{"id":5382,"date":"2024-04-02T22:23:45","date_gmt":"2024-04-02T22:23:45","guid":{"rendered":"https:\/\/frankbuysphilly.com\/fairways-reverse-leadership-talks-course-change-and-business-in-2024\/"},"modified":"2024-04-02T22:23:45","modified_gmt":"2024-04-02T22:23:45","slug":"fairways-reverse-leadership-talks-course-change-and-business-in-2024","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/fairways-reverse-leadership-talks-course-change-and-business-in-2024\/","title":{"rendered":"Fairway\u2019s reverse leadership talks course change and business in 2024"},"content":{"rendered":"
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Last month, Madison, Wisconsin-based mortgage lender Fairway Independent Mortgage Corp<\/strong><\/a>. announced the appointment<\/a> of reverse mortgage industry veteran Dan Ventura to serve as its new vice president of reverse mortgage operations. <\/p>\n The hiring came after a series of announcements in February, including the addition of new reverse mortgage investments<\/a> and the company rejoining the National Reverse Mortgage Lenders Association<\/strong><\/a> (NRMLA).<\/p>\n To get a better idea of what is driving the reverse mortgage lending philosophy with these new realities at the company in mind, RMD sat down with Ventura and Peter Sciandra, the company\u2019s executive vice president of reverse lending secondary marketing, to learn more about the nature of the division as it presses forward in 2024.<\/p>\n When asked about key goals for the division, Ventura explained that speed is at the front of his mind to further align with one of Fairway\u2019s stated company priorities.<\/p>\n \u201cThe main goal that I have is [conducting] reverse mortgages at a forward speed,\u201d Ventura said. \u201c[Among] Fairway\u2019s core values, speed to respond is the highlight of what we do. Taking advantage of the 500-plus branches that we have within the company and engaging them in reverse \u2014 be it through education or creating other opportunities \u2014 it’s a great platform for us to expand and grow upon our current book of business.\u201d<\/p>\n Ventura also spoke about the company\u2019s decision to rejoin NRMLA, and what it hopes to accomplish by being engaged with the reverse mortgage industry\u2019s preeminent trade association.<\/p>\n \u201cWe\u2019re a top four [reverse mortgage] lender in the country, and we just want to be sure that our voice is heard [regarding] the future of the industry,\u201d Ventura said. \u201cWe want to just play our part in making sure that we have a say, and we have a seat at the table for what’s going to be decided down the road.\u201d<\/p>\n When asked about the biggest potential growth areas for Fairway\u2019s reverse mortgage business, Ventura described a desire to educate more partners on the potential benefits of Home Equity Conversion Mortgage (HECM) for Purchase (H4P) business and the product\u2019s importance to the company\u2019s future plans.<\/p>\n \u201cFairway is a top purchase lender in all products, and with our extensive branch network \u2014 and more importantly, the large network of [real estate agent] partners that we work with throughout the country \u2014 it\u2019s a kind of natural feeder program where we can get in front of more people and educate them on the H4P process,\u201d Ventura explained.<\/p>\n The company is also in the process of recruiting more employees, and it seeks to address the need to educate more current and prospective employees about H4P as a product concept.<\/p>\n \u201cWe\u2019re in the market to recruit top talent, and our whole thing is all about education,\u201d he said. \u201cWe want to make sure everybody knows what the product is and isn\u2019t, and how it can benefit our seniors. And that\u2019s especially true with the H4P, because there are so many real estate agents out there who have no idea that it even exists or what it is.\u201d<\/p>\n These represent notable growth opportunities, Ventura said. He has also seen firsthand the direct result of more educational engagement with professionals on the H4P product concept.<\/p>\n \u201cI was at a branch in Massachusetts last month, and was engaging them to get more focused on the reverse business,\u201d Ventura said. \u201cI encouraged them to set up an in-person seminar where people can get together and talk about the H4P product. <\/p>\n \u201cIn two weeks, we pulled off an event that had 17 people, their attorneys and real estate agents combined. I presented it, and the questions and the engagement and the sheer disbelief about what the product could do for their clients was pretty moving and telling.\u201c<\/p>\nReverse at forward speed<\/h2>\n
Tackling growth areas<\/h2>\n
Trend of forward integration<\/h2>\n