MortgageReverse

More Private Equity Investing In The Reverse Mortgage Business

imageLast month Fortes Financial, Inc. announced the official launch of Fortes Residential Mortgage, their nationwide independent mortgage banking enterprise.  The company includes five regional wholesale offices that were recently acquired from National City Mortgage as well as three retail banking offices and eight reverse mortgage branches that operate under the name Security One Lending.

With the help of Cagan McAfee Capital Partners, Fortes Financial was founded in August of 2007 by Peter J. Levasseur, President and CEO, and Janice M. Ibey, Executive Vice President and COO.  The company plans to leverage opportunities arising from the current mortgage market by acquiring existing mortgage banking companies.  “I believe we are in a market that is significantly oversold which has, and will continue for a period of time, to provide Fortes the opportunity to acquire mortgage origination assets at little or no premium,” said Mr. Levasseur.

According to a recent article from Origination News, Fortes has raised $25 million in subordinate debt and has an initial $150 million warehouse line with Wachovia to help expand wholesale operations.  Fortes wholesale operation includes a reverse mortgage division which is lead by Rhiannon Behnke.  Behnke has over 10 years of experience in the reverse mortgage business and helped grow Financial Freedoms wholesale business before she left.

Fortes is currently licensed in 14 states and has applications in process to become licensed for wholesale and retail nationwide.  To get more information about their wholesale division click the link below.

Fortes Wholesale

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