Top-five reverse mortgage lender Urban Financial announced it has changed its name officially to Urban Financial of America. Previously the company was called Urban Financial Group.
The company was sold by Knight Capital Group (NYSE: KCG) following Knight’s merger with trading firm Getco. The Urban deal is expected to close by year-end.
With the name change, Urban will be rolling out new marketing and advertising materials including a new logo, positioning itself in the market as UFA and with the web url ufareverse.com.
“Although our name has changed, the team that our customers have come to know will continue to provide the same superior level of service and reverse mortgage expertise that sets Urban apart,” said UFA CEO and President Steve McClellan. “We’re excited to have a new identity that better reflects our national profile as a top retail and wholesale lender, and our position as America’s leading wholesale reverse mortgage company.”
Under the sale by Knight, Urban is now owned by an investor group led by Brian Libman, Walter Investment’s Chief Strategy Officer. The deal was expected to generate proceeds for KCG Holdings of $80 million in cash consideration and retained net assets.
Written by Elizabeth Ecker