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New American Funding expands reverse division with new managers

The move comes after the recent appointment of a new reverse mortgage VP, and a stated desire to grow its reverse business

Orange County-based multi-channel mortgage lender New American Funding (NAF) announced this week that it further expanded its reverse mortgage division by hiring industry veterans to serve as new divisional managers.

Barbara Sica has been named the divisional manager for the East Coast, while Dennis Loxton will serve as the Central regional manager for the lender’s HECM business.

Barbara Sica, East Coast divisional manager for reverse mortgages at New American Funding.
Barbara Sica

“I’m very excited for the future of New American Funding’s reverse mortgage division, with two new industry veteran hires,” said Shannon Robinson, VP of the reverse division at NAF. “Both are strong leaders that inspire and motivate others to work towards our common vision.”

Both new managers are experienced with reverse mortgage products, with Sica serving in reverse roles at companies including Liberty Reverse Mortgage, Associated Mortgage Bankers and United Northern Mortgage.

Sica most recently served as a VP and regional reverse manager at Homebridge Financial Services. She began her mortgage banking career in 1986 and transitioned into reverse in 2002.

Dennis Loxton most recently served as regional sales manager for Longbridge Financial, which followed a tenure as the national sales manager for the reverse mortgage division of Mid America Mortgage.

Prior to that, he served as the Eastern region’s regional vice president at Liberty Reverse Mortgage, and at American Advisors Group (AAG) as the sales director for the central U.S. Loxton began his reverse mortgage career with Financial Freedom in 2005.

Dennis Loxton, central regional manager of the reverse mortgage division at New American Funding.
Dennis Loxton

“I have worked with both [Barbara and Dennis] throughout my career [in] reverse, and I have witnessed their passion for helping senior clients achieve their retirement goals and financial dreams,” Robinson added. “Their deep roots within the reverse industry allow us to expand our knowledge within NAF and educate our traditional officers and existing portfolio of clientele on the many benefits of a Home Equity Conversion Mortgage (HECM).”

The new hires follow the March appointment of Robinson to serve as the head of NAF’s reverse mortgage division. That move also arrived on the heels of promotions for co-founder Patty Arvielo as co-CEO and Christy Bunce as president.

Arvielo and Bunce’s promotions will assist in the further development of NAF’s expanded reverse mortgage activities, the company said in March.

“The leadership structure changes only strengthen our posture on reverse. Patty and Christy are very aligned on NAF’s reverse strategy and wholeheartedly support Shannon and her team in growing the reverse business,” a NAF spokesperson said.

NAF recently said it has a goal of entering the top 10 in the reverse lending industry.

“We understand the importance of providing a local market presence with national mortgage experience and work diligently to educate loan officers on a variety of forward-thinking platforms and products,” Robinson said. “We plan to expand our call center and build an exclusive team of reverse loan agents. We are working hard on enhanced processes and new reverse mortgage offerings.”