Friday Round-Up: Urban Says Goodbye to Wagner, S1L Welcomes New EVP

In case you missed it… here’s what happened in reverse mortgage news this week.  

Urban Financial announced it will part ways with Robert Wagner. Urban says there may be TV advertising in the future for the company, but that it is refreshing its marketing approach with the hire of new marketing director Jean Noble, whose hire was also announced this week. 

Security One announced it has hired Bob Sivori as its new executive vice president. The announcement comes following the hiring of former MetLife reverse mortgage wholesale team, which the company said will aid in expanding operations from Security One’s base in San Diego to the East Coast. In his new role, Sivori will oversee loan production and East Coast operations, and will manage strategic marketing.

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The CFPB took its first enforcement action. The Consumer Financial Protection Bureau charged Capital One with deceptive marketing practices, placing the bank on the hook for $140 million in restitution as well as a $25 million fine. 

An AARP study found “disturbing” rates of foreclosure among the 50-plus population. Americans who are aged 50 and older have been hardest hit in terms of foreclosures since 2007, the AARP study finds. More than 50% of foreclosures within the age group took place for borrowers with incomes between $50,000 and $124,999 with 32% falling under the income bracket of less than $50,000.  

Lenders settled further into the new “Top-10.” With Urban looking like a shoe in for the top spot, other lenders have risen the ranks in light of recent big bank exits, according to the most recently analysis from Reverse Market Insight. 

Written by Elizabeth Ecker

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