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| The company that claims to be the biggest privately held reverse mortgage originator sees more hiring ahead.
OmniHome Financing Inc. reports that business is brisk and production is increasing. The Mission Viejo, Calif.-based firm, which was launched in 2000 with a focus on FHA and VA business, made the switch to home-equity conversion mortgages in 2004, Director of Sales Brett Varner told MortgageDaily.com in an interview Friday. The move that has prepared it to weather the current storm. Today, reverse originations account for about 95 percent of OmniHome’s business. Last year, Varner said OmniHome closed 1,500 loans for around $200 million. This year, volume is expected to increase by 25 percent. The company’s three founders saw an opportunity in creating a system that was more efficient than the competition, according to Varner. Its strength lies in its processing. About 15 employees have been hired during the past 12 months, bringing current headcount to around 45. But Varner said they expect to double the sized of the staff over the next year — possibly reaching 100 employees within 12 months. A recent move to a larger headquarters facility will enable the company house its growing staff. OmniHome says it ranks as “the largest privately held reverse mortgage originator in the country.” Varner noted that keeping people busy and confident has helped with its success. “We believe that the Reverse Mortgage Sector provides a growth opportunity as 80 million baby boomers are entering their retirement years,” OmniHome President David Bancroft said in an announcement. |
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