When you take a look at the Top HECM Lenders of 2008, there are only two independent reverse mortgage lenders that crack the top 10. One of those independent lenders is Tulsa, OK based Urban Financial Group, who saw its volume grow over 30% in 2008.
Urban Financial uses a dual channel approach by having both retail (Urban Financial) and wholesale (Reverseit) divisions, with Reverseit representing the majority of its business. “Reverse it!, the wholesale division of our company is extremely important to us. We have built and will continue to build a strong retail base so maintaining a strong wholesale division only makes sense especially when we are dealing with a single product like the Reverses,” said, Bryan Hendershot, Reverseit’s CEO.
With roughly 50 employees dedicated to wholesale, the company recently moved into a new office in Tulsa and is the process of adding another 20 people. While having headquarters in Tulsa might not have the glitz and glamour of other parts of the country, it does have its advantages. “Being based out of Oklahoma is a huge advantage to our company. Our location allows us to hire great employees and pay competitive salaries because the cost of living here is not inflated like it is on the coasts.”
When I asked Hedershot how an independent wholesaler can continue to grow in the market he said, “We keep it simple – offer what works. We are very aware that the number one thing brokers want to experience is fast and accurate service. A lot of wholesalers try to get business by giving unbelievable pricing and sometimes this might work temporarily, but brokers always come back to Reverse it! for our competitive pricing and better service.”
Reverseit also provides its brokers with origination software from Reverse Vision, lead tracking software, and informational kits they can use for marketing.