AAXA has announced that it has entered into an agreement with First National Bank Of Kinmundy (FHNBK), a federally-chartered national bank, with roughly $31 million of assets according to the OCC.
AAXA becomes a direct subsidiary of FHNBK, and will expand its mortgage lending operations, which includes reverse mortgages into all 50 states.
"It's an honor to align with a conservative, 108 year-old national bank, and this alliance will open possibilities for success that would not otherwise be available in the current regulatoryenvironment under the existing multi-state mortgage broker platform," said Greg Gianoplus, AAXA's CEO.
Becoming a subsidiary of a federally-chartered bank requires the bank to own a controlling-interest in AAXA, as the regulatory environment continues to favor non-brokers, many reverse mortgage companies are looking at joining-up with banks.
AAXA’s reverse mortgage operation has been small over the last year, but recently ramped-up, and has 18 reverse mortgage originators, said John Smaldone, Senior VP and head of AAXA's reverse mortgage division.
AAXA has endorsed only 12 reverse mortgages in FY 2009 according to HUD data, but AAXA told Reverse Mortgage Daily that they have in excess of 75 reverse mortgages in their pipeline.
To get a free CD on reverse mortgages, please go here right now.
Sincerely, your friend,
Scott Tucker
P.S.: To get a free CD on reverse mortgages, please go here right now.
AAXA becomes a direct subsidiary of FHNBK, and will expand its mortgage lending operations, which includes reverse mortgages into all 50 states.
"It's an honor to align with a conservative, 108 year-old national bank, and this alliance will open possibilities for success that would not otherwise be available in the current regulatoryenvironment under the existing multi-state mortgage broker platform," said Greg Gianoplus, AAXA's CEO.
Becoming a subsidiary of a federally-chartered bank requires the bank to own a controlling-interest in AAXA, as the regulatory environment continues to favor non-brokers, many reverse mortgage companies are looking at joining-up with banks.
AAXA’s reverse mortgage operation has been small over the last year, but recently ramped-up, and has 18 reverse mortgage originators, said John Smaldone, Senior VP and head of AAXA's reverse mortgage division.
AAXA has endorsed only 12 reverse mortgages in FY 2009 according to HUD data, but AAXA told Reverse Mortgage Daily that they have in excess of 75 reverse mortgages in their pipeline.
To get a free CD on reverse mortgages, please go here right now.
Sincerely, your friend,
Scott Tucker
P.S.: To get a free CD on reverse mortgages, please go here right now.
