New American Funding Hires Former Omni Founder to Lead Reverse Division

NewImageA new reverse mortgage division launched by Orange County, Calif.-based New American Funding has hired former Omni exec Keith Murphy to lead the team.

Murphy is an industry veteran, having co-founded Omni Reverse Mortgage in 2002, a company that was later acquired by Security One Lending.

“I am excited to leverage my reverse mortgage origination experience with New American Funding,” Murphy said. “I am confident that we at New American Funding have the resources to be a top originator in the Reverse Mortgage market.”

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The company says it will train existing loan officer employees under Murphy’s leadership, to originate reverse mortgages.

“I am confident that we at New American Funding have the resources to be a top originator in the Reverse Mortgage market,” Murphy said.

New American Funding, which has ramped up advertising efforts recently through a radio campaign, and has sought opportunities presented by the HECM Purchase reverse mortgage product, also said it has recognized changes in the industry including the exits of Wells Fargo and Bank of America from the business. Those changes have created new opportunities in both the refinance and purchase markets, the company said in a press release.

The company is licensed in 18 states with loan officers based in several California offices.

Written by Elizabeth Ecker

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  • Is this the end of September or the end of March?  I am lost.

    The peak season for originating HECMs for purchase is behind us.  Last month total endorsements were less than 150. 

    The purchase market is very, very limited.  No realtors are taking it under their wing the way that the Texas Tech faculty and CFP community appear to be ramping up for Savers. 

    While real estate licensees are a good place to discuss HECMs, the HECM for purchase program is limping and with a greatly exaggerated and overly inflated potential is about burst. 

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