HomeServices Lending added Ken Keranen to concentrate specifically on expanding its HECM for purchase business said the company in a statement.
Keranen brings 17 years of reverse mortgage experience to the company, a joint venture between HomeServices of America, a Berkshire Hathaway company and Wells Fargo Home Mortgage.
Started in 2009, the HECM for purchase program has slowly picked up steam. In January 2009, only 18 HECM for purchases were endorsed, totaling $6.4 million of loans. However, by the end of 2009, volume had increased to 130 units and $40.1 million according to Reverse Market Insight.
Keranen feels the program has nowhere to go but up and that within a decade it will account for as much as 50% of the overall number of units as the baby boomers seek purchase their retirement home with a reverse mortgage.