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1st Reverse Mortgage USA Seeks to Expand Forward Channel with Promotion

1st Reverse Mortgage USA promoted Jeff Ausman to director of business development, putting him in charge of recruitment and development for the firm’s forward-mortgage channel.

The company — a division of Cherry Creek Mortgage Company — launched its forward arm, 1st Mortgage Solutions USA, earlier this year and hired Ausman as part of the push. Ausman has worked in the mortgage lending world for more than 20 years, with previous stints at Bank of the West, Guaranteed Rate, and Ausman Mortgage Corporation.

The plan, according to 1st Reverse Mortgage USA vice president Dan Harder, is to have both divisions play off of each other as more forward lenders express interest in the HECM space.

“A lot more forward companies will be involved than what we’ve seen in the past, and what we see today,” Harder told RMD at the time.

Amid the new changes set to sweep through the reverse mortgage world — with lower principal limits and a revamped mortgage insurance premium structure taking effect October 2 — many in the industry have predicted just such a transition as reverse mortgage lenders will likely have to increasingly compete on rates. That ecosystem will be familiar to “forward” lenders and brokers, which have differentiated themselves with rates for years, making the reverse mortgage world potentially seem a little more familiar than it has in the past.

In addition, as interest rates rise, forward lenders whose refinance volumes have dried up could enter the reverse market in search of leads — an effect that may have already begun occurring, with the number of active originators swelling in 2017.

At 1st Mortgage Solutions USA, Ausman will also oversee the company’s outsourcing platform, which seeks to help local banks and credit unions offer multiple types of loans.

“Jeff is a dynamic leader, caring sales professional, and team player with a proven sales growth track record for meeting B2B and B2C customer needs,” Harder said in a release announcing Ausman’s promotion. “Our whole team respects Jeff for his significant contributions. We congratulate him on this well-deserved promotion.”

Written by Alex Spanko