Read about the latest happenings in companies across the reverse space. Have exciting news to share? Email us to see it in print!
Peer Advisors to Acquire Celink Peer Advisors has announced that it signed a definitive agreement to acquire Celink, the largest sub-servicer of reverse mortgage loans in the nation, in a deal that grants the investment group 100 percent of Celink’s stock. Peer Advisors, which focuses on opportunities in the emerging senior housing finance market, is led by Jim Mahoney, Jason McNamara and Al Benedetti. Following the close of the transaction, Mahoney will serve as chairman, McNamara will serve as CEO, and Benedetti will serve as executive finance director of Celink, which will remain based in Lansing, Michigan. Celink founder and CEO John LaRose has agreed to act as consultant to the company, and Ryan LaRose will remain Celink’s president and COO. “Celink is a great company that takes excellent care of borrowers and that lenders and issuers have come to count on for quality servicing,” said Mahoney, a reverse mortgage industry pioneer and former longtime CEO and chairman of Financial Freedom.
Reverse Professionals to Volunteer for Habitat for Humanity in New Orleans Dozens of reverse mortgage professionals attending the national NRMLA conference in New Orleans are flying in early to help build a home for a deserving family in the New Orleans area. Hosted by Security One Lending/RMS for the third year in a row, the volunteer mission for Habitat for Humanity invites professionals from companies across the reverse space to lend a hand for a good cause on Saturday, November 2. For more information about the event, contact Rhiannon Behnke at firstname.lastname@example.org.
Reverse Mortgage USA Welcomes Tammy Lahndorf to Wholesale Team Reverse Mortgage USA is continuing the expansion of its wholesale lending division by hiring Tammy Lahndorf as wholesale account executive. Lahndorf, who has 17 years of wholesale experience with five years spent specifically in reverse mortgage wholesale, will help cover the upper Midwest states. “As we continue to grow and expand our wholesale channel and market share, adding good, quality people like Tammy is essential to our success,” Senior Executive Vice President Mike Suits said.
Industry Veterans Launch Reverse Mortgage Funding Longtime industry professionals have joined forces to launch Reverse Mortgage Funding (RMF). The new venture is headed by several former MetLifers and industry veterans: Craig Corn (CEO), Robert Sivori (COO), Mike Mooney (third-party origination manager), David Peskin (president) and St. John Bannon (CFO). The company has 30 employees with plans to grow; it recently announced the hire of former MetLifer Michele Zachensky as fulfillment leader. RMF is already licensed to purchase closed loans in 46 states and Washington, D.C., and is looking to develop a wholesale branch in the coming months. Learn more at reversefunding.com.
Texans to Vote on New Reverse Mortgage Option This fall, Texans will vote on whether to approve Proposition 5, a constitutional amendment that would authorize Texas homeowners age 62 and older to use a reverse mortgage to purchase a home. Currently, Texas is the only state that prohibits the HECM for Purchase program. “With a reverse mortgage for Purchase, homeowners who are downsizing or relocating to be closer to medical care or their families will have a new option enabling them to finance the purchase of their new home and save thousands of dollars over the life of their loan,” said Scott Norman of Sente Reverse Mortgage in Austin. Proposition 5 will be on the November 5 statewide ballot.
Generation Mortgage Company Hires Mark Gordon, Alicia Hahn Generation Mortgage Company (GMC) hired Mark Gordon as director of marketing and Alicia Hahn as regional retail sales manager. Gordon, who has more than 20 years of marketing, communication design and management experience, has worked for GMAC, Wachovia, Bank of America, SunTrust and Hewlett Packard. Hahn worked for 13 years as branch and operations manager for the reverse mortgage division at Wells Fargo.
ReverseVision Partners with National Mortgage Lender MiLEND San Diego-based reverse mortgage technology company ReverseVision has partnered with MiLEND, a national mortgage lender headquartered in Atlanta, Georgia. By leveraging ReverseVision’s software, MiLEND will now be able to process reverse mortgage loans quickly and efficiently, knowing that its loans meet the requirements necessary for approval. “After doing our research it was clear that ReverseVision is the most widely used and most recommended software for originating and closing reverse mortgages,” said MiLEND Managing Director Sam Morano.