Silvergate Bank, La Jolla, Calif., said it has gotten the approval necessary to become a Home Equity Conversion Mortgage issuer from Ginnie Mae, and will be increasing its acquisitions and sales of the loans as a result.
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In a press release, president and CEO Alan J. Lane said the HECM issuer approval would help the company expand its diversification efforts beyond core banking activities.
The bank plans to complete its first Ginnie Mae HECM mortgage-backed securities deal next month.
Silvergate entered the reverse mortgage lending business late last year.
