Chicago-based multichannel mortgage lender Rate, formerly known as Guaranteed Rate, has announced a shakeup in its reverse mortgage division’s leadership by appointing two longtime industry veterans to lead the company’s efforts with older borrowers.
Jesse Allen, most recently of OneTrust Home Loans and formerly of American Advisors Group (AAG), has been appointed to the role of president for the division. Meanwhile, Greg Pahel — who previously served in other reverse mortgage divisions at different companies, will join alongside as the division’s EVP of consumer direct reverse mortgage lending.
“Jesse brings a wealth of experience and a remarkable track record of success in the reverse mortgage space,” said Rate CEO Victor Ciardelli. “His leadership aligns perfectly with Rate’s vision of providing innovative solutions that truly meet the needs of homeowners seeking financial flexibility in retirement.”
With Allen leading the division and Pahel growing the company’s consumer-direct model, Ciardelli says the lender is “well-positioned to become a leader in this growing market.”
The new hires “underscore Rate’s commitment to enhancing financial solutions tailored to the unique needs of this demographic, empowering them to leverage their home equity for a more comfortable and secure retirement,” the company said.
Allen maintains roughly 35 years of financial services experience, returning to the reverse mortgage industry in 2016 at its leading lender AAG, after having previously managed Bank of America’s reverse mortgage division before moving to other roles within that company.
OneTrust appointed him in 2022 to lead its new 55+ Lending division, where he oversaw its implementation into the OneTrust organization including with reverse mortgage lending.
“Rate’s entrepreneurial and innovative culture prioritizes the customer and loan officer at the heart of all operations,” Allen said in a statement. “The company’s extensive reach, core values, and brand credibility offer an incredible platform and opportunity to scale and empower more people to live retirement with greater financial freedom and peace of mind.”
Pahel maintains over a decade of reverse mortgage experience including at companies like Nations Direct Mortgage, loanDepot, Primary Residential Mortgage Inc. (PRMI) and The Federal Savings Bank.
“I am incredibly excited to embark on this new chapter with Rate,” Pahel said. “Over the next three to five years, I expect to see significant changes in the competitive landscape, with the rankings of the top lenders in the reverse mortgage market up for grabs.”
Ryan Ogata has taken on a management position for the company’s forward mortgage arm, HousingWire’s Reverse Mortgage Daily (RMD) has learned.