WSFS Financial Corp., Wilmington, Del., has sold its reverse-mortgage loan portfolio to an affiliate of Lehman Brothers, New York.WSFS said its net proceeds from the sale are $136 million, including $10 million in investment-grade mortgage-backed securities. The reverse-loan portfolio had a book value of $33 million. WSFS said it expects to report an after-tax gain from the sale of $67 million in the fourth quarter. The thrift holding company acquired the loans in 1993 and 1994 in two separate purchase transactions; it has not originated any reverse mortgages since then.
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