Texas-based Georgetown Mortgage recently announced the expansion of its reverse mortgage division Reverse Mortgage Focus with two new branches, multiple new hires, and more growth expected this year.
Reverse Mortgage Focus has added three Colorado reverse mortgage veterans to its staff and has also expanded its footprint with two new reverse mortgage branches in Conroe, Texas and Tucson, Arizona.
“Our ability to attract talented originators is validation that our efforts to establish a strong foundation, streamlined workflow, and attractive compensation plans have paid off,” said Barry Scoles, National Sales Manager for Reverse Mortgage Focus, in a statement. “With our second Arizona office soon to open in Phoenix and our pending licensing in additional states, we expect 2014 to be a pivotal year.”
New hire Eileen Kennedy has been originating reverse mortgages since 2003 and played key roles in Colorado’s first and subsequent Aging in Place Days in 2003 and 2004, along with serving as President of the Southwest Coalition on Aging in 2004 and 2005.
Sandy Clements is a former Department of Housing and Urban Development counselor with more than 10 years of experience originating reverse mortgages.
Virginia Berry got her start in the reverse industry in 1998, when she began originating reverse mortgages with Financial Freedom. She was involved in developing the NRMLA professional designation program and has also been a panelist at NRMLA conferences.
Reverse Mortgage Focus’s new Conroe, Texas office will be headed by Joshua Trantham, who has been originating reverse mortgages since 2005. Trantham’s prior experience includes several years with Wells Fargo. He was most recently with Cherry Creek Mortgage.
Georgetown Mortgage’s reverse division has expanded into a new state with the Tucson branch office, established by Steve Wolf, who has been originating reverse mortgages since 2003. Wolf was most recently with Nova Financial and additionally has background as an FHA lending educator.
“Looking back, I would not characterize 2013 as the most ideal time to have launched a reverse mortgage division,” said Scoles. “As a closed loan seller, despite the turbulence in our sector, we establish our foothold by having a seasoned team of reverse mortgage experts at all levels—processing, underwriting, closing, and sales support.“
The company is aiming for a strong HECM for Purchase [H4P] presence in Texas, and last May Georgetown Mortgage was also approved by the Texas Real Estate Commission to offer reverse mortgage purchase continuing education (CE) classes.
“We have positioned Georgetown Mortgage to be a leader in H4P in Texas,” said Scoles. “Combining these initiatives with our equally strong success providing CE classes to Certified Financial Planners, we feel we have the right mix to move Georgetown Mortgage forward as a key player in the reverse sector.”
Written by Alyssa Gerace