The leader of Liberty Home Equity Solutions is stepping down from his position in June according to an email obtained by RMD.
Pete Engelken, who serves as president and chief executive officer of Liberty said he will be leaving to pursue a new business opportunity outside the reverse mortgage industry starting June 17th.
“Over the many years, I have thoroughly enjoyed my time in this industry working with seniors, being a part of the industry group, and working with you all to tackle the tough industry issues,” Engelken wrote in the email.
Engelken has been the leader of Liberty for the last eight years, first under Genworth Financial and then through the company’s sale to Ocwen for $22 million in April.
After leaving Liberty, Engleken said he will join Pathway Strategic Advisors, a company designed to help financial advisors manage retirement accounts for older investors. Pathway was started by Scott Hanson and Pat McClain, who started the original Liberty and worked with Engelken before selling it to Genworth for $50 million in 2007.
RMD reached out to Liberty for comment on who would be replacing Engelken and has yet to receive a response.