Reverse Fortunes has purchased the website HECM World from its founder Len Fishman for an undisclosed sum.
While working as an appraiser in California, Fishman saw the need for lenders to track their loan volume on a national level after watching the reverse mortgage industry closely and created HECM World.
“We first became aware of HECMWorld from their ‘Top HECM100 Lenders report’ emails,” says Shannon Hicks, VP of Product Development for Reverse Fortunes. “We were impressed that somebody had taken it upon themselves to collect this industry data and assimilate it into a simple monthly email.”
Fishman approached Reverse Fortunes about taking over his monthly report. Seeing it as an opportunity to add another value-added feature to its site for existing users, while reaching a new group of professionals that Fishman had built a relationship with over the last several years, Reverse Fortunes made an agreement for a one-time purchase with HECMWorld.
According to the agreement, Reverse Fortunes will now take over the monthly mailing reports. It will also be contributing articles to the HECMWorld.com blog.
“Our real intent was to provide another service to our existing user base,” Says Hicks. “And now, we are able to reach out to a new group of professionals from HECMWorld that may have not been exposed to Reverse Fortunes [yet].”
The reports are compiled from the monthly HECM endorsement reports published by the US Department of Housing and Urban Development.
Written by Kelly Mellott
