1st Reverse Mortgage USA this week promoted Steve Scheiern to director of reverse mortgage business development.
Scheiern, who previously served as the Lakewood, Colo.-based lender’s national retail sales manager, will continue to oversee the retail division while also helping to develop parent company Cherry Creek Mortgage Company’s presence in the reverse space.
“In my new position, I want to encourage CCMC’s traditional loan officers with the opportunities we’ve made available for them — and for those they serve — in the reverse mortgage space,” Scheiern said in a statement announcing his promotion. “Our experience and full-service mentality extends to CCMC as well as our other partners. We’re dedicating significant energy and resources to their success.”
The move is consistent with 1st Reverse Mortgage USA and Cherry Creek’s concerted push to unify its forward and reverse offerings: Cherry Creek launched 1st Mortgage Solutions USA earlier this year, and vice president Dan Harder predicted that more forward firms will enter the Home Equity Conversion Mortgage in the coming years.
“A lot more forward companies will be involved than what we’ve seen in the past, and what we see today,” Harder told RMD in May. “I think it’s just a natural growth of this product.”
Harder expanded on that theme in the release announcing Scheiern’s promotion.
“Reverses will be as common as FHA, VA, USDA, Conventional and so on,” he said. “Traditional loan officers recognize this trend and are seeking to provide a more complete spectrum of financing options to their senior clients.”
Harder also cited the vast number of American baby boomers turning 62, which researchers at the Urban Institute recently cited as potential area of reverse mortgage growth — even if low usage rates continue going forward, they said, the aging population will produce more volume on a pure number-of-loans basis.
1st Reverse Mortgage USA is among a variety of firms that have taken a “generational lending” approach to marketing the reverse mortgage, pairing the products with other forward loans in an attempt to diversify their offerings and make repeat customers of clients over the years: HomeBridge Financial, Certainty Home Loans (formerly known as Starkey Mortgage), and Reverse Mortgage Funding have all made similar efforts in recent months.
Scheiern has worked in the financial industry for 23 years, with previous stints at Wells Fargo and American Express. He spent six years as 1st Reverse Mortgage USA’s national sales director before the promotion.
“Steve’s market expertise, sales acumen, and ability to build key relationships fits perfectly with our drive to build the leading reverse mortgage platform for loan officers,” Harder said.
Written by Alex Spanko