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Post by Sapphire Capital on Jul 22, 2008 4:06:33 GMT 4
July 16, 2008
Fidelity Reverse Mortgage plans to start originating loans in Texas by the end of the summer as part of the reverse mortgage correspondent's nationwide expansion.
The Denver-based company applied for a state lending license in Texas as it believes the state is a new frontier for reverse mortgage lending. It was the last state in the union to allow the mortgage product in 2000, according to Fidelity Reverse spokesman Tom Scabareti. And homeowners there historically like to stay put and are expected to have greater available equity. "The potential is much bigger there," he said.
Texas is only one state where the company is looking to expand. Fidelity is also growing in Arizona, California, Nevada, Georgia, Maryland, Pennsylvania and Virginia.
Fidelity Reverse has been hiring six to eight originators a month to accommodate this growth. Scabareti expects to have a staff of approximately 100 by the end of the year. In addition to hiring originators through recruitment webinars, Fidelity Reverse also looks to collaborate with satellite producer groups.
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