American Advisors Group on Wednesday announced the hire of Ted Zepfel, a former Bank of America and Wells Fargo employee, as its vice president of operations for alternative distribution.
Zepfel, who began working for the Orange, Calif.-based reverse mortgage lender in July, oversees AAG’s wholesale and national field sales divisions, including processing and underwriting. He will also work to build efficiencies across the company’s divisions, AAG said in an e-mail to RMD.
“The reverse mortgage loan is an extremely useful product that’s critical to solving the income shortfall felt by baby boomers nearing retirement. There is a large gap between just sustaining yourself and having a thriving retirement,” Zepfel said in a statement announcing his hire. “AAG allows baby boomers to bridge that gap with a reverse mortgage, which is exciting for me.”
Zepfel worked as a senior mortgage underwriter at Wells Fargo prior to joining AAG, along with other leadership stints at Bank of America and AXA Equitable, a New York City-based insurance company. He holds an MBA from the University of California, Irvine, as well as a bachelor’s degree in international relations and business from the University of Southern California.
“As VP of operations, I plan to build the best team I can,” Zepfel said in the statement. “It’s really the people on the team that make the company. And then maintain their excitement about AAG’s future.”
The largest Home Equity Conversion Mortgage lender by volume, AAG has endorsed 12,541 loans during the 12 months ended June 2017, according to the most recent data from Reverse Market Insight. Second-place Finance of America Reverse, for comparison, logged 8,206 during that time.
Written by Alex Spanko