OmniHome Gets New CEO
OmniHome Financing, Inc., said Friday that it had tapped Sean Browning as CEO. Browning joins OmniHome from SCME Mortgage Bankers, where he was senior vice president; previously, he worked with GMAC Mortgage as a regional vice president. OmniHome is the nation's fifth largest reverse mortgage originator, according to stats provided by the U.S. Department of Housing and Urban Development. Sean is a graduate of the University of Southern California, and was a member of the USC water polo Team. (I mention this because I'm an alum, and I also was on the water polo team). The reverse mortgage market is booming, according to the National Reverse Mortgage Lenders Association. FHA-insured reverse mortgage loans, also known as home equity conversion mortgages (HECMs), increased by 26.5 percent from 2006 to 2007. The market for reverse mortgages has seen unprecedented growth as the traditional mortgage market has ground to a halt, with sources suggesting to Housing Wire that many brokers are now rushing into the reverse mortgage space in an attempt to stay afloat. For more information, visit http://www.omnireverse.com.