Greenlight Financial Services, located in Irvine, California, is revamping their reverse mortgage division and has hired a new management team, led by Dave Bancroft and Brett Varner.
Both gentlemen were formerly with Omni Reverse where Dave was the President and Founding Partner and Brett served as Vice President of Production. They helped build the company into a top 10 originator and the largest independently owned company in the reverse mortgage industry. Their success led to Omni Reverse being acquired by Security One Lending in 2009.
“Greenlight is a progressive company that leverages its national brand name and marketing expertise to deliver competitive product choices to their clients,” Bancroft said. “It is a natural fit for us and our plan for developing a top producing retail team where everyone’s role is acknowledged.”
“We have built our system on supporting originators and processors and giving them the tools they need to succeed,” Varner added. “Processes are only as good as the people who execute them. Our success has come from focusing on people and showing them that they are important and appreciated. It is based on a culture of partnership and meeting each other’s expectations.”
The company has developed a multi-channel marketing campaign that will include TV, radio, print and internet advertising to provide originators with a steady source of prospects to educate about the program. The focus will be on fostering a comfortable environment where consumers are provided a knowledgeable representative to help them learn about the reverse mortgage product and the potential positive benefits.
As part of the expansion, the company is targeting experienced loan originators, processors and underwriters who will be an integral part of the company’s cooperative, supportive and team oriented environment.
The direct lender previously made a splash in the industry, producing nearly 500 loans in 2007 and 2008, according to HUD HECM activity data. The company strategically scaled back the operation in 2009 as uncertainty surrounded the market during the peak of the economic downturn.
“Greenlight has always been committed to smart, sustainable growth,” said Joann Pham, CEO. “We had a lot of success in the reverse mortgage market in 07 and 08, but felt we lacked the management experience to take it to the next level. With Dave and Brett we are confident that we can build on that success and make a significant impact in the market.”
“Seizing opportunity is about timing, and having the foresight to identify it,” Bancroft said. “While others may be concerned about the direction of the industry, we see a perfect time to strengthen our foothold and take advantage of the void left by the exit of major competitors. Plus we have the tools and resources to navigate the challenges along the way.”
Source: Press Release
