Harbor Mortgage Leaders Join Federal Savings Bank For HECM Expansion

Mortgage News June 29, 2023

The group of leaders at Harbor Mortgage Solutions, consisting of George Downey, Chris Downey, and Brett Kirkpatrick, have transitioned to Federal Savings Bank located in Chicago. They now oversee the operations of Harbor as the newest branch of Federal Savings Bank.

This decision is driven by the bank’s desire to expand its presence in the reverse mortgage industry. Downey mentioned that this plan had been in progress for almost a year. He explained that the additional resources provided by the bank will enable the Harbor team to surpass their current role as brokers and expand their operations beyond Massachusetts and Rhode Island.

Due to challenges faced by traditional mortgage lenders, reverse mortgages have gained popularity among lending institutions, as stated by Downey. Given the expertise and connections of the leadership team, which includes involvement with the National Reverse Mortgage Lenders Association (NRMLA) and engagement with lawmakers during state lobbying efforts, the alignment between Harbor and the bank appeared to be a natural fit.

George Downey, who was previously a member of the NRMLA board, has passed on the role to his son Chris. This transition was announced during George’s attendance at the association’s annual meeting.

Downey also highlighted the potential educational advantages that come with this new partnership. With the enhanced resources provided to the Harbor team and the bank’s commitment to expanding its reverse mortgage capabilities, Downey emphasized the importance of consumer education as a top priority.

Downey emphasizes the significance of recent home price appreciation when discussing this point.

Downey recognizes the potential impact of the transition to Federal Savings Bank on the reverse mortgage industry. Although his team has been accustomed to operating in their own manner for the past three decades, the move will provide them with the opportunity to utilize more marketing and recruitment resources while expanding their reverse mortgage operations.

Ultimately, Downey asserts that educating consumers about the product will remain crucial. With the added resources, he expresses optimism about continuing to work towards his objective of broadening the scope of the reverse mortgage business.

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