Finance of America Holdings, LLC, a Blackstone (NYSE: BX) portfolio company and parent of reverse mortgage lender Urban Financial of America, announced Wednesday two staffing changes at the executive level.
Effective October 15, Urban’s current Chief Operating Officer Kristen Sieffert will assume the role of President at the top-10 reverse mortgage lender, where she has been a key leader for four years and has been instrumental in the company’s growth and success.
Urban’s current President and Chief Executive Office Steve McClellan, however, will move to the position of President of Finance of America Holdings.
“Kristen has led the implementation of many of our business and operating processes and most importantly, she models the core values that are key to our continued success,” McClellan said in a written statement.
A veteran of the reverse mortgage industry, since 2004 Sieffert has worked in various roles within the sector, including customer relations, underwriting and underwriting management, sales and sales management, and overall operations management.
Prior to joining Urban, she served as Acting President of EquiPoint Financial; and prior to that, she served as Vice President of Operations for One Reverse Mortgage, a Quicken Loans company.
“I am excited to take this next step with a team as strong as the one we have developed at UFA,” Sieffert said in a written statement. “With the experience and backing of Finance of America Holdings behind us and the talent and passion of our employees, UFA is poised to grow exponentially as one of the leaders in the reverse mortgage space.”
Finance of America Holdings made a big buy into the forward originations market in August after completing several acquisitions to make the holding company one of the largest non-bank originators in the country. With licensing in more than 45 states, the company encompasses 1,400 loan officers among its 3,000-plus employees.
In the 12 months trailing September, Urban Financial of America totaled 4,267 Home Equity Conversion Mortgage endorsements, effectively ranking fourth among the top-10 reverse mortgage industry lenders, according to the most recent data released by Reverse Market Insight.
Written by Jason Oliva