Urban Financial Group today announced the launch of a new West Coast reverse mortgage retail branch.
The new branch, based in San Diego, California, will be led by Vice President of Sales Chris Russow. It will help Urban grow its retail presence across the U.S., says the company, which currently runs offices in New York, Pennsylvania, Missouri and corporate headquarters in Tulsa, Oklahoma.
“This West Coast Office allows us to expand our efforts in web-based marketing, in addition to having branch coverage across all time zones,” said Steve McClellan, Urban’s CEO.
The San Diego branch currently has a team of roughly 10, with plans to double by hiring immediately for additional sales staff as well as operations roles.
“As the reverse mortgage market continues to tighten in some areas, we know there is still an increasing need among seniors who rely on our product to make ends meet,” McClellan said. “We are very fortunate to be growing all aspects of our business.”
Russow, who was hired by Urban Financial in early 2012, has seven years of reverse mortgage industry experience including positions with EquiPoint Financial as well as One Reverse Mortgage.
Urban financial is the No. 1 reverse mortgage lender by volume, closing 7,918 loans in the last 12 months, according to data from Reverse Market Insight. Its retail operations comprised 1,696, or 21% of the company’s total volume over that time period.
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