Open Mortgage to take over 360 Mortgage Group’s reverse origination business

by MPA11 Dec 2014
Open Mortgage and 360 Mortgage Group announced today that Open Mortgage will be acquiring 360 Mortgage Group’s reverse origination business. 360 Mortgage Group will continue to acquire and service reverse mortgage pools.

“Open Mortgage is deeply committed to the reverse origination business, and adding 360 Mortgage Group’s reverse origination business to the mix gives us critical mass,” said Open Mortgage founder and CEO Scott Gordon. “We look forward to this acquisition helping us create a stronger presence as a national reverse mortgage lender.”

“360 Mortgage Group has made the decision to allow the acquisition of its origination business for reverse mortgages in order to increase its focus on wholesale, correspondent, and the servicing of both forward and reverse mortgages,” said 360 Mortgage Group founder and CEO Mark Greco. “360 Mortgage Group’s goal remains the same: to gain market share in the multiple channels of origination, as well as to continue building our servicing platform.”
 

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