The 360 Mortgage Group, a lender in Austin, Texas, is further expanding its reverse mortgage production branch network and executive leadership.
To start, the company has opened its first new model retail branch that specializes in reverse mortgage lending in Dallas. It is part of a reverse mortgage division that was launched this year and is licensed to originate reverse mortgage loans in 36 states, the company said.
The bank is in the process of opening such branches in seven other states where it has filed the paperwork, according to a spokesman. These branches will supplement the bank's wholesale and inside-direct sales in conjunction with its national expansion plans.
In addition, the bank has appointed reverse mortgage industry veteran Nancy Pedone as national reverse branch manager to lead the future expansion of the 360 Mortgage Group reverse division.
Pedone will focus on building a national reverse mortgage retail branch network "and hiring high quality reverse mortgage area sales managers, branch managers, and retail loan officers and operations professionals," the company said. She brings more than 16 years of mortgage industry knowledge and nine years of reverse mortgage leadership experience including executive roles at American Advisors Group, one of the largest reverse mortgage lenders in the U.S., and Security One Lending, where she built and managed a team of 40 reverse mortgage loan officers.
“We are making the needed investments” in production talent, operational support and geographic expansion to ensure the company is competitive and fully compliant, said Mark Greco, president of 360 Mortgage Group in a press release.
The reverse branch model has been designed to give all branch managers and loan officers "the unique ability to grow their reverse mortgage business, without the micro-managing practices found in the majority of other lenders' branch programs,” said Mike Suits, the reverse mortgage division manager.