Generation Introduces New CFO, Targets Growth in 2012

Reverse mortgage lender Generation Mortgage Company has filled its Chief Financial Officer position, previously held by Steve McClellan.

Carl Rojas, formerly serving as a consultant for Generation and then as Corporate Comptroller, now holds the position of company CFO and is planning to grow the business in 2012.

“There are many successful models in this business,” Rojas told RMD. “We are relatively young—that’s exciting. I get to be a part of a real, significant moment for this company. We have been an HMBS issuer for less than three years.”

Rojas, who has worked previously in CFO positions and who is trained in financial accounting, says he sees a strong position for reverse mortgages in 2012.

“We have established a goal that by end of year we can own 20% of the [reverse mortgage] space,” he says. “I think that’s reachable. We are at 12-13% now with combined retail and wholesale. I’m very bullish on this. It’s not without its challenges, but there’s a great opportunity here. The product is relevant, needed and a sound financial decision.”

Generation, which ranks the No. 4 lender over the past 12 months, according to data from Reverse Market Insight, closed more than 6,200 reverse mortgages during that time frame.

“Unlike some of our competitors, we only do one thing. And we do it better than anyone else—because it’s all we do. I think this is going to be the biggest year ever for us.”

Written by Elizabeth Ecker

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