Former Great Oak Lending CEO Josh Shein announced this week that he has resigned from the Baltimore-based company but will stay in the reverse mortgage business in his next endeavor—launching a Maryland branch for Parsnippany, New Jersey-based Maverick Funding Corp. Maverick, which launched a new reverse mortgage subsidiary in October until the Reverse Mortgage Network brand, is gearing up for growth via the new branch.
“I’m excited to be a part of [Maverick],” Shein told RMD. “They’re energetic, great to work with, and they want to grow the business.”
Shein is mum on the staffing details of the new branch, but says the plan is to grow from the ground up.
“The hope and plan is for it to be a large branch doing a lot of different marketing and closing a lot of loans,” he said.
Great Oak Lending will continue to operate its reverse mortgage business through its existing 1st Maryland Mortgage Corporation dba under the leadership of former operating officer Jeffrey Cooper, who will now hold the CEO role.
“I intend to continue on the same path that the company has taken over the past couple of years,” Cooper told RMD in an email. “We are coming off the best month ever in December and expect an easy transition.”
Written by Elizabeth Ecker