Security One Hires 130 MetLife Reverse Mortgage LOs, Doubles Sales Team

Security One Lending has hired 130 former MetLife reverse mortgage employees, doubling its retail sales channel and continuing its expansion east. 

The new retail employees comprise 70% of MetLife’s top performing sales force, the company said Tuesday, in addition to the recent hires of five regional managers and sales representatives, and the addition of former MetLife executive Bob Sivori as the company’s executive vice president. 

With the addition of the new hires, Security One becomes the company with the largest reverse mortgage sales force in the industry, according to S1L. With a 65% majority of its sales team now east of the Mississippi River, the company expects to make a strong footprint nationwide. The expansion includes a new loan processing center in Newburgh, New York. 

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“Our sales force is made up of some of the best professionals in the industry, all of whom are committed to the financial well-being of the senior homeowner,” said Alex Pistone, senior vice president and co-leader of the Retail Sales Unit at Security One. “We will leverage the team’s collective knowledge and experience to deliver the best possible service to our customers.”

Security One expects its sales volume to grow accordingly. The San Diego-based company has closed 2,406 loans this year to date through its retail and wholesale channels, according to the latest data from Reverse Market Insight

“As our sales force has grown, so has our customer base,” said Bob Sivori, executive vice president, Security One. “We have made major strides—including the addition of the new processing center—to keep the reverse mortgage business running as smoothly and efficiently as possible. Our customers’ experiences with Security One remain our top priority.”

Written by Elizabeth Ecker

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  • Welcome to all those who have recently joined Security One!!!!

    The addition of so many MetLife former employees is a huge step in not only giving Security One a national footprint but also making it the largest lender in the nation in the months ahead.  For Security One this truly is THE year of the lender.

    It has been a gratifying experience of coming into a major independent forward lender doing primarily Alt-A mortgages when the reverse side was starting up in late 2006 and see it grow to this point.

    Congratulations to Torrey and Tyler Larsen in particular.

  •  I would guestimate that MOST of those folks are former Wells Fargo folks.  They are former formers.  I don’t believe Met ever reached the level that those at Wells did anyway. 

  • Congrats to S1L….but lets keep in mind that being the largest in the industry does not mean being the best……just ask anyone who worked for Wells, BofA, and Met. There’s a reason why the other 30%chose to take their talents to many other places.  

    • they would have to be (and all at Met were either already or in the process) since Metlife was prepping for non bank status before leaving the marketplace

  • jameslyles,

    I was eating when John Stumpf VOLUNTEERED to Maxine Waters under oath in a formal House Financial Services Committee meeting a few years back that Wells Fargo NEVER originated a single negative amortizing residential loan.  I chocked for a few minutes laughing in tears about how much he knew about his own reverse mortgage group.  If the Stage team (Wells reverse mortgage personnel) were not put on notice then that they were nothing in the eyes of their senior management, they obviously missed the point.  And, yeah, in fact they obviously DID miss the point.

    It is totally a different story in a business where reverse mortgages are the big story.  They are not overlooked.  No one is testifying under oath that their lending operation has never once originated a negatively amortizing mortgage.  There is even a good chance that every member of the senior management team knows your first name and what state licenses you hold and in some cases (when you voluntarily let it out), what your scores were.

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