Maverick Funding Corp. Announces Additional Growth for Reverse Mortgage Network Subsidiary

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Former Great Oak Funding CEO Joshua Shein to join Maverick, launch new Maryland branch of RMN

Maverick Funding Corp. today announced that 27 employees, including 13 reverse mortgage loan officers and former CEO Joshua Shein, from Baltimore-based Great Oak Funding, are joining its subsidiary, Reverse Mortgage Network, headquartered in Parsippany, New Jersey.

Shein will launch and manage a Maryland branch of Reverse Mortgage Network. The former Great Oak employees joining Reverse Mortgage Network over the next six months will bring the total number of employees to 50. Maverick anticipates that this team, new to Reverse Mortgage Network, will be fully operational by mid February, 2012. Ralph Vitiello, Maverick Funding Corp. CEO, estimates that Reverse Mortgage Network will, in the near future, become one of the top 10 largest reverse mortgage lenders in the country.

“Phase One of our Reverse Mortgage business officially began in October 2011,” said Vitiello. “Bringing on the reverse mortgage loan officers from Great Oak is part of our overall strategic plan to become a major player in the reverse mortgage space. Reverse mortgages are an important option for seniors, and we are delighted to be in a position to provide them to more people in more locations throughout the country.”

Dino Guadagnino, Vice President of Reverse Mortgage Network, agrees. “The additional officers, and branch offices, will provide a significantly larger footprint for Reverse Mortgage Network, catapulting the company into a whole new level. We welcome our new colleagues, and are excited about what the future has to hold.”

Shein is also pleased with his new role within Reverse Mortgage Network. “There is tremendous opportunity with Maverick Funding’s Reverse Mortgage Network,” he said. “The company is experiencing rapid growth, the people are terrific to work with, and I’m really looking forward to being part of this group as we move forward providing diversified offerings to seniors in the United States who wish to age in place.”

Maverick Funding Corp. is also introducing a new Southeast Wholesale lending office, which will cover the southeast as well as western states. Patrick Stewart has been named Southeast Wholesale Lending Manager, and his five-person team will be in place in the near future.

“We are incredibly energized by the growth that both Maverick Funding and Reverse Mortgage Network are experiencing,” said Mike Petruccelli, President of Maverick Funding Corp. “We’re confident that, by providing the right products and outstanding customer service, we will continue to expand the two organizations, their geographic availability, and the offerings we can make available to our clients.”

About Maverick Funding Corp.

Maverick Funding Corp. (http://www.MaverickFunding.com) is a licensed mortgage lender in New Jersey, Pennsylvania, Alabama, California, Connecticut, Delaware, Florida, Indiana, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, North Carolina, Ohio, Oregon, Rhode Island, Tennessee, Vermont, Virginia, Texas, Michigan, Kentucky and Washington. Our principal business activity is providing first mortgages to qualified homebuyers. We originate loans through the traditional retail channel with our own loan officers, and via a wholesale channel in which our account executives maintain relationships with multiple brokers who refer funding business to us. Our headquarters are in Parsippany, New Jersey. Our privately held company began operation after incorporating in New Jersey in April 2007. In these four-plus years --in extremely challenging economic times—Maverick Funding Corp. has grown from a small staff of approximately 20 in 2007 to an anticipated 170 employees by mid-2012.

Reverse Mortgage Network, a Maverick Funding company, is a direct-to-consumer reverse mortgage lender with a commitment to giving each qualifying senior the opportunity to take advantage of a reverse mortgage. With highly trained loan officers dedicated solely to reverse mortgages, Reverse Mortgage Network is committed to simplifying the reverse mortgage process, providing its customers with speedy service and best-practice attention. Reverse Mortgage Network is a FHA and Fannie-Mae approved lender. Reverse and Relax.

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Debbie Kaufmann
The Collingwood Group
(202) 626-9724
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