One Reverse Mortgage Receives Ginnie Mae HECM Reverse Mortgage-backed Securities Certification
DETROIT, July 15, 2011 /PRNewswire/ -- One Reverse Mortgage LLC, the nation's largest reverse-only mortgage lender and second largest retail reverse mortgage lender, today announced it has received approval from the Government National Mortgage Association (Ginnie Mae) to participate in the agency's Mortgage-Backed Securities (HMBS) program.
One Reverse Mortgage will now be able to leverage the company's extensive 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 COO of One Reverse Mortgage. "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."
Headquartered in San Diego, California, and with offices in Detroit, Michigan, One Reverse Mortgage is one of the fastest growing reverse mortgage lenders in the nation, and is licensed in 46 states with plans to expand nationwide by year's end.
About One Reverse Mortgage LLC:
One Reverse Mortgage LLC is the nation's second largest retail provider of reverse mortgage home loans. The company's specialized products focus on allowing homeowners, 62 years and older, the opportunity to convert some of the equity in their homes into tax-free cash flow without having to make any monthly payments on the "cash out loan" proceeds until the homeowner either moves from the home, sells the home or becomes deceased, in which case the property is then sold and the principal and interest owed on the loan is repaid from the sale proceeds. One Reverse Mortgage was founded in 2001, operates in 46 states across the U.S. and is a Quicken Loans company. For more information about One Reverse Mortgage, please visit: www.onereversemortgage.com.
SOURCE One Reverse Mortgage LLC
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