A top-10 reverse mortgage lender has hired a new president and chief executive officer.
Scott Peters has been named to both posts at Generation Mortgage Co., according to an announcement today.
Peters replaced Joe Morris, who has held the two titles since the company was founded in 2006.
Morris will take on a public relations role, support the Atlanta-based firm’s wholesale relationships and become more active in organizations like the National Reverse Mortgage Lenders Association. He will also support industry lobbying efforts and maintain a seat on Generation’s board of directors.
Peters, who earned a bachelor’s degree from West Point and a Master of Business Administration from California State Polytechnic University, comes from Nortel Networks Corp. Among his prior employers were General Electric Capital Corp.
Generation said he was “a decorated officer in the U.S. Army.”
The new chief takes the reins at a company that ranks as the seventh-biggest U.S. reverse mortgage lender based on 1,628 home-equity conversion mortgage originations during the past 12 months, according to the newsletter Reverse Market Insight.
Generation reported that it closed a record 1,405 HECMs during the first quarter — 233 percent higher than the first-quarter 2008.
