Reverse mortgage originator and wholesaler Associated Mortgage Bankers Inc. today announced it has merged with CalCon Mutual Mortgage Corporation to become CalCon Mutual.
AMB has been growing its reverse mortgage operations over the past several months, including the hiring of roughly 12 loan originators in March. The company has also grown its reverse mortgage wholesale channel from 23 loans in 2011 to 52 loans as of May 2012. In its retail channel, AMB has closed 120 loans this year, placing it in the top 30 lenders overall.
Following the merger, CalCon Mutual plans to devote additional resources to its reverse mortgage business, the company says, in light of the changing competitive landscape.
“The reverse mortgage market has gone through significant changes in the last twenty-four months,” said Executive Vice President Adam Salti. “Because of vacancies left by Wells Fargo, Bank of America and now MetLife from retail and wholesale origination of reverse mortgages, our market positioning is very strong. We are fully dedicated to the reverse mortgage business, and have built a division to meet the market needs both today and well into the future.”
CalCon Mutual is licensed in more than 24 states nationally with two main operation centers in Garden City, New York, and San Diego, Calif., as well as physical locations in many states from New York to Hawaii. The merger will aid in the growth of the reverse mortgage team in part through its geographic footprint, says Kevin Blakeney, senior vice president, reverse mortgage at CalCon Mutual.
“The relationship has allowed our reverse team to grow by adding loan officers on the street both on the West Coast and in Hawaii, which compliments our sales center team,” Blakeney told RMD. “We have also benefited from the builder relationships CalCon brings, which have opened the doors to the HECM for Purchase platform and which we are modeling to be 10% of annual fundings.”
Written by Elizabeth Ecker
