Reverse mortgage lender Nationwide Equities has announced the rollout of its wholesale broker division, ReversePower. The Mahwah, New Jersey-based mortgage company is licensed in five states, and has tested its wholesale channel for the past six months.
The wholesale division seeks the needs of small and mid-sized brokers who are often neglected by the “big guys,” the company said.
“We can offer the same rates as the national players but provide more personalized attention to each broker and their files,” said Len Oslar, senior vice president of Nationwide Equities.
The company’s target market is brokers who generate one to five loans per month and Nationwide has signed on 50 brokers in the New York area, with reports positive feedback on service delivery, according to Nationwide Equities President Glenn Wallace.
“With our live help desk and same day underwriting, we look to give our ReversePower members a competitive advantage over other shops”, Oslar says.
Nationwide Equities closed 108 reverse mortgage loans in 2010, according to data from ReverseBase.
Written by Elizabeth Ecker
