Liberty Home Equity Solutions, formerly Genworth Financial Home Equity Access, has appointed Otto Kumbar to the position of company CEO, according to a National Reverse Mortgage Lenders Association update.
The news comes upon the recent announcement of the departure of longtime CEO Pete Engelken.
Kumbar has held positions within General Electric, and more recently within Genworth Financial Home Equity Access, which was acquired this year by Ocwen Financial for $22 million and underwent a name change to Liberty around that time.
He entered the mortgage industry in 2001, according to NRMLA and has served as business leader for Liberty since 2010. Previously, he held a position as Genworth Financial’s Managing Director for Latin America, CEO of Australia, and Managing Director for Mortgage Insurance in Europe.
Engelken announced in May he would leave his post as company CEO to pursue an opportunity with 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.
In addition to assuming the CEO position, Kumbar will also fill Engelken’s former role on the board of directors of the National Reverse Mortgage Lenders Association.
A request for comment was not returned by Liberty as of press time.
Written by Elizabeth Ecker