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."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
