Maverick Funding Corp., Parsippany, N.J. has hired away Joshua Shein, the CEO of reverse lender Great Oak Lending (GOL), who brings with him to his new employer roughly 30 employees including 11 loan officers.
Jeff Cooper, CEO of Great Oak said his company will remain in the reverse business despite the departures. He added that Shein and GOL owned the reverse business 50-50.
Shein will join Maverick's reverse subsidiary, Reverse Mortgage Network (RMN) and manage a Maryland branch of the unit. GOL is based in Timonium, Md.
Ralph Vitiello, CEO of Maverick, said that with Shein joining the company RMN should be funding 70 to 80 units within a month. “Our goal is to be in the top ten of reverse lending,” said Vitiello.
Maverick is a nonbank that relies on warehouse lines of credit to fund its production. GOL is a nonbank as well.