AppraiserLoft reports that eight of the top 10 reverse mortgage wholesale lenders are now using the company as a preferred appraisal manager.
The appraisal management company (AMC) says its current client list includes Bank of America Reverse, Financial Freedom/OWB, James B. Nutter and Company, Generation Mortgage, Urban Financial, Genworth Financial, LiveWell Financial, Security One Lending and 1st Mariner Bank.
‘We made a strategic decision in early 2007 to enter the reverse mortgage industry with zeal, and we have been fortunate to build such strong relationships during this time,’ says Aman Makkar, AppraiserLoft's founder and CEO. ‘The majority of real estate vendors were focused on the forward lending side due to the heyday of the real estate boom. On the other hand, we studied demographics and reverse lending statistics and realized the market was fairly untapped and in an upward trend.’
The two main criteria are the borrower must be at least 62 years old and have at least 50% equity in the home. Interestingly, over half of reverse mortgage loans are to borrowers between the ages of 70 and 79, AppraiserLoft notes.
"The reverse mortgage borrower has a unique profile, therefore we ensure the appraisal process is handled with specific concern for the senior and their experience with the appraiser," adds Shane Copeland, senior vice president and director of sales with the AMC. "Understanding the senior borrower as well as the reverse mortgage loan process has helped us provide a high level of service which has also reflected positively on the lenders that we represent."
SOURCE: AppraiserLoft