Lender Named Fifth Largest in U.S. for Wholesale Reverse Mortgages

ATLANTA, Feb. 9 /PRNewswire/ -- With overall wholesale reverse mortgage volumes down by six percent as recently reported by Reverse Market Insight, the Wholesale Division at Generation Mortgage Company™ experienced an increase as the company closed 182 percent more Home Equity Conversion Mortgages (HECM) in 2009 than in 2008, making the company the fifth largest reverse mortgage wholesale lender in the country.

"There is no question that 2009 was a tumultuous year for everyone -- particularly the mortgage industry -- however, our wholesale division had another banner year," said Scott Peters, CEO and President, Generation Mortgage Company.  "We're hiring staff and investing in our infrastructure to accommodate increased production in 2010 while keeping the best customer service for our partners a top priority."

According to numbers released by Reverse Market Insight, industry-wide reverse mortgage wholesale volume dropped roughly 17 percent from October to November 2009, bringing 2009 year-to-date volume down to 6.4 percent below 2008 levels.  Even with that decline, 2009 was the second highest industry wide wholesale volume on record for HECMs.

"Brokers who appreciate Generation's very competitive and consistently high level of personal service certainly attributed to our growth last year.  Earning our Ginnie Mae servicer approval and obtaining issuance authority was critical, as the market shifted from Fannie Mae to more viable investors," stated Sherry Apanay, senior vice president, Generation Mortgage Company.   

For more information on Generation Mortgage's reverse mortgage products or to become a wholesale lending partner, call 866-733-6085 or visit www.generationmortgage.com.

About Generation Mortgage

Generation Mortgage Company™ is the largest, privately owned reverse mortgage retailer and wholesaler in the United States, and a member of NRMLA (National Reverse Mortgage Lenders Association) and Better Business Bureau accredited. With its sole focus on reverse mortgages, Generation Mortgage Company™ offers clients "A New Generation in Reverse Mortgages™" and pledges to deliver outstanding customer service, as exemplified by its Loan Servicing -- Generation services all its reverse mortgage loans and does not outsource them.  For more information, visit www.generationmortgage.com or call toll free 1.800.662.1962.

Equal Housing Lender. NMLS #1319; Arizona Mortgage Banker License #0909296; Georgia Residential Mortgage Licensee #22292; 3 Piedmont Ctr, 3565 Piedmont Road NE, Ste 300, Atlanta, GA 30305; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act; In CT, licensed and DBA as Generation Reverse Mortgage, Inc.; Illinois Residential Mortgage Licensee # MB.6760368; Kansas Licensed Mortgage Company License #MC.0001660; Massachusetts Mortgage Lender-ML3240; ME License #SLM9169; Licensed by the Mississippi Department of Banking & Consumer Finance; Licensed by the New Hampshire Banking Department as Generation Mortgage Company d/b/a Generation Mortgage Company, Inc; Licensed at 51 JFK Parkway, Suite 114, First Floor West, Short Hills, NJ 07078, Phone # 973-218-2418 by the New Jersey Department of Banking and Insurance; NV – 800 N Rainbow BLVD, Ste 170, Room 164, Las Vegas, NV 89107, Phone #702-948-5031; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; TX SML License #68405, 27030 Masters Pkwy, Spicewood, TX 78669; Licensed by the Virginia State Corporation Commission #MC-4832; Also conducts business in AL, AR, CO, DC, DE, FL, HI, IA, LA, MD, MI, MN, MO, MT, NC, ND, NE, NM, OH, OK, OR, SC, SD, TN, UT, VT, WI, WV, WY. Not all products and options are available in all states. Terms subject to change without notice. ©2010 Generation Mortgage Company. All Rights Reserved.

SOURCE Generation Mortgage Company

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