MortgageReverse

First Mariner Bank May Sell Reverse Mortgage Division

image First Mariner Bank entered into a profit sharing agreement with a private company related to its reverse mortgage division Next Generation Financial Services (NGFS) and may result in the acquisition of NGFS if certain requirements are satisfied within the next 18 months. 

According to a filing with the Securities and Exchange Commission:

The closing of the transaction is subject to numerous conditions, including, without limitation, that the parties obtain consents and approvals from certain lenders and governmental agencies that license and supervise the Bank.  Accordingly, there can be no assurance that the closing will occur when expected, if at all.  The Bank does not anticipate any benefit that results from the sale to be material.

While the 10-Q doesn’t state who the private company is, RMD learned earlier this month that LTC Global increased its investment to a majority share in NGFS.

Also, Robert Cannon was named as NGFS’s Chief Executive Officer earlier this week.

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