Urban Financial Appoints Former Generation Exec as New CEO and President

Urban Financial Group announced today the appointment of a new managing director, former Generation Mortgage CFO Steven McClellan. McClellan will serve as Urban’s president and CEO.

“Steve has a strong track record of financial and operational expertise,” said Robert Lyons, senior managing director of Knight Capital (NYSE: KCG ), Urban’s parent company. “With his management experience in reverse mortgage origination was well as across multiple industries, Steve is the right leader to strengthen and expand Urban during a period of significant change and opportunity in the industry.”

In addition to his experience at Generation, where he was responsible for the financial, risk, trading and legal/compliance activities, McClelland previously worked at HomeBanc Mortgage Corp., First Union/Wachovia and Bank of America including roles in credit policy and risk management.

Urban Financial group, a consistent top-five reverse mortgage lender, was founded in 2003 by Bryan Hendershot, who has since left his position as former managing director.

“Bryan had the foresight to recognize early on the potential demand for reverse mortgages, and he oversaw Urban during a period of tremendous growth,” said Lyons. “We wish him well in his next entrepreneurial endeavors.”

Urban has increased volume this year and currently occupies more than 10% of the reverse mortgage market through its retail and wholesale channels, according to recent data from Reverse Market Insight.

Written by Elizabeth Ecker

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