US Mortgage Corporation, headquartered in Melville, N.Y., recently appointed Kelly Sabino as director of its reverse mortgage division, jumpstarting plans to more than double the company’s reverse volume.
In its forward and reverse capacities, US Mortgage Corporation’s loan volume is at about 75-85 loans per month, with reverse mortgages taking up about eight to ten of those. The company expects its growth to continue and anticipates closing 20-25 loans per month within the next year through its reverse mortgage consumer direct platform, a company spokesperson told RMD.
“With seniors comprising the largest and fastest growing segment of the total U.S. population, and 80% of them owning their homes, interest in reverse mortgages will continue to grow steadily for years to come,” Sabino said.
Prior to this position, Sabino, who has seven years’ experience in the industry, was reverse mortgage sales manager at the New York office of brokerage Mortgages In-Deed, where he managed the company’s sales team. He also developed a 15-person outgoing consumer direct call center in addition to managing Mortgages In-Deed’s 12 loan officers.
“Kelly’s expertise in the area, along with his strong management skills, will help us grow the division and capture a greater share of this exciting market,” said Steven Milner, founder and CEO of US Mortgage Corporation, in a statement.
Currently, there are a dozen loan officers throughout the company’s eight New York branches that focus on reverse mortgages, said a spokesperson, although US Mortgage Corporation plans to hire an additional 15-20 loan officers specifically for reverse.
The company is licensed in 21 states and plans to significantly expand its presence outside of the New York tri-state area.
Written by Alyssa Gerace