Top five reverse mortgage lender Finance of America (FOA) announced on Tuesday the hiring of two new executive leaders to modernize the company’s digital and customer experience strategies.
The hires are designed to bolster the company’s efforts to “accelerate its strategy of redefining the reverse mortgage market through digital transformation,” with a particular emphasis on “modernizing a corner of the mortgage industry that presents significant opportunity to improve customer experiences with innovative technology,” according to the company.
The new chief information officer, Brian Conneen, is described as “a seasoned fintech leader who played a pivotal role in scaling personal loan provider Best Egg from its inception to serving over two million customers.”
He spent 11 years at technology company Oracle serving in multiple roles as an engineering architect, and his experience is seen as a key driver of FOA’s technology modernization initiatives, the company said.
Of his upcoming work, the company said Conneen will “lead the charge in implementing modern, scalable solutions to both consumers and lender partners who wish to unlock home equity with greater efficiency, transparency, and accessibility.”
Karime Benaissa, appointed as FOA’s new chief customer officer, previously served as the company’s chief digital officer for six months beginning this past October, having served in digitally-focused VP roles in prior positions at companies including Designer Shoe Warehouse, Neiman Marcus and Petco. He also previously served as VP of global commerce at Getty Images, and as a marketing leader in editorial and analytics as well as consumer marketing at Amazon.
In his role at FOA, Benaissa will oversee “a comprehensive digital and customer experience transformation to create seamless online and offline interactions that better serve older homeowners seeking financial flexibility,” the company said.
He will also seek to “help lower the barriers that traditional lenders face when incorporating reverse mortgages into their offerings,” and will collaborate with Conneen “to ensure technology and customer experience advancements move in lockstep.”
FOA President Kristen Sieffert told HousingWire‘s Reverse Mortgage Daily (RMD) that these appointments mark a milestone in further building out the company’s digital infrastructure, which the reverse mortgage industry has often struggled to do especially when compared to the traditional mortgage space.
“These executive appointments are crucial for Finance of America’s objective to redefine the reverse mortgage experience. Our category has struggled in the past to break through adoption barriers, and a key component to overcoming this is creating a simple way to transact that meets the customer where they are and empowers them to realize the full benefits of our solutions on their terms,” she said.
“Brian and Karime both have proven track records in building and scaling digital solutions and are a perfect complement to deep subject matter expertise we have on our team today. We are excited about what we can create together and believe these appointments will bring us much closer to actualizing our mission of making home equity for retirement a mainstream solution.”
Sieffert previously indicated that a renewed effort around digital processes at the company would be a priority for 2025.
“As we look ahead to 2025, our primary focus is on advancing digital innovation to deliver seamless experiences for our customers and modernizing our marketing strategy to overcome previous adoption barriers within our industry,” Sieffert told HousingWire’s Reverse Mortgage Daily (RMD) in January. “We believe that concentrating on these two areas is crucial in our mission to establish home equity as a mainstream retirement solution for retirees.”
The company added that the newly-announced hires mean that “investors and stakeholders can expect continued momentum as the company accelerates its digital transformation and expands its market reach.”
The company will be presenting its fourth quarter and full-year earnings for 2024 next week.
