Proficio Mortgage Ventures has announced it is devoted to growing its reverse mortgage business through the hires of more than 100 former First National Bank of Layton loan originators.
The Orlando, Florida-based company has hired the former FNB team to originate from its production center in Henderson, Nevada, in addition to two other locations in Missouri and Maryland.
“We are very excited about the reverse mortgage business and we believe it is a growth industry. In the current market, people are trying to understand how they are going to position themselves in light of the recent lender exits and align with the changing demographics,” says Brett Carter, Proficio Mortgage Ventures president.
Proficio operates in the reverse mortgage space across 50 states under the leadership of Carter as well as Doug McLain and Bob Shields. First National Bank’s exit from the reverse mortgage business presented a unique growth opportunity, Carter says.
“When one entity decides to go in a different direction, it presents an opportunity for others,” Carter says. “FNB had a good understanding of the HECM space, and presented us an opportunity to recruit a proven group of folks with commitment to the business.”
The majority of FNB’s former production team has joined Proficio and has begun originating through the production centers as well as through a boots-on-the-ground origination team. It began funding its own loans in 2012 and plans to continue on its growth path in the reverse mortgage space.
“This is a very attractive space,” Carter says. “When you have market dislocation it creates opportunity. It’s a great product that provides a lot of value to the senior population in the U.S.”
First National Bank of Layton announced in June it would no longer offer reverse mortgages. The company had risen to the Top-10 lenders list as of the time it exited the business.
Written by Elizabeth Ecker