Maverick funding is now staffing its newest reverse mortgage branch, led by former Great Oak Lending CEO Josh Shein, and announced plans today to grow from its current total of 40 loan officers to 62 loan officers over the next six months. The company expects to be producing 90-100 reverse mortgage loans per month within the next 90 days.
Company executives say Reverse Mortgage Network, Maverick’s reverse subsidiary, will become one of the top 10 lenders in the country. The branch is currently staffed with 40 former Great Oak Lending loan officers and has plans to grow substantially.
“Bringing on the reverse mortgage loan officers from Great Oak is part of our overall strategic plan to become a major player in the reverse mortgage space,” said Maverick CEO Ralph Vitiello.
The branch will combine loan officers working face-to-face with borrowers with some loan officers working via phone, company executives told RMD.
“It always has been a multifacted approach to working with borrowers,” says Shein, noting that the sales team will work both with self-generated leads and leads from outside sources.
The company operates in 25 states, with another four to five pending.
“Now with Maverick, we have the ability to expand,” Shein says. “That’s what this is all about. Access to a larger geographic footprint and adding new states.”
A New Jersey-based branch staffed with about 30 former Wells Fargo loan officers is expected to produce 30 loan per month, with the Maryland-based team run by Shein expected to generate 60 reverse mortgages monthly.
“By April, we should be close to 100 total,” Vitiello says.
“The additional officers and branch offices will provide a significantly larger footprint for Reverse Mortgage Network, catapulting the company into a whole new level,” says Dino Guadagnino, Vice President of Reverse Mortgage Network. “We welcome our new colleagues, and are excited about what the future has to hold.”
The new branch will be in its new, Owings Mills, Maryland-based space within the coming weeks, with seats available and ready, Shein says.
Written by Elizabeth Ecker
