Finance of America Hires Security, Revenue Leaders

Reverse mortgage lender Finance of America (FOA) announced earlier this week the appointments of Maury Pipkin as chief information security officer (CISO) and Bryan Summerhays as senior vice president of revenue growth and channel strategy. Pipkin will report to chief information officer Brian Conneen and will be responsible for leading the enterprise cybersecurity strategy for the Plano, Texas-based company. Summerhays will report to President Kristen Sieffert and will oversee customer engagement, sales productivity, and channel performance as the firm expands its retail platform. These strategic hires are being made as reverse mortgages and other home equity-based retirement products are gaining increased attention from an aging homeowner demographic and regulatory bodies. Reverse mortgage originations experienced a significant decline after 2022, influenced by rising interest rates and product adjustments implemented by major lenders. However, persistent demographic trends, particularly among baby boomers, coupled with historically high levels of homeowner equity, continue to underpin long-term demand for equity-based financial solutions. In this environment, Finance of America is prioritizing both robust cybersecurity measures and disciplined sales execution. Reverse mortgage lenders are entrusted with sensitive borrower data and are subject to the same data protection and vendor risk management expectations as forward mortgage companies, servicers, and fintech firms. Cybersecurity incidents can lead to intensified regulatory scrutiny, damage to reputation, and operational disruptions, especially for a publicly traded entity like FOA. President Kristen Sieffert stated in a company announcement that "Scaling responsibly requires us to invest in both the security of our platform and the effectiveness of our customer-facing organization." She further added that "Maury and Bryan bring the experience and leadership needed to strengthen these critical areas as we expand access to home equity solutions and help more Americans achieve greater financial confidence in retirement." Pipkin joins Finance of America from RealPage, where he previously served as chief information security officer. FOA indicated that Pipkin possesses over 20 years of experience in leading cybersecurity and technology teams within the financial services sector. The company aims to leverage their expertise to enhance its operational resilience and market reach in the growing reverse mortgage sector.