Headquartered in San Jose EquiFi CorporationThe provider of shared equity financing products announced Thursday the hiring of Paul Giangrande as executive vice president and president of the company’s mortgage division.
Giangrande previously served as President US Cash Mortgage Over 30 years of experience in financial services and mortgage lending. At AmeriCash, he managed more than 300 employees and helped the company close more than $18 billion in home loans.
“Paul has a strong reputation in the mortgage industry and has an incredible distribution mind. We are honored to have him lead our expanding mortgage financing efforts,” EquiFi CEO and founder David Shapiro said in a statement. “His impressive industry acumen and proven mortgage qualifications add significant strength and valuable perspective to our management team.”
In his new role, Giangrande will first focus on expanding the company’s state licensing efforts to increase future market opportunities. EquiFi is currently only available in California but will expand to a dozen other states, according to its website.
Giangrande will also lead the negotiation of wholesale brokerage agreements with mortgage companies seeking to collaborate on EquiFi’s Home Equity Investment (HEI) contracts and other products. He will oversee the development and implementation of the company’s marketing strategy and distribution processes.
“EquiFi is a company unlike any other in our industry, providing homebuyers and homeowners the ability to leverage home equity financing to help achieve their financial goals,” Giangrande said in a statement. “Everyone Consumers deserve to work with a trusted advisor when financing their home, and I’m excited to join EquiFi to help make this industry better.”
Shared equity agreements (also known as home equity investments) are increasingly important in the home lending sector, although they remain small compared to the size of traditional mortgages.
Companies such as eager, front page, View, Rook Capital, Splitero, unison and unlock Offers an alternative to home equity loans, home equity lines of credit (HELOCs) and cash-out refinances by allowing homeowners to acquire equity without amortizing debt. Homeowners typically repay the funds provided through the sale of the property, while higher education providers recoup their initial investment plus a portion of the sale price.
The products have gained traction due to interest from secondary market investors, who have purchased billions of dollars in securities over the past few years. According to data DBRS Morning StarSince August 2021, at least nine securitizations involving HEI-type agreements have been issued, totaling $1.89 billion.
