Home Business Guaranteed Rate names Ogata as new EVP of reverse mortgage lending

Guaranteed Rate names Ogata as new EVP of reverse mortgage lending

by Joshua Garcia

Guaranteed Rate, a Chicago-based national mortgage lender, recently announced the appointment of Ryan Ogata as the Executive Vice President (EVP) of its reverse mortgage lending division. Ogata, an industry veteran with over 20 years of experience in the mortgage business, joined Guaranteed Rate in 2017 as a regional manager and has held various leadership positions within the company since then.

In his new role, Ogata will be responsible for overseeing and growing Guaranteed Rate’s reverse mortgage division. According to Ogata, there is increasing demand for reverse mortgages, and he aims to dispel misconceptions about the product category. He believes that reverse mortgages are not just loans of last resort but can be a valuable financial tool for seniors as part of their overall financial planning strategy.

Guaranteed Rate has been actively expanding its reverse mortgage division in recent months. In April, the company announced an expansion that included providing more support to loan officers and implementing a dedicated training program for loan originators to familiarize them with the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) product. This expansion was prompted by the growing need for retirement planning solutions, as many Americans approaching retirement age feel they do not have enough savings.

The HECM product, according to Jim Hettinger, EVP of operations at Guaranteed Rate, has become a necessary component of retirement planning in the current economic environment. With declining retirement confidence among younger cohorts and senior-held home equity reaching historic levels, Hettinger believes that reverse mortgages should be included in conversations about retirement planning.

Guaranteed Rate’s expansion of its reverse mortgage division was in the works long before the industry saw several exits and consolidations at the end of 2022. The company recognized the opportunity to serve an underserved section of the population and meet the growing demand for reverse mortgages as the number of Americans reaching retirement age continues to rise.

Ryan Ogata’s appointment as EVP of the reverse mortgage lending division positions him to supercharge Guaranteed Rate’s efforts in this sector. Look out for more updates on Guaranteed Rate’s expansion and Ryan Ogata’s contributions to the reverse mortgage industry.

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