Read about the latest happenings in companies across the reverse space. Have exciting news to share? Email us to see it in print!
Generation Mortgage Company Makes Move to Reposition Reverse Mortgages with Cutting-Edge HECM Planning App
Generation Mortgage Company has unveiled an interactive reverse mortgage planning app designed to demonstrate the HECM’s feasibility as a flexible financial retirement tool. Called “nu62,” the app graphically plots the correlation of home equity to personal consumption to a home equity credit line of growth over any period of time after age 62. It also compares a reverse mortgage’s performance to a traditional mortgage. The company hopes the app, which can be used by both loan originators and consumers, will help change the public’s perception of the HECM product by effectively demonstrating how borrowers can benefit over time. “The way we are presenting reverse mortgages now shows that seniors can plan their consumption either all at once or over time depending on their plan,” said GMC President and CEO Colin Cushman. “Nu62 shows brokers and borrowers both the risks and rewards of different consumption patterns. It makes the options transparent and easy to understand for the first
time ever.” Cushman said the company plans to make the technology available to the industry this year.
Landmark Network Launches Vendor Payment Program
Landmark Network AMC announced the launch of PayView Report, a vendor payment program that adds transparency and security to the process of compensating appraisers. With the new program, lenders can ensure that their appraisers are being paid properly and in a timely fashion. Lenders will receive a list of all appraisal orders completed in any given month with
detailed information about those orders, the payment amount received by/due to Landmark Network, and the amount and check number paid to the appraiser. “We want to help mitigate the risk of lenders when they utilize our services. We will ensure that they are able to see and document our payment practices so they know that they have paid us and we have then paid the appraiser,” said Landmark President and COO Hunter Gorog.
Reverse Focus Releases New Mobile App
Reverse Focus, a technology and training provider for the reverse mortgage industry, has launched a mobile app designed to help reverse professionals stay in touch while on the go. The app, called Reverse Focus Mobile, offers users direct access to the latest industry news, videos, podcasts, e-learning tools and industry reports. “We know many of our members and visitors use their mobile phones consistently in the course of business,” said Shannon Hicks, VP of product development. “We are pleased to support them in the field with the tools and training this mobile app provides.”
AAG Welcomes Two Account Executives to Its Wholesale Lending Team
American Advisors Group has welcomed Alison Calamia and Laurel Anderson to its growing wholesale team. Calamia has worked on both the retail and wholesale sides of the industry in her 20 years in the business. Prior to joining AAG, she worked as an account executive with Generation Mortgage Company and ran a servicing division for Standard Mortgage Corp. Anderson worked previously in the title sector as an account manager for Premier Reverse Closings before joining the wholesale division at Generation Mortgage Company in 2011. Both Calamia and Anderson will serve as account executives for AAG, developing relationships with new partners to advance the company’s expanding wholesale channel.
Former Military Chief Appointed New Director of NewDay USA
NewDay USA has appointed Admiral Michael Mullen to serve as its director as well as the director of its parent company, Chrysalis Holdings. Admiral Mullen formerly served as chairman of the Joint Chiefs of Staff from 2007 to 2011, and was principal military advisor to presidents Barack Obama and George W. Bush. Additionally, he served as commander of U.S. Naval Forces Europe, commander of Allied Joint Force Command Naples and vice chief of Naval Operations. In addition to its reverse mortgage services, NewDay provides loans to military personnel and veterans. “I am pleased to be a member of the NewDay USA leadership team, and look forward to contributing to this company’s efforts to help military families achieve and sustain homeownership, as well as their other financial goals,” Admiral Mullen said.
TowneBank Mortgage Welcomes Brien Brandenburg, Promotes Ron Heath
Brien Brandenburg has joined TowneBank Mortgage as reverse mortgage manager. Brandenburg comes to the TowneBank team with more 15 years of experience serving the senior community through reverse mortgage origination. TowneBank has also promoted Ron Heath to the position of branch manager for the company’s reverse mortgage division in Raleigh.
