Rate has announced a major leadership change in its reverse mortgage operation, naming Jesse Q. Allen as president and Greg Pahel as executive vice president, consumer direct reverse lending.
Allen comes to Rate with 35 years of experience in finance, previously serving as president of reverse at OneTrust Home Loans. He also headed the reverse mortgage business at Bank of America and has held senior level positions at various financial institutions, including American Advisors Group.
“Rate’s entrepreneurial and innovative culture prioritizes the customer and loan officer at the heart of all operations,” Allen said. “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, meanwhile, comes to Rate from Nations Direct Mortgage, where he served as head of national retail sales. With more than a decade of experience in reverse lending, he also has previous leadership experience at American Advisors Group.
“I am incredibly excited to embark on this new chapter with Rate. 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,” Pahel said. “The companies that embrace innovation, deliver outstanding customer service, and create efficiencies will rise to the top. Rate is exceptionally positioned to be at the forefront of this transformation, allowing us the opportunity to change countless lives with this remarkable loan program.”
“Jesse brings a wealth of experience and a remarkable track record of success in the reverse mortgage space. His leadership aligns perfectly with Rate’s vision of providing innovative solutions that truly meet the needs of homeowners seeking financial flexibility in retirement,” said Rate CEO Victor Ciardelli. “With Jesse running our reverse mortgage division and Greg establishing and growing our consumer-direct model, we are well-positioned to become a leader in this growing market.”
