TAMPA, Fla. — MEMBERS Trust Company said today it received approval by Fannie Mae to be a seller and servicer of its reverse mortgages.
With this approval, MEMBERS Trust will be able to facilitate the sale of the Federal Housing Administration's home equity conversion mortgage to Fannie Mae. To obtain approval as a seller and servicer, Fannie Mae requires the applicant to have experience with reverse mortgages, internal controls and procedures in place, and be financially sound, according to the trust company.
MEMBERS Trust said "the recent turmoil in the capital markets has resulted in the downsizing of secondary mortgage buyers for reverse mortgages, and Fannie Mae's continual support for reverse mortgages has been critical to sustain reverse mortgages for seniors."
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According to Tom Walker, CEO of MEMBERS Trust, Fannie's continued support of reverse mortgages is in line with FHA's public policy of providing a "resource for seniors to meet special needs and, in many cases, to 'age in place' as opposed to selling their homes." Walker said the trust company is gearing up to promote the program to credit unions.
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