Paramount Residential Mortgage Group, Inc. (PRMG) announced this week that it has appointed reverse mortgage industry veteran Ellen Skaggs as its new division manager for the Home Equity Conversion Mortgage (HECM) business.
Skaggs, a 38-year veteran of the mortgage industry, has spent the last 16 years focused exclusively on reverse mortgages, with the past eight years leading the reverse mortgage efforts at New American Funding.
With the appointment of Skaggs, PRMG is well-positioned to expand its reverse mortgage business, Chris Sorensen, SVP and director of national retail production at PRMG, said.
“With Ellen at the helm of our HECM division, PRMG is well-positioned to help seniors unlock the full potential of their home equity,” Sorenson said in a statement. “We understand the unique financial needs and challenges that seniors face, and we are dedicated to providing them with customized solutions that meet their specific goals and priorities.”
Skaggs also brings to the role an expertise in other mortgage product categories, including Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) financing, as well as conventional loans for purchase and refinance transactions. She has closed an estimated 4,500 loans in the mortgage banking industry over the course of her career.
“I am a firm believer in excellent customer service and competitive pricing. Today, I focus on helping seniors fund their retirement using a reverse mortgage,” Skaggs said. “As past chairwoman of the Orange County chapter of the National Aging in Place Council (NAIPC), my passion is educating the public about the benefits of reverse mortgages and what they can accomplish.”
According to HECM endorsement data compiled by Reverse Market Insight (RMI), PRMG is ranked No. 45 on the list of the top 100 reverse lenders in the country. It produced 96 endorsements in 2022, with 15 produced so far in 2023. Like many other industry lenders, its top-producing state for reverse mortgage business is California.