1st Reverse Mortgage USA Launches New Lead Platform, Forward Capabilities

Top-10 reverse mortgage lender 1st Reverse Mortgage USA, a division of Cherry Creek Mortgage, has enabled its reverse mortgage loan officers to originate traditional mortgages through the introduction of a new platform. 

“With our new turnkey Traditional Mortgage platform, the breadth and depth of our product offerings is now clearly evident. Our Reverse Mortgage Consultants are able to originate traditional mortgages and reverse mortgages,” said Dan Harder, vice president of 1st Reverse Mortgage USA. “The platform is a user-friendly, fully integrated solution designed for users who may or may not have traditional mortgage experience.”

Reverse mortgage specialists for the company will be able to supplement their business with traditional mortgage business with the new tools, the company says. 

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In addition, the Lakewood, Colorado-based lender has launched a lead distribution program that operates in part through a new, consumer-facing website. 

The lead program will help to streamline marketing campaigns, to support categorization, routing, reevaluation of leads and ongoing marketing efforts by implementing a call platform to provide immediate, live responses and lead tracking, Harder says. It will allow originators to focus on sales, rather than marketing. 

A new consumer website will link to the lead program, including a branch and RMC presence, the company said. A customized customer relationship management program will also help in supporting the marketing efforts. 

“This is an extremely important strategic development and will continue to facilitate the growth and development of our core business segments,” Harder says. “We believe our business channels, Lead Distribution Program and superior client services program provide us with a clear competitive advantage in the marketplace.”

Written by Elizabeth Ecker

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  • The reverse mortgage business sales model varies from 1) call center to 2) functional lines emphasizing specialties including marketing, appointment setting, salespersons, and closers to 3) the Renaissance journeyman who can handle all areas of the sales transaction competently.  

    With the overuse of the term holistic by counseling executives, perhaps these originators should be called holistic mortgage originators or consultants.  One of the tenants held by many in the industry was that reverse mortgage originators should only handle reverse mortgages yet more and more industry participants are going to this model.

    Will this be the future of the industry a functional salesperson knowledgeable on both forwards and reverses?  With reverse endorsements still falling, this is probably a necessary result.

  • I have been doing both reverse mortgages and regular mortgages since 1995.  Learning the reverse mortgage business is just learning another loan program.  There are certain advantages of doing both, and there are many mortgage banking companies that offer loan officers the opportunity of doing both.  It is certainly more cost effective for the mortgage bankers to have everything under one roof and not have the expense of segregating reverse mortgage divisions from the forward mortgage business.

    • ladyforreverse,

       

      Until 2010, the major players in our industry did not generally
      allow originators to do both.  Yes, it is just another loan program but
      the borrowers are a specific segment of the population and their purpose has
      never been to use these loans for the purchase of a home except for a very
      minute group within that segment.

       

      What the industry has generally portrayed is that the reverse
      mortgage originator needs a different temperament than those selling forward
      mortgages.  With the loss of the really
      Big Three (MetLife Bank was never in that group except in the minds of the
      MetLife Bank employees), we are seeing a new emphasis on the “switch hitter” or
      the “utility infielder.”  (We are in the
      beginning of the heart of the baseball season after all.)

        

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