US Mortgage Corp., Melville, N.Y., has hired Kelly Sabino as the director of its reverse mortgage division.
Most recently, Sabino was reverse mortgage sales manager at Mortgages In-Deed, a mortgage broker, where he managed a team of 12 loan officers and developed a 15-person outgoing consumer direct call center.
In a interview done several weeks ago, US Mortgage founder and chief executive Steven Milner, said the company was planning to become "much more aggressive in the reverse space."
There is opportunity in this line of business with a number of national reverse lenders exiting the space. But lenders need to have "enough controls in place so that the borrowers are aware that they still have to pay their taxes and insurance separately, that it is not escrowed, which has been the main reason for many companies leaving that space," Milner added.
The company has been a broker of these loans, he said, but it is taking steps to become a Federal Housing Administration-approved lender.
