Since the proceeds of a reverse mortgage is based on the value of the property, an appraisal holds special significance in the origination of these loans.
AppraiserLoft, an appraisal management company based in San Diego, says it is dedicated to working with reverse mortgage wholesalers.
Its client list includes: Bank of America Reverse, Financial Freedom/OWB, James B. Nutter and Co., Generation Mortgage, Urban Financial, Genworth Financial, LiveWell Financial, Security One Lending and 1st Mariner Bank.
"We made a strategic decision in early 2007 to enter the reverse mortgage industry with zeal, and we have been fortunate to build such strong relationships during this time," said Aman Makkar, AppraiserLoft's founder and chief executive. "The majority of real estate vendors were focused on the forward lending side due to the heyday of the real estate boom. On the other hand, we studied demographics and reverse lending statistics and realized the market was fairly untapped and in an upward trend."
Shane Copeland, senior vice president-director of sales, added, "The reverse mortgage borrower has a unique profile, therefore we ensure the appraisal process is handled with specific concern for the senior and their experience with the appraiser.
"Understanding the senior borrower as well as the reverse mortgage loan process has helped us provide a high level of service which has also reflected positively on the lenders that we represent."
Another AMC that is attracting reverse mortgage lender clients is Lincoln Appraisal & Settlement Services, Providence, R.I.
In March it added Genworth Financial as a client, and one month later it added Live Well Financial.
George Panichas, chairman and chief executive of Lincoln Appraisal & Settlement Services, said, "We are pleased to have acquired a client with such a high value and commitment to providing a level of customer service that goes above and beyond client expectations. We are confident in the success of this new partnership, and we are eager to apply our expertise and knowledge to providing Live Well Financial with our high quality and personalized reverse mortgage appraisal management services."
