First Century Bank plans to aggressively expand its reverse mortgage division as it prepares for significant growth in the market.
As part of the expansion plans, the company said it hopes to add 30 to 50 reverse mortgage loan originators over the next year.
“FCB is committed to providing outstanding mortgage products in the communities that we serve,” said Daniel Diaddigo, President, FCB Mortgage Division. “The significant growth in our Reverse Mortgage Division is a reflection of the needs in our current communities. Therefore this expansion is a natural extension of our dedication to these additional markets.”
The division will be lead by Bruce Diaddigo, Pam Martin, and Dennis Loxton, CFP. Mr. Loxton.
“FCB has long been a leader in providing outstanding mortgage solutions to meet the needs of the community,” said Loxton. “The planned growth in the Reverse Mortgage Division extends this vision to other areas in the Southeast that need this product, particularly in today’s economic environment.”
Currently, the bank has a small reverse mortgage operation that originates in Georgia. According to data from the Department of Housing and Urban Development, the company endorsed 26 HECM loans in 2010.