Thrift Forms Sub Devoted to Reverses

Family Federal Savings of Illinois, a federally chartered thrift based in Westmont, Ill., has obtained regulatory approval to form a first-tier subsidiary dedicated solely to reverse mortgage lending.The new entity, called 1st Reverse Financial Services LLC, will offer multiple levels of correspondent lending opportunities to mortgage lenders throughout the country. 1st Reverse will be headed up by longtime industry professionals Ralph Rosynek, Terry Bivins, David Cesario, and Larry Ferries. "As the reverse mortgage market continues its growth, it has become clear that smaller to midsize producers of reverse mortgages are not being provided the access and service that the larger lenders enjoy," said Mr. Rosynek, president of 1st Reverse. "Our goal is to change that by providing our business partners with a concierge level of service and access to the growing number of secondary-market lenders." The company can be found online at http://www.1streverse.com.