Movers & Shakers

Read about the latest happenings in companies across the reverse space. Have exciting news to share? Email us to see it in print!

Landmark Network Announces Addition of Gloria Betancourt as Senior Vice President of National Sales Landmark Network Inc. announced the addition of Gloria Betancourt to its sales team as a senior vice president of national sales. In this role, Betancourt will be responsible for corporate sales growth for Landmark Network within the forward and reverse mortgage spaces. She brings more than 17 years of retail banking experience to the company, previously serving as branch manager for TCF Bank, AVS Bank and Wells Fargo. Her experience spans roles including personal banker, loan officer and collections, all with a decided emphasis on excellent customer service. She transitioned into mortgage lending in 2008, when she joined Urban Financial of America LLC as an account executive. She has also worked with other well-known reverse mortgage lenders such as RMS, Moneyhouse and MCM Holdings Inc. “I am very excited to tackle this new challenge and join one of the top AMCs in the industry. I am looking forward to taking excellent care of our current client base while helping Landmark grow by utilizing the knowledge I have amassed over the years, especially of the loan origination process,” Betancourt said of joining the company.

Urban Financial of America Now Offers Reverse Mortgages in Hawaii Urban Financial of America (UFA), consistently ranked as the nation’s top wholesale reverse mortgage lender, is now licensed to conduct its retail and wholesale reverse mortgage business in the state of Hawaii. Homeowners in Hawaii can contact UFA directly to work with a licensed reverse mortgage specialist. “UFA is pleased to bring a new reverse mortgage option to Hawaii,” said Steve McClellan, president of UFA. “Our underwriting team and locally based account executive have a deep understanding of the valuations, environmental zoning, landscaping requirements and other unique aspects of the Hawaii real estate market, as well as the needs of brokers and correspondent lenders. With our years of expertise, reputation for making the process easy, and our highly competitive pricing as one of the largest GNMA issuers, UFA is an excellent partner not only for Hawaii’s current reverse mortgage providers but also for forward mortgage companies looking to expand into the reverse mortgage business.”

Generation Mortgage Company Revamps Sales Team, Adds Two Leadership Roles Generation Mortgage Company reorganized its sales team, appointing Matthew Gregory as vice president of retail sales and Stephen Resch as vice president of wholesale sales. Gregory spent the past three years as Generation’s director of retail sales. Prior to joining Generation Mortgage, Gregory gained substantial mortgage industry experience with Nationwide Mortgage Services, The Lending Center and Ameriquest Mortgage Company. Resch previously held the role of wholesale account executive at Generation. With more than 35 years in sales, management and business development, he worked with Financial Freedom Senior Funding Corporation prior to joining the company.

Reverse Mortgage Funding Introduces New Product, HECM Annual Reverse Mortgage Funding added a new product to its portfolio, HECM Annual. The product complements the company’s existing product lines, increasing the range available to best meet customers’ needs. The HECM Annual is similar to RMF’s innovative HECM Max5, introduced in July. Both loans have a 5 percent interest rate cap. The HECM Annual applies that 5 percent rate cap to the company’s first annually adjusting HECM. The HECM Annual interest rate is tied to the One-Year LIBOR Index and has a lifetime cap of 5 percent above the initial rate. The loan also features a 2 percent “interval cap,” ensuring that the rate will neither increase nor decrease by more than 2 percent in any given year.  With the HECM Annual, all payment plans are available. As with other variable rate HECM loans, borrowers can choose a lump sum draw, line of credit, monthly payment or a combination of these. The HECM Annual is an open-ended loan with no minimum initial draw that has a 5 percent lifetime cap over the initial interest rate, which is based on the One-Year LIBOR Index.

Maverick Funding Adds Cecilia Delgado to Reverse Mortgage Network Wholesale Operation Reverse mortgage origination expert Cecilia Delgado joined Maverick Funding Corp. as wholesale account executive for its Reverse Mortgage Network western region. With 24 years of mortgage experience, including 10 with HUD’s HECM program, Delgado has served as a loan originator, a broker/owner, and now in the wholesale channel.  She is deeply committed to the industry. “The HECM reverse mortgage is a potent financial tool when properly understood and applied,” says Delgado. “That’s why training is my passion, both to benefit the borrower and to ensure the success of lenders that care enough to offer the option.” Previously, she worked with HighTech Lending, Cherry Creek Mortgage Company and Security One Lending.

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