One Reverse Mortgage, the reverse mortgage arm of Quicken Loans, announced today the opening of its new San Diego office headquarters in order to accommodate growth. The reverse mortgage retailer has relocated within the San Diego area and unveiled the new offices today to house a growing team of loan originators. The company says it expects to hire up to 30 in the coming months, in addition to a growing Detroit-based staff.
The reverse mortgage lender has nearly doubled the size of its headquarters to adapt to its continued growth. The increase in loan volume for the reverse mortgage lender hinges on the success of its team, said Gregg Smith, One Reverse president and Chief Operating Officer.
“We had 20 licensed bankers in 2007 and now have more than 130 with immediate plans to hire more,” Smith said. “Our operations team has also grown from 16 team members in 2007 to more than 50 today. We expect to hire 20-30 additional team members this year.”
The new, San Diego-based offices align with the company’s “aggressive” growth plans, company executives said.
“We’re growing in all facets of the company,” Smith told RMD of the San Diego facility as well as its Detroit offices.
“This new space accommodates our growth, which although aggressive, has been accomplished by maintaining our focus on high-quality client service,” said Richard Mandell, Chief Executive Officer of ORM. “Our licensed bankers are knowledgeable about reverse mortgages and are experienced working with seniors, which has allowed us to grow so rapidly.”
The San Diego offices with bright interiors and white boards to encourage creative thinking now mirror the style of the Detroit offices, which were new to One Reverse in late 2011. The Detroit-based team continues to build its team with an eye toward growing loan volume.
“We are disciplined to our plan,” Smith said. “Our focus is to get to 500 loans per month.”
Purchased by Quicken in 2008, One Reverse mortgage has grown to become the No. 2 retail lender, closing 4,858 loans in the last 12 months ended in February 2012 according to data from Reverse Market Insight.
Written by Elizabeth Ecker