Moneyhouse, a Puerto Rico-based private equity lender and frontrunner in reverse mortgage closings, is awaiting approval for licenses to operate in California and Illinois to continue its stateside expansion, company officials said.
Over the past year, the company has increased its lending activity in Puerto Rico and the U.S. mainland by establishing a wholesale office in Oklahoma and a retail origination office in Orlando, focused on serving the Hispanic segment for reverse mortgages.
The retail business extends to Texas, Tennessee and the island, where Moneyhouse has eight branches.
“Moneyhouse is currently waiting for license approval from California and Illinois, and will be expanding into new states in the third quarter of 2013 by securing licenses and mortgage loan origination staff for coverage in states with an underserved Hispanic population,” said Moneyhouse CEO David R. Levis.
As part of its ongoing development, the company recently reshuffled its top management, with the departure of former senior vice president of sales Sandy Tennekoon and the hiring of former Urban Financial director and CFO, Bud Curley, as senior vice president for U.S. expansion.
“Bud has led several high-growth national real estate firms and has extensive experience building strategic partnerships and leading corporate development. His experience and leadership will help us capitalize on the rapidly growing market for Hispanic reverse mortgages,” Levis said.
Levis along with Aidiliza Levis capitalized and founded Moneyhouse with about $1 million in February 2007.
The bank offers mortgage loans, both conforming and non-conforming, as well as commercial loans. Moneyhouse currently ranks fourth among island banks that originate and close Federal Housing Authority loans. Since its inception, Moneyhouse has closed 7,000 mortgage loans worth a total of $900 million, with $178 million of them processed last year.