close to 80 Realtors and was standing room only 24 hours after the close of the event here are my results (please take note that I am still receiving text messages, phone calls and e-mails)
See attached link from Reverse Fortunes and American CE Institute from recent classes by clicking here.
“The Purchase Reverse Mortgage product may very well be the ‘Sleeping Giant’ of the senior real estate market”, stated Michael Banner-Founder of American C.E. Institute. “Record low rates of returns on CD’s, Annuities and Savings (vehicles commonly used by seniors) combined with record losses in their investment portfolios in recent years have created the ‘Perfect Storm’ for so many seniors in this great nation. Realtors having the ability to offer a mortgage product with ‘no monthly principal & interest payment’ may just be the answer to literally millions of those seniors.”
Security One Lending, a FNMA approved Seller/Servicer, based in San Diego, CA currently lends in 32 states and will expand to 40 states by 2012. Security One Lending originates both traditional forward mortgages and reverse mortgages through multiple distribution channels, including retail, consumer direct, and wholesale. S1L is an approved Seller/Servicer with FNMA
For more information on Security One Lending:Contact us here or
Call (866) 480-4715
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*** HERE’S LINK TO OCTOBER REPORT DUE TO BAD LINK. ***
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While Wells Fargo’s trailing HECM endorsements remain in the system, we are beginning to see a pattern in the top 10 HECM lenders in recent months. Even if we experience lower endorsement volume industry-wide for fiscal year 2012 the top players will most likely see tremendous gains in endorsements as market opportunities are seized upon.
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In a blockbuster announcement, two of the top leadership groups in the reverse mortgage industry have disclosed their intention to join forces effective immediately. Security One Lending, #6 in national market share among active lenders, will combine with Premier Senior Home Equity, a new company that has been aggressively rolling-up industry brokers excited about the value-added benefit and the wealth realization plan being offered.
Torrey Larsen, who will continue to lead Security One Lending as President/CEO, says ”the continued execution of our strategic plan, together with the addition of Premier, will position us as one of the top 5 reverse mortgage businesses in the country”. Because of Premier’s strong leadership team, Mr. Larsen can focus on continuing to build the Security One brand which recently signed Pat Boone as national spokesman. Additionally, he will concentrate upon the development of new products for the reverse mortgage space, improving the origination experience through both technology and fulfillment enhancements, and immediately applying for GNMA Issuance approval. Mr. Larsen believes “this strategic play will enable Security One Lending to increase its bandwidth, relative to both its capital structure and management team, so that we can fully leverage our ability to capture production in a fragmented market. Industry consolidation will continue throughout 2011 and 2012, in our opinion.”
Bart Johnson, former President of Financial Freedom and Co-Chair of NRMLA, and long-time industry entrepreneur Tony Garcia will lead the Premier Senior Home Equity team. After its launch several months ago, Premier enjoyed immediate traction with broker firms which committed to convert to member branches. Tony Garcia observed that: “The combination with S1L will significantly simplify the usual lengthy and expensive approval and licensing process, and will allow us to scale Security One’s platforms rather than building our own.” Bart Johnson also identifies this move as a value maker: “We see a huge advantage in foregoing administrative tasks to accelerate market consolidation now in order to fill the vacuum created by the exits of Bank of America and Wells Fargo.” As a result, the company will aggressively recruit high performing retail broker branches. The combined firm expects a solid position among the top 5 reverse mortgage originator within six months, and to seriously contend for industry leadership.
JAM Equity Partners, a long-time reverse mortgage industry investor, will maintain its ownership interest in Security One Lending. Jim Benson (former President & CEO of John Hancock Life Insurance Company) and Alan Botsford (Parthenon Capital, among others), manage a financial services private equity firm which recently invested in Premier. Both investment firms agree that current industry conditions create a unique investment opportunity. According to Jim Benson, “We understand that it made sense for several large financial institutions to shed non-core reverse mortgage businesses in response to financial pressure. That just encourages us that the market is even more exciting for companies such as ours that recognize reverse mortgage as a primary business”. Alan Botsford confirmed the compatibility of Premier Senior Home Equity with Security One Lending: “We sought an entrepreneurial partner with a strong operating platform, knowledge and experience in both positive and negative economic environments, and above reproach regulatory compliance. In addition they had to be good people with whom to do business. Security One Lending fit the bill perfectly”. All believe that the two leadership teams will combine seamlessly to build a valuable and socially significant enterprise. Both firms will now share ownership in the combined businesses and will brand it as Security One Lending because of the brand’s already strong position in the marketplace.
Security One Lending is currently licensed in 30 states, and plans to be licensed in 40 states by year end. The firm has both a diversified product mix (reverse and forward lending) and has created a variety of distribution channels (retail, consumer direct, and wholesale) to support its lending efforts. The company is a FNMA approved Seller/Servicer based in San Diego, CA. For more information on Security One Lending call toll free (866) 480-4715. To join the Premier team call Tony Garcia (760) 476-3111 or Bart Johnson (949) 336-6285.
