Key facts
- Wallace is retiring after more than 50 years in the mortgage finance industry.
- Philip Parziale will succeed Wallace as president.
- Wallace previously held leadership positions at Citibank and Dime Savings Bank.
Glenn Wallace, president of reverse mortgage lender Nationwide Equities Corp., is retiring after more than 50 years in the mortgage finance industry, the company announced Thursday. Philip Parziale, the company’s general counsel, will succeed him as president while continuing in his legal role. Wallace had a long career in banking and mortgage lending, including leadership positions at Citibank and Dime Savings Bank. He later partnered with Paul Lamparillo to acquire Nationwide Equities, where he introduced the company’s net-branching model and secured regulatory approval for it, expanding the company to over 100 branch offices. One of Wallace's final initiatives involved working with the New York State Department of Financial Services to establish reverse cooperative apartment loans.