The blueprint includes proven marketing, fulfillment, retention and communication plans that are all wrapped into a proprietary CRM that is customized to create successful reverse mortgage relationships with the Credit Union and Bank industry said the company.
“The goal for any originator is to establish a referral network that provides consistent, dependable, and predictable lead flow,” said Cabe. “This proven model takes a dedicated effort and is not for every originator. That is why we go through a thorough application process with any Loan Officer that desires to be a part of this program. We must successfully develop a model match so that we engage the right type of Originator.”
After the initial rollout of the program, S1L told RMD the division is already proftibable in its second month of operation. The company said it currently has 5 relationships with banks and credit unions in the Pacific Northwest and reaches over 162 depository branches.
“We have established a very predictable model, as the system determines which Credit Union/Banks will be the most successful in this type of business relationship,” said Torrey Larsen, President of Security One Lending. “We have made this process more of a science than an art. As such, the expected results (successful lead flow) are much more achievable. The depth of the entire program is incredible, and our firm is positioned to scale this model with the appropriate Originators.”
Larsen said it’s looking to expand the division by adding additional originators who can cater to the bank branches.