Urban Financial Names New Chief Administrative Officer

Urban Financial of America today announced the appointment of Graham Fleming as managing director and chief administrative officer—a new position within the company.  Fleming brings more than 15 years of experience in consumer lending to the new position, including launching Icon Residential Lenders in 2006, for which he held the position of president. The company […]

Urban Financial Names Kristen Sieffert as Chief Operating Officer

Urban Financial of America today announced the appointment of Kristen Sieffert to the position of Chief Operating Officer, following the company’s change in ownership that became effective November 30. Sieffert has worked for Urban since January 2012 and has previous experience in the reverse mortgage industry having held positions as acting president of EquiPoint Financial […]

Investor Group Closes $80 Million Deal To Purchase Urban Financial

An investor group led by a former Walter Investment Management executive closed an agreement Monday to purchase Urban Financial of America (UFA) from KCG Holdings (NYSE: KCG) for approximately $80 million in cash and retained net assets. Under the terms of the deal, previously announced in July, former Walter Investment Management Chief Strategy Officer Brian […]

Urban Financial Completes Name Change, Introduces New Marketing

Top-five reverse mortgage lender Urban Financial announced it  has changed its name officially to Urban Financial of America. Previously the company was called Urban Financial Group.  The company was sold by Knight Capital Group (NYSE: KCG) following Knight’s merger with trading firm Getco. The Urban deal is expected to close by year-end.  With the name […]

Urban Hires New Sales Managers to Grow Retail Reverse Mortgage Presence

Urban Financial Group has announced the hires of three new sales managers for its growing field retail reverse mortgage channel. Geoffrey Bench, Ernest Castro and Castulo Romero have joined Urban’s retail sales force.  Bench will manage sales in central New York and surrounding areas; Castro is based in Virginia and Romero in the Los Angeles […]

Urban Announces New Wholesale Reverse Mortgage Hires, Plans to Grow

Urban Financial Group is expanding its wholesale team and is staffing up accordingly through the addition of several new sales and business development roles.  The company announced this week that Anneta Pope will join Urban as Vice President, Business Development Manager after most recently working in a new business development and sales capacity for Generation […]

Urban Financial Sells to Investor Group in $80 Million Deal [update]

Urban Financial Group will be acquired by an investor group affiliated with Walter Investment Management Corp. in an $80 million deal, the company announced Tuesday. The reverse mortgage business has long been operated under the ownership of Knight Capital Group. Knight has since merged with Getco LLC, a Chicago-based trading firm under the company KCG […]

Urban Updates Policy For Reverse Mortgage Non-Borrowing Spouses

Urban Financial Group spelled changes last week to its policy regarding the non-borrowing spouses of reverse mortgage borrowers, the company said in a notice to broker partners.  The lender said it will allow non-borrowing spouses only under specific circumstances and with certain documentation.  Borrowers with non-borrowing spouses can still qualify under Urban’s guidelines if the non-borrowing […]

Knight Capital to Sell Bond-Trading Unit Among Asset Sales

Knight Capital Group (NYSE: KCG), parent company of Urban Financial is in talks to sell a bond-trading business unit to Stifel Financial Corp., weekend reports indicate. Citing people familiar with the matter, the Wall Street Journal reported Sunday that Knight is exploring options to sell its non-core business assets and will sell the bond-trading business […]

WSJ: Knight Looks to Sell Reverse Mortgage Business

Knight Capital Group (NYSE: KCG), parent company of Urban Financial, is looking to sell its fixed income business segments including its reverse mortgage unit, according to a report by the Wall Street Journal published Wednesday. Citing sources “close to the company,” the WSJ reports that Knight has hired Bank of America Merrill Lynch to pursue […]