EquiPoint Financial is winding down its reverse mortgage business at year-end, and its loan officers are seeking new opportunities, sources close to the company have told RMD.
The San Diego-based company was acquired in October 2010 by insurance provider LTC Global, and has since operated a team of loan officers under the leadership of its parent company.
Those loan officers are now seeking new opportunities, several sources have confirmed to RMD, with the understanding they will close for business at year-end.
The company closed 348 reverse mortgages in the 12 months ended October 31, according to the latest data from Reverse Market Insight, putting EquiPoint at the No. 25 lender spot for retail and wholesale combined.
A source at EquiPoint declined to comment, but said the company was going through a transition period. Additional requests for comment from LTC Global were not returned as of press time.
Written by Elizabeth Ecker
