Vertical Lend, a Melville, N.Y.-based mortgage company that allows financial planners, accountants, tax preparers and insurance agents to participate in originating loans, has teamed up with Financial Freedom Senior Funding Corp., Irvine, Calif., to offer reverse mortgages.Jim Mahoney, chief executive of Financial Freedom, said, "We are very excited about Vertical Lend's entry into the reverse mortgage industry. Their expertise and experience working with seniors will greatly enhance the utilization of these programs." Financial Freedom offers the FHA Home Equity Conversion Mortgage, the Fannie Mae Home Keeper mortgage and its own jumbo product. All 1,800 Vertical Lend members will be able to offer reverse mortgages to their senior citizen clients.
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Flatworld Mortgage Solutions says its former vice president breached his employment agreements by soliciting its customers as he formed a rival offshoring firm.
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The HomeSafe Second product is now available in more than one third of all states, according to the reverse mortgage specialist.
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The Department of Housing and Urban Development agreed to do more to manage due-and-payable obligations contingent on the availability of certain resources.
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The ex-housing official is returning to a previous employer with the aim of helping guide the firm through an evolving landscape in federal policy.
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A $160 million deal to merge Hometown Financial Group subsidiaries and Primary Bank will lead to consolidation under a single brand name of TruNorth.
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The Aspire business reported $2.1 billion of lock volume, up 32% from the first quarter, but total production at the REIT fell to $8 billion from $8.5 billion.
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