FOA president talks business progress amid strong Q1 earnings

Marketing Strategy Evolution

Following the acquisition of American Advisors Group (AAG) assets, Finance of America (FOA) inherited AAG’s marketing apparatus, which was perceived as a positive development within the reverse mortgage industry. However, FOA is now embarking on a new direction with its “A Better Way With FOA” campaign, introduced shortly after partnering with a new creative advertising agency.

According to Sieffert, President of FOA, the new campaign veers away from traditional celebrity endorsements, focusing instead on real-life stories that depict the goals and aspirations of today’s homeowners. The aim is to showcase reverse mortgages as a practical tool for responsible financial planning, whether for funding renovations, covering unexpected expenses, or providing peace of mind.

FOA plans to integrate this messaging across all customer touchpoints, expecting full implementation by the end of June. Despite the campaign being in its early stages online, the company has already observed positive results, with a significant improvement in direct mail conversion rates.

Looking ahead, FOA anticipates gaining insights into new customer demographics and leveraging this data to enhance growth and product development strategies.

Operational Enhancements and Leadership Expansion

Sieffert highlighted FOA’s progress in operational metrics, citing a doubling of retail loans funded within 30 days, a 40% increase in 30-day sales conversion rates, and a 12% reduction in cost per opportunity in the first quarter.

Jonathan Scarpati

Furthermore, Scarpati, who has been instrumental in FOA’s wholesale division for over a decade, has been promoted to Chief Production Officer at Finance of America Reverse (FAR). This new role will see him spearheading sales and production strategies for both wholesale and retail channels, aligning with FOA’s growth objectives.

Scarpati’s elevation follows his recent appointment to the board of directors at the National Reverse Mortgage Lenders Association (NRMLA) and signifies FOA’s commitment to innovation and customer-centric solutions in the home equity market.

Expressing enthusiasm for the future, Scarpati emphasized the potential for growth and synergy between the retail and wholesale segments at FOA, underscoring the importance of collaboration with partners for sustained success.