Urban Financial of America today announced the appointment of Kristen Sieffert to the position of Chief Operating Officer, following the company’s change in ownership that became effective November 30.
Sieffert has worked for Urban since January 2012 and has previous experience in the reverse mortgage industry having held positions as acting president of EquiPoint Financial and with Financial Freedom.
“For these past two years, Kristen has been an absolutely critical member of our team,” said UFA CEO Steve McClellan. “Her outstanding leadership and her knowledge of all aspects of the reverse mortgage business have been essential to the success of our company and its transition to new ownership. I look forward to her continued fine work.”
Under the recent acquisition, Urban was sold by Knight Capital to an investor group led by former Walter Investment exec Brian Libman. The company also went through a name change from Urban Financial Group to the new name.
Terms of the acquisition agreement give Walter entitlement to purchase up to 19% of the common units of holding company UFG Holdings. Walter’s affiliate, Reverse Mortgage Solutions, Inc., is in the process of negotiating a forward flow agreement to purchase mortgage servicing rights originated by Urban, according to a company filing with the Securities and Exchange Commission upon the acquisition closing in late November.
Written by Elizabeth Ecker