Chicago, IL (PRWEB) February 14, 2017
The Federal Savings Bank, one of the largest privately held federally chartered banks in America focused on residential home lending, announced today that Mike Suits has been hired as a HECM (Home Equity Conversion Mortgage) Senior Vice President. Suits has more than 15 years of mortgage experience in retail and wholesale lending, with the past 10 years focused exclusively on the HECM industry.
The Home Equity Conversion Mortgage is a federally insured home loan that allows seniors 62 and older to eliminate monthly mortgage payments (except for taxes and insurance) and convert part of their home's equity into cash. HECM is a financial planning tool, that when used as part of an overall financial plan, can help clients increase the probability of living the retirement they deserve. The Bank believes there is a large potential for growth among this demographic, with many potential clients to serve. The addition of Suits to the team represents the Bank’s strategic focus on HECM, also known as reverse mortgage, or a LifeWise Mortgage as branded by the Bank.
At The Federal Savings Bank, mortgage bankers help customers by alleviating retirees’ fears that they will outlive their retirement savings by introducing them, and educating them about how a HECM can be used as part of an overall financial plan. Mike Suits will lead a team for the Bank’s HECM division.
In his new role at the Bank, Suits is responsible for growing and leading a HECM retail sales division based in Austin, TX. Because of his strong background in HECM operations, he also will work with the internal operations team as this business channel grows, enabling The Federal Savings Bank and its employees to better serve retirement-age clients in a safe and sound manner.
Suits’ experience crosses all areas of the mortgage business, but his unique experience in the HECM industry has given him the expertise to help borrowers close HECM loans. Prior to joining The Federal Savings Bank, he was a reverse mortgage regional production director at Reverse Mortgage Solutions, Inc. Before that, he was the reverse mortgage division manager at Capital Mortgage Services where he rolled out the new Reverse Mortgage Division. Suits has helped thousands of borrowers with their origination and the HECM process. He has served and co-chaired on several HECM industry boards, including the Texas Mortgage Bankers Association - Reverse Mortgage Committee.
“I’m thrilled to have Mike join The Federal Savings Bank team,” said Mike Crossett, executive vice president at The Federal Savings Bank. “He has tremendous experience in the HECM industry and understands the customers well. I look forward to supporting Mike and the growth of his team, as well as leveraging his expertise as The Federal Savings Bank takes our HECM business to the next level.”
“I’m honored to join The Federal Savings Bank,” said Suits. “After meeting with the leadership and the support team here at the Bank, I was really impressed with the overall commitment and investment into the HECM platform that they have made and are continuing to make. I knew I wanted to be a part of the bank's growth and future. Finding the right partner to continue my career and build my future was key to my decision.”
Suits says that broader education about HECM is essential for more seniors to take advantage of the financial planning tool. He says that many seniors don’t know what is a reverse mortgage and reverse mortgage FAQ, including how it can benefit them in their retirement.
Suits, a former semi-pro football player for the Addison Bengals, studied Real Estate/Business Finance at Texas A&M at Commerce. He’s also a certified UIL/NCAA high school football, basketball and baseball official.
He is married with three children and resides in Round Rock, Texas.
About The Federal Savings Bank
The Federal Savings Bank, one of the largest privately held and most successful veteran-owned banks in America, is an industry leader providing tens of thousands of Americans a path to homeownership through residential home lending. As a federally chartered bank, its highly experienced bankers are experts in lending in all 50 states and have the ability to help those customers achieve the American Dream. In recent years, the Bank’s exceptional work has earned accolades from Ellie Mae, Wells Fargo, The ABA Banking Journal and Bauer Financial. For more information, visit http://www.thefederalsavingsbank.com.