Reverse Mortgage Lender Names New CEO

image Next Generation Financial Services announced that Robert Cannon has joined the company as its Chief Executive Officer.  Cannon succeeds acting President Richard Pitbladdo, who will continue to serve as CFO.

Prior to joining NGFS, Cannon was a principal of the Equitas Group, a group of companies he founded that developed private label reverse mortgage programs for community banks and conduct reverse mortgage title closings.

“Rob is an ideal fit for NGFS,” said Daniel Schmedlen, General Counsel for NGFS parent company LTC Global, Inc. “He has comprehensive knowledge of the increasing regulatory compliance demands the industry faces and has experience in improving the operational efficiency and service quality of reverse mortgage operations, particularly through automation of workflow processes. Cannon has a solid vision of where the industry is heading and how NGFS can play a leading role.”

Over the last few weeks there has been lots of changes at NGFS.  One of the company’s founders Brett Carter was escorted out of the office by police earlier this month and LTC Global increased its investment to a majority share of the company

NGFS endorsed 692 HECMs in FY 2009.

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