Following the departure of MetLife from the reverse mortgage business, a group of the company’s former executives are now in process of launching a new company within the business. Reverse Mortgage Funding, the brainchild of former MetLife leaders Craig Corn, Joe DeMarkey, Bob Sivori, Mike Mooney and Rick Peters, is currently under way in planning to begin operations.
The company is currently headquartered in Bloomfield, New Jersey with several additional team members in place, although the company has yet to begin funding or purchasing loans.
Craig Corn, who served as a vice president of MetLife tasked with management of its reverse mortgage division, serves as company CEO.
While sources within the company say operations are yet to be under way, the team is experienced with many years in reverse mortgage lending and in the mortgage business in general.
The National Reverse Mortgage Lenders Association has welcomed Reverse Mortgage Funding as a new member.
Written by Elizabeth Ecker