The investor group paid $80 billion for the Tulsa, Okla.-based shop. It is a FHA-approved Home Equity Conversion Mortgage lender and approved Ginnie Mae issuer.
“Urban Financial Group is well-positioned to capitalize on the significant growth opportunities in the promising reverse mortgage originations market,” Libman says.
Libman previously served as the chief strategy officer for Walter Investment Management. He recently resigned from that post.
At the closing, Walter Investment made a $15 million invest in UFG. KCG Holdings announced its intention to sell UFG back in July.