Security One Lending has hired former Bank of America exec Ron Fetcher lead the expansion of its retail lending team.
The San Diego-based top-10 lender named Fetcher as senior vice president, national performance executive for retail lending, with the aim of broadening the company’s sales force, expanding its market share and diversifying its geographic risk.
“We believe the addition of Ron Fechter will strengthen the overall management team of S1L. He has certainly built a respected reverse sales force with expertise in the Business Development side of our business. The recent exit of Bank America has presented an opportunity for Security One to grow market share. The ability to more aggressively scale these Divisions through lead flow to the local branch level is a critical component towards growing market share in 2010/2011” stated Torrey Larsen, president of Security One Lending. “Additionally, Ron fits our corporate culture and will enhance our organization’s presence in the space.”
The hire comes just weeks after Bank of America announced it would exit the reverse mortgage business in February, leaving market share to be gained by other large lenders.
Security One lending was the 10th largest lender in terms of reverse mortgage volume last year, closing 763 loans. The company is licensed in 30 states currently and plans to obtain licensing in 10 more states by the end of 2011.
Written by Elizabeth Ecker