One Reverse Mortgage Caters to Quicken Partners, Launching Wholesale Next

One Reverse Mortgage has launched a new mortgage services division to assist customers of Quicken Loans Mortgage Services, a “forward” wholesale and correspondent channel, with reverse mortgages.

The division launched as One Reverse Mortgage Services (ORMS) with the goal of allowing loan officers to spend more time working with clients and less time worrying about the back office needs to close a reverse mortgage.

Partners of Quicken Loans Mortgage Services have started to receive inquiries about reverse mortgages, so the new division is meant to assist them in helping their clients through the process. The customer is referred to ORMS and they handle all the loan processing and funding.

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While ORMS is not meant to serve as a wholesale or correspondent channel, Gregg Smith, president and chief operating officer says the company is planning to enter the space.

“We have a strategic plan to enter wholesale and a couple other channels as well,” he said during an interview with RMD.

Smith wouldn’t give many details about the expansion, but did say he is confident it will happen within the next 12 months. “Wholesale is a natural maturing process and we have the infrastructure and know how [to do it],” he says.

Prior to being acquired by Quicken in 2008, the company ran a wholesale division as Reverse Mortgage Lender Network, so it has a history in the space. After the acquisition, the company made the decision to shut down the channel and focus on building retail which has grown into the third largest lender in the country according to Reverse Market Insight.

With a new office in San Diego and plans to add another 30 employees on the operations side, One Reverse is building up the staff necessary to add wholesale and correspondent channels.

“The industry as a whole would welcome a new entrant and [we’re confident we can take] our unique approach of how we originate, and translate that to wholesale in an amazing way,” Smith said.

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