San Diego, Calif.-based reverse mortgage broker iReverse Home Loans Corporation has been acquired by longtime mortgage producer and manager Michael A. Mazursky, according to a press release from the company distributed on Monday. Terms of the acquisition deal were not publicly disclosed.
“Mr. Mazursky has a proven eighteen-year track record in the mortgage industry and plans to take advantage of the increasing pool of mortgage professionals seeking branch and origination opportunities with one of the most generous packages available in the industry,” the press release said.
When asked what prompted him to make the acquisition of iReverse, Mazursky told RMD that it really came down to the caliber of the people who work there.
“What prompted me to make the acquisition is simple — the people at iReverse Home Loans Corporation are among the best I have ever worked with in my career,” he said. “Everyone is knowledgeable and upholds our values of conducting business with honesty and integrity.”
Mazursky praised his predecessor as iReverse owner, Kenneth J. Klawans, for creating a company that he’s proud to lead by continuing the establishment of a fine example.
“Mr. Klawans has been in the industry for 30-plus years. He has built a great company from the ground up and I am honored to be given the opportunity to continue that tradition,” Mazursky said.
Mazursky also made clear to RMD that he is fully aware of many of the recent difficulties that have plagued the reverse mortgage industry, but remains optimistic about the possibilities of the business in the future.
“Although the industry has seen struggles since the October 2nd, 2017 changes, my view is there is still tremendous opportunity in the reverse mortgage industry,” Mazursky said. “Mr. Klawans brought me on in 2014. I will never forget the opportunity he gave me. One of my primary goals is to provide that same opportunity to other mortgage loan originators.”
In the press release, Mazursky spoke about his conception of the company’s vision, including upholding the company’s stated values of “honesty, professionalism, integrity, character and compassion,” while also emphasizing the availability of “one of the most competitive compensation packages within the industry” to iReverse’s employees.
“We are currently exploring the possibility of implementing an optional company-wide leads program for our teams of Branch Managers and licensed Mortgage Loan Originators,” Mazursky said. “We are only looking to bring on the best and those who share our core values and beliefs. This is how we can provide top shelf amenities and service to all of our team members.”
Mazursky also detailed in the announcement release that iReverse will prepare to enter the forward mortgage space from its starting point brokering reverse mortgages.
“Our proven and successful model as a reverse mortgage broker will soon expand in the traditional mortgage market,” Mazursky said in the press release. “We will soon be adding additional product offerings such as FHA, VA, Conventional, and Non-QM.”
iReverse maintains a network of mortgage specialists across a total of 13 states.