Business
According to the most recent Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), Annapolis, Maryland-based South River Mortgage is the ninth-largest reverse mortgage lender in the country with 496 endorsements in the 12-month period ending May 31.
After hitting milestones in recent years, including a rollout of a proprietary reverse mortgage product and transitioning from a broker to a direct lender, company president Tyler Plack is determined to continue the momentum that has helped it to reach these goals. He discussed this year’s business trends and priorities in a recent interview with HousingWire’s Reverse Mortgage Daily (RMD).
Plack also touches on the company’s use of data science to source business, its use of direct mail and the importance of multiple modalities to support growth.
Chris Clow/RMD: How has reverse business this year been going, and how do you foresee business progressing by the time we get to December?
Tyler Plack: We just finished out May, and I thought the May results were very good. I’m excited about where we’re headed. Some of our corporate goals have been to increase the size of our sales floor and to focus on bringing on some of these remote loan officers in the “feet in the street” model. The reception we’ve received from some of those loan officers has been very warm and exciting.
What we’re seeing in terms of our in-person and call-center model is that it continues to grow as well. The results have been increasing month over month for every month this year. Our expectation is that this trend will continue through the end of the year. To say that I am bullish on reverse mortgages is probably an understatement.
Clow: Your company was highlighted in a recent RMI report for a significant boost in originations between February and March. I’m curious about how sourcing is going. Are you focusing on any particular area of business to build out further and keep things moving through the year?
“This is another awesome plug-in!!”
“South River Mortgage’s Tyler Plack touches on his company’s reverse mortgage performance, outreach and use of data science in this new interview…”
Source Link: https://www.housingwire.com/articles/south-river-president-on-reverse-mortgage-business-data-science-and-priorities/
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