LendingSpace Adds New President to Expand Reverse Mortgage Business

image Loan origination system provider Lending Space named Jeffrey T. Osheka as its new president of the company.  As president of Lending Space, Mr. Osheka is responsible for directing the company’s current growth, with an emphasis on the rapidly expanding reverse mortgage market.

“We needed someone with the kind of vision and drive required to succeed in the Home Equity Conversion Mortgage (HECM) market, and Jeff was a great fit,” said Ravi Varma, LendingSpace co-founder and CEO.

Osheka brings over 20 years of experience in all areas of mortgage technology and lending which includes working for companies such as Lydian, Decade Systems, Ultraprise/GHR and Fidelity Mortgage Funding.  

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“LendingSpace is highly committed to the success of its clients, and this was one of the most attractive aspects of this opportunity for me,” said Osheka.  “Their web-based technology is simply the best available to help companies find, negotiate and close any type of mortgage, whether reverse or forward, conventional or government.” 

LendingSpace is the first web based LOS that I’m aware of that offers both “forward” and reverse mortgage compatibility in one system.  The company also takes a Software As A Service (SAAS) approach with its pricing where lenders only pay for the software on transactions that close.  

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  • It is great to see the reverse space continue to expand, but until these CEOs and VPs realize that reveres is still a three legged stool for the LO. 1- true reverse knowledge, 2-ability to get leads and 3-the ability to earn the trust at the table with the senior borrower. Time and time again, I see companies taht have strategies that may or may not work for TWO of these three, rarely am I seeing all three within one company, across the board. There is a great company here in MIA that has an internal lead system, but their results still suffer due to a lack of great LO’s…..have a great weekend!

  • Strange choice as Lydian is the only company I know of that actually reneged on reverse mortgages. They came out with three proprietary products in early 2007. A few months later they realized their pricing was wrong and told several hundred borrowers that no more draws were available. Some banking regulation allowed them to do this as the loans imperiled Lydian.

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