Urban Financial Group announced on Tuesday that it is now licensed to conduct wholesale and retail reverse mortgage business in the state of New York.
“This is an exciting opportunity to further expand our company’s footprint, and most importantly, to now be able to serve New Yorkers,” said Steve McClellan, Urban Financial Group’s President and CEO, in a statement. “Urban is highly regarded as a trusted resource for reverse mortgages, and now New York’s consumers and reverse mortgage professionals can have access to our expertise and competitive product options.”
Urban’s retail division is now licensed for operation in 45 states, while its wholesale line is licensed in 43 states and Puerto Rico.
“We’re ramping up sales and marketing resources to cultivate this market, and plan to augment our retail sales force accordingly,” said Sherry Apanay, managing director for sales. “This is also great news for our wholesale and correspondent partners who are licensed in New York and can now work with us on loans in that state—and we look forward to forming new partnerships as well.”
Written by Alyssa Gerace