Reverse mortgage lender Nationwide Equities, based in Mahwah, N.J. has announced the appointment of Philip Parziale as the company’s new chief of operations. Parziale has led the company’s compliance department since 2010 and brings his legal perspective to the new operations role.
In the new role, Parziale will manage day-to-day operations for the company including a concerted and ongoing push to grow the company’s wholesale channel, which it launched in 2011.
“One area of growth is going to be on the wholesale side in terms of working with brokers on the financial assessment,” Parziale tells RMD. “Especially if other companies aren’t going to hold their hands through the process, we are hoping we can turn submissions into closing. Once we are able to show the quality of our employees and how much they are willing to work, we will be able to capture more and more broker business.”
The appointment is well timed, he says, both due to the recent implementation of financial assessment and the legal background he brings. Prior to joining Nationwide Equities, Parziale launched a mortgage company, which stemmed from his career as an attorney specializing in mortgage banking law.
Ensuring a thorough training of originators will be an essential component of his purview in the new role, he says.
“We are trying to help LOs and brokers to make sure they are as trained as possible,” he says. “We want to make sure they can build a case for each loan.”
Parziale is a member of State Bar of New York, State Bar of New Jersey, United States District Court for the Southern District of New York, United States District Court for the Eastern District of New York, United States District Court for the District of New Jersey.
“Philip brings a strong understanding of both the forward and reverse mortgage business to the table. His 15 years of experience in our field along with his legal discipline makes Philip a very valuable asset in our changing regulatory world,” said Glenn Wallace, Nationwide’s president.
Written by Elizabeth Ecker