TAMPA, Fla. — Beth Brunner Lee has been promoted to vice president to manage operations for MEMBERS Trust Co.'s reverse mortgage center.
With more than 25 years of experience in managing mortgage operations, Lee helped establish the policies and procedures for the functions of the reverse mortgage center. She joined MEMBERS Trust in August 2007 as a senior reverse mortgage specialist. Lee submitted the first five test cases to the Federal Housing Administration to enable the trust company to be granted direct endorsement authority to underwrite the agency's home equity conversion mortgage. As a result, MEMBERS Trust can now sponsor other credit unions with FHA to originate the HECM loan.
Since April of 2008, eight credit unions have signed agreements to offer FHA's home equity conversion mortgage and the reverse equity mortgage, a proprietary reverse mortgage, through the trust company's center.
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MEMBERS Trust said its experience with reverse mortgages goes back to 1987 when it provided program development and counseling for $6.2 billion Suncoast Schools Federal Credit Union to close one of the first open-end reverse mortgages in the United States by a private sector lender.
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