OneTrust Home Loans, a DBA of CalCon Mutual Mortgage LLC based in San Diego, Calif., announced the appointment of Michael DiMaggio to serve as part of the leadership team at the company’s 55+ lending division which includes reverse mortgage business. DiMaggio will spearhead efforts to expand the division’s business on the West Coast of the U.S.
DiMaggio brings 30 years of mortgage industry experience to his new role, having served in divisional and regional roles at international banks, mortgage brokerages and independent mortgage banks. His career includes mortgage roles at Wells Fargo, Citi and Guaranteed Rate, and DiMaggio sees the variety of lending products available for seniors as the pathway to an opportunity.
“When adding the massive opportunity to help 55+ borrowers with our specialized lending products, to the traditional and portfolio mortgage options OneTrust offers, mortgage professionals can now offer their clients a comprehensive and robust suite of finance solutions,” DiMaggio said in a statement.
Jesse Allen, president of the company’s 55+ lending division, said that the search for an additional leader was extensive. DiMaggio’s experience combined with his personality helped to make him the prime choice as the division continues to establish itself.
“Michael is the ideal addition to our founding leadership team,” Allen said. “He has more than 30 years of mortgage and related experience with a proven track record of building and developing productive teams along with a thorough knowledge of West Coast markets. Our model is relentlessly committed to creating value for customers, partners, and originators through purpose-driven lending delivered through exquisite execution by a team with deep experience across the product spectrum.”
DiMaggio’s combination of experience and acumen for the region makes for a solid addition to the company’s efforts according to Josh Erskine, CEO of OneTrust Home Loans.
“Changes in the financing needs for the 55+ demographic are becoming more self-evident every day,” Erskine said. “This presents an opportunity for our company to provide them with the flexible solutions that we are known for throughout the industry. Michael’s experience and proven ability to make an impact is a great fit for our team.”
OneTrust stood up its 55+ lending division last summer under Allen’s leadership. In addition to reverse mortgages, the company aims to offer senior clients a range of potential options within the active adult space.