Rate CEO Victor Ciardelli Announces Appointment of Top Reverse Mortgage Executives Jesse Q. Allen as President and Greg Pahel as EVP Consumer Direct Reverse Lending

Empowering homeowners 55+ with innovative reverse mortgage solutions

CHICAGO, Nov. 20, 2024 /PRNewswire/ -- Rate, a leader in fintech mortgage innovation and known for its customer-centric approach, announces the addition of Jesse Q. Allen as President of its reverse mortgage division and Greg Pahel as EVP Consumer Direct Reverse Lending. Together, Allen and Pahel will lead Rate's efforts to expand its reverse mortgage business, catering specifically to homeowners aged 55 and above.

These appointments underscore Rate's commitment to enhancing financial solutions tailored to the unique needs of this demographic, empowering them to leverage their home equity for a more comfortable and secure retirement.

"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."

Allen's career is distinguished by decades in industry leadership and a proven track record of launching and growing successful teams. He formerly served as President of Reverse at OneTrust Home Loans and brings over 35 years of experience in financial services, including an extensive background in reverse mortgages. Allen has held several senior-level positions at leading financial institutions, including American Advisors Group, and as Head of Bank of America's reverse mortgage business, which grew from a startup to one of the largest platforms in the history of the industry.

"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 also brings over a decade of experience in reverse lending and is charged with establishing and growing a consumer direct model for Rate. Known for building and executing high-performance sales strategies, Pahel has been a driving force behind some of the industry's most successful consumer direct sales platforms. Before joining Rate, he served as Head of National Retail Sales at Nations Direct Mortgage and held key leadership roles at prominent financial institutions, including American Advisors Group (AAG), where he consistently exceeded growth targets and led teams to unprecedented levels of performance.

"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."

For those experienced originators and leaders looking to join our team as we build to become a leading retail reverse lender, please visit https://www.rate.com/careers/loan-officers or contact Eric Hollander, [email protected], 513-991-6474

About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate is the #2 retail mortgage lender in the U.S., with over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; No. 2 ranking in Scotsman Guide's 2022 list of Top Retail Mortgage Lenders; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven straight years. Visit https://www.rate.com for more information.

SOURCE Rate