Reverse mortgage up-and-comer Network Funding this week announced the hire of a new national sales manager as well as plans to hire more than 100 originators to its nationwide team.
In addition to its national growth, the company is in the process of building a reverse mortgage call center based in Pennsylvania, which new national sales manager Nancy Pedone will oversee.
Previously, Pedone has worked for reverse mortgage lenders Countrywide, MetLife Bank and Security One Lending and has more than 15 years of experience in the mortgage business.
“I am very, very excited about working with Network Funding,” Pedone told RMD. “We weren’t on anyone’s radar, and we are going to be a major player.”
The company, which has a 700 originator-strong staff on the forward side of its mortgage business is licensed in 32 states, has closed 106 loans to date in 2012, according to the latest data from Reverse Market Insight. Previously, it has maintained a staff of just a dozen or so reverse mortgage-specific employees.
With the addition of the Pennsylvania call center and new hires across the country, company execs expect to grow the division substantially in the next six months and beyond.
“Our production previously has not been significant as any reverses we have done have been through our forward branches,” Network Funding Reverse Division Manager David Cook told RMD. “This is really big for us because we are finally going to be recruiting and putting a reverse team together.”
Network Funding was created in 1998 as a Texas-based wholesale mortgage lender, but has since evolved into a hybrid retail mortgage origination company.
Written by Elizabeth Ecker