Mutual of Omaha Mortgage announced this week that it has appointed Geoffrey Wallace as its new director of strategic business, continuing a string of hirings as it gains a further foothold on the reverse mortgage market.
“It’s easy to see that Mutual of Omaha Mortgage is going to be a predominant player in the mortgage industry, so it was a no-brainer to join the team,” Wallace said in a statement. “They have all the building blocks in place and are executing at such a high level as they continue emerging as an industry leader.”
Wallace previously served as director of West Coast sales at Reverse Mortgage Funding (RMF) and has been active reverse mortgage industry for nearly a decade. In 2014, Wallace began serving as a reverse mortgage specialist and division executive for Metropolitan Home Mortgage.
In 2016, Wallace moved to a reverse mortgage role at Evergreen Home Loans prior to landing at RMF in 2017, where he remained until January 2023, two months after its bankruptcy.
Wallace is the second RMF veteran to join Mutual of Omaha this year. Mark O’Neil, the former RMF national wholesale and correspondent sales leader, joined the company in January as SVP of wholesale. Joining O’Neil were nine account executives, a former relationship manager leader and five partner support specialists, all previously from RMF.
RMF’s exit from the industry initially displaced approximately 500 employees. Additional layoffs have since occurred. Other reverse mortgage lenders, including HighTechLending and Open Mortgage, have recently picked up former RMF employees.
Mutual of Omaha has taken more of a leadership position in the industry in recent months, likely due to the exits of RMF and American Advisors Group (AAG). AAG now operates as a subsidiary of Finance of America Reverse (FAR) after closing an acquisition deal in April.
According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Inisght (RMI), Mutual of Omaha is the second-largest industry lender in the country behind AAG.