Leaders to scale retail lender's reverse mortgage offerings
Nonbank lender Rate has announced the addition of two experienced executives, Jesse Allen (pictured right) and Greg Pahel (pictured above), to its reverse mortgage leadership team.
Allen will serve as president of the reverse mortgage division, while Pahel joins as executive vice president of consumer direct reverse lending. Together, they will spearhead Rate's efforts to grow its reverse mortgage business, focusing on homeowners aged 55 and older.
The Chicago-headquartered company said it is looking for experienced originators and leaders to join its retail reverse mortgage team.
"Jesse brings a wealth of experience and a remarkable track record of success in the reverse mortgage space. His leadership aligns perfectly with Rate's vision of providing innovative solutions that truly meet the needs of homeowners seeking financial flexibility in retirement," said Rate CEO Victor Ciardelli. "With Jesse running our reverse mortgage division and Greg establishing and growing our consumer-direct model, we are well-positioned to become a leader in this growing market."
Allen brings over 35 years of experience in financial services, with a strong background in reverse mortgages. He has held senior leadership roles at major financial institutions, including American Advisors Group (AAG) and Bank of America, where he built one of the largest reverse mortgage platforms in the industry. Before joining Rate, Allen served as president of reverse at OneTrust Home Loans.
"Rate's entrepreneurial and innovative culture prioritizes the customer and loan officer at the heart of all operations," Allen said. "The company's extensive reach, core values, and brand credibility offer an incredible platform and opportunity to scale and empower more people to live retirement with greater financial freedom and peace of mind."
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Pahel, with more than a decade of experience in reverse lending, will focus on building and expanding Rate's consumer direct model. Pahel has a track record of building high-performance sales strategies and has previously held leadership positions at Nations Direct Mortgage and AAG.
"Over the next three to five years, I expect to see significant changes in the competitive landscape, with the rankings of the top lenders in the reverse mortgage market up for grabs," he said in a Press release. "The companies that embrace innovation, deliver outstanding customer service, and create efficiencies will rise to the top."
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