Reverse mortgage lender Generation Mortgage announced Thursday it has hired the Department of Housing and Urban Development’s Colin Cushman, known as one of the inventors of the Home Equity Conversion Mortgage Saver product, to lead the company in risk and strategy.
Cushman bring more than five years as a Federal Housing Administration risk management official, and is credited in large part by the reverse mortgage industry for his work in FHA’s launch of the HECM Saver in late 2010.
He served as FHA’s Director of Portfolio Analysis where he was responsible for developing valuation models to support product development, premium pricing, risk management, and operations. He also helped shape policy guidance on the HECM program, and co-authored the paper titled, “Identification of Home Maintenance Risk in Reverse Mortgages.” In addition to his role at FHA, Cushman also has experience in business and consulting.
“Colin brings to the Generation Mortgage team a deep understanding of the reverse mortgage industry and the federal oversight of our products and services. His leadership and vision at FHA, including the development of the innovative Saver product, will be invaluable to our company as we continue to provide unparalleled products and services to our customers across the country,” Jeff Lewis, CEO of Generation Mortgage said. “We are pleased to welcome him to Generation Mortgage.”
Cushman has received a National Reverse Mortgage Lenders Association distinguished service award, as well as a David L. Boren international graduate fellowship and Howard Hughes fellowship.
Written by Elizabeth Ecker