Mortgage lender Vanguard Funding is driving growth within its reverse mortgage division, on the heels of changes to the Federal Housing Administration’s Home Equity Conversion Mortgage program.
In particular, the company says it is targeting growth through referral channels such as Realtors and financial planners.
Even in light of changes announced this week by the Department of Housing and Urban Development that promise to have vast implications for the loan program going forward, Vanguard Funding is seeing growth potential in these channels and plans to ramp up staff accordingly.
“With the [reverse mortgage] changes coming into play, it should make Financial Planners more comfortable, as there are now additional safe guards,” says Melissa Jedlicka, vice president of business development. “Vanguard Funding is priding itself with working with financial professionals in the tri-state area in educating them on this product and how to use it as a financial planning tool.”
The company is gaining certification to provide continuing education credits to Financial Planners and is also working with Realtors on HECM for Purchase education.
“We are to continue to keep financial planners and realtors and attorneys abreast on a daily basis by calling directly, sending newsletters, doing weekly webinars, or offering to come to their office to train their staff,” says Richard Cacciatore, executive vice president at Vanguard Funding.
The company currently comprises 200 staff with 30 on its reverse mortgage team and plans to hire more.
Written by Elizabeth Ecker
