Nationwide mortgage lender, HMBS issuer and HECM servicer Cherry Creek Mortgage announced this week that it has hired reverse mortgage industry veterans Bruce Barnes and Jim Cory to lead and expand the company’s reverse mortgage division.
Both men have been appointed to their positions as managing directors of the company’s reverse mortgage division, and they will be responsible for overseeing Cherry Creek’s new development and expansion across retail, wholesale and closed loan production.
“We are excited about the opportunity to advance Cherry Creek as a leading retail, wholesale and closed loan purchaser of reverse mortgages,” said Bruce Barnes in the announcement. “Together, Jim and I have built several successful reverse mortgage platforms and have been responsible for funding billions of dollars in reverse mortgage production. It is our plan to make the reverse mortgage division the best place to work and to become a leading lender in the reverse mortgage space.”
There is additional confidence in the reverse mortgage business on the part of Cherry Creek, which includes the potential to expand its core business into reverse through the use of a sizable retail presence. This is according to Rick Seehausen, president and COO of Cherry Creek Mortgage.
“We believe the company has an untapped opportunity to leverage our large retail team, joint ventures and other strategic initiatives to expand our reverse mortgage presence,” said Seehausen. “With the recent strong rise in home price appreciation around the country and our ability to securitize and service the reverse product, it’s an opportune moment to showcase reverse mortgages, which can be a valuable tool for seniors. We are very committed to this business and are here to stay.”
Cory and Barnes arrive at Cherry Creek from a previous tenure at Open Mortgage, and had served at now-defunct reverse mortgage lender Live Well Financial prior to that.
