In the midst of an acquisition by mortgage startup Home Point, top-20 reverse mortgage lender Maverick Funding is ramping up its wholesale division and is targeting growth specific to reverse mortgage originations.
The Parsippany, New Jersey based lender will be acquired, according to reports last week, by Home Point, a new lender started by former InterFirst Mortgage exec Willie Newman.
“We’re excited,” says Maverick Executive Vice President Josh Shein. “It’s a great opportunity for the company and a tremendous opportunity for the reverse division. It’s a chance for us to become a true national player and build the company both in forward and reverse lending. It’s nice to have new professional backers involved to grow this to the next level.”
Part of that growth strategy stems from growth in its retail call center, but even more so the company’s platform that allows forward and reverse originators to refer one another, depending on client needs.
“We have a platform both for reverse, but also for traditional loans as well. That sets us apart from most of the other reverse lenders,” Shein says.
The company is targeting growth overall under the new ownership, and it is already under way across its reverse department, following several new hires and anticipation around many more. Maverick has recently hired four dedicated wholesale executives and has increased processing and broker support for its 30-plus account executives under the Maverick umbrella. It plans to double its wholesale presence in the near term.
Maverick is aiming to work with brokers who want to offer a full product mix to clients following the end of a major era for refinancing and a time when many originators are changing roles and companies.
“Brokers are looking for new relationships, and to diversify,” Shein says. “They are looking for something to set them apart. Those who are doing a lot of refis now they need to get into the purchase market, but they want to be able to offer everything out there. Having a full table of options includes reverse mortgages. They are recognizing that and are reaching out to do that. It creates a tremendous opportunity.”
And the backing of new lender, Home Point, will support the goal in allowing Maverick to expand its presence across the U.S.
The company’s founder Newman, former head of InterFirst Mortgage, told Inside Mortgage Finance last week that the company’s goal is to “grow everything.”
“With the acquisition, we’re going to be growing bigger, faster, and nationally,” Shein says. “We’re in 30-plus states now and will be in all 50 with the acquisition.”
Written by Elizabeth Ecker
