Umbrella Mortgage Opens for Business

Umbrella Bancorp Inc., Chicago, has announced that Umbrella Mortgage Inc., a wholly owned subsidiary primarily focused on the origination of reverse mortgages, has opened its doors.The company is a full-service mortgage brokerage operation that will initially originate mortgage loans in Illinois and Colorado, the parent company reported. It will offer reverse mortgage products offered by the Federal Housing Administration, Fannie Mae, and other third-party investors, as well as a full range of traditional mortgage products, Umbrella Bancorp said. Many of its employees are former members of the retail and wholesale lending departments of Flower Bank FSB, which Umbrella Bancorp sold to American Home Mortgage Investment Corp. earlier this year. Umbrella Mortgage can be found on the Web at http://www.umbrellareverse.com.