FOA president talks business progress amid strong Q1 earnings

[ad_1] Advertising strikes

FOA inherited the advertising equipment of American Advisors Group (AAG) when it bought AAG’s property. These had been typically seen as a profit to the broader {industry} by particular person reverse mortgage professionals.

However the firm is aiming to strive one thing new with its “A Higher Manner With FOA” marketing campaign. The announcement was made shortly after FOA chosen a brand new inventive promoting company.

<img decoding="async" width="726" height="1024" data-attachment-id="434830" data-permalink="https://www.housingwire.com/articles/reverse-mortgage-industry-encouraged-by-new-hecm-servicing-contract/kristensieffert_far/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg" data-orig-size="726,1024" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="kristensieffert_far" data-image-description=" Kristen Sieffert, president of leading reverse mortgage lender Finance of America Companies.

" data-image-caption=" Kristen Sieffert

" data-medium-file="https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?w=213" data-large-file="https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?w=726" src="https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?w=726" alt="Kristen Sieffert, president of leading reverse mortgage lender Finance of America Companies." class="wp-image-434830" style="width:200px" srcset="https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg 726w, https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?resize=106,150 106w, https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?resize=213,300 213w" sizes="(max-width: 726px) 100vw, 726px"/> Kristen Sieffert

“This marketing campaign marks a shift away from conventional celeb endorsements in the direction of storytelling that displays real-life objectives and aspirations of immediately’s householders,” Sieffert mentioned throughout the earnings presentation.

“Our objective is to create adverts that spotlight relatable use instances that dismantle stereotypes and present reverse mortgages as a wise software for accountable monetary planning, whether or not it’s funding or renovation, overlaying sudden bills or just enabling peace of thoughts.”

The corporate will search to embed that message throughout all of its buyer and advertising touchpoints. Sieffert mentioned that leaders anticipate the total transition to the brand new marketing campaign will likely be full by the top of June.

She added that regardless of the marketing campaign solely being on-line at “a small scale for lower than one month,” the corporate has seen a distinction in its unsolicited mail outcomes, with a “16% enchancment in our higher funnel inquiry to guide conversion.”

The corporate expects to realize new insights into the potential new sorts of shoppers participating with the model. And it'll leverage this knowledge to additional refine its methods in each progress and product improvement, Sieffert added.

“Given the assorted financial uncertainties impacting our clients — together with inventory market volatility, danger of recession and additional inflation — we’re assured that our present options can help many Individuals in reaching the soundness they search,” she mentioned.

Gross sales metrics and a C-suite addition

Sieffert went on to say that FOA is “effectively positioned to introduce new options to deal with extra wants.” The corporate is continuous to focus “on the basics throughout the enterprise and have seen notable enhancements throughout key operational metrics in Q1.”

The share of retail loans funded throughout the first 30 days of submission, as an example, doubled quarter over quarter. The preliminary 30-day gross sales conversion fee elevated by 40% and “price per alternative” was lowered by 12% in the identical timeframe.

<img decoding="async" width="912" height="1069" data-attachment-id="461449" data-permalink="https://www.housingwire.com/articles/jonathan-scarpati-joins-nrmla-board-of-directors/jonathanscarpati_foa/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg" data-orig-size="912,1069" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"}" data-image-title="jonathanscarpati_foa" data-image-description=" Jonathan Scarpati, chief production officer at Finance of America and NRMLA board member.

" data-image-caption=" Jonathan Scarpati

" data-medium-file="https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?w=256" data-large-file="https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?w=874" src="https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?w=874" alt="Jonathan Scarpati, chief production officer at Finance of America and NRMLA board member." class="wp-image-461449" style="width:200px" srcset="https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg 912w, https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?resize=128,150 128w, https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?resize=256,300 256w, https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?resize=768,900 768w, https://www.housingwire.com/wp-content/uploads/2024/05/jonathanscarpati_foa.jpg?resize=874,1024 874w" sizes="(max-width: 912px) 100vw, 912px"/> Jonathan Scarpati

Sieffert ended her portion of the decision by issuing congratulations to FOA govt Jonathan Scarpati for his promotion to chief manufacturing officer of FOA’s working subsidiary, Finance of America Reverse (FAR).

He “has been the top of our industry-leading wholesale division for over a decade, [and] on this new function Jon will oversee our gross sales and manufacturing technique heading each the wholesale and retail channels,” she mentioned.

“We imagine this management will likely be key to serving to us unlock the large progress potential we all know is out there inside our class.”

Scarpati’s promotion was introduced by the corporate originally of April. It adopted his appointment final 12 months to the board of administrators on the Nationwide Reverse Mortgage Lenders Affiliation (NRMLA). He's the primary occupant of the brand new C-level manufacturing function at FAR and has been with the corporate in various capacities since 2010.

“I imagine there may be a lot alternative for us on each the retail and wholesale facet as we proceed to innovate and allow householders to raised make the most of their house fairness,” Scarpati informed RMD upon the announcement of his promotion.

“Driving larger coordination behind the 2 channels at Finance of America will likely be instrumental in our subsequent section of progress, and the connection with our wholesale companions runs deep.”