As many reverse mortgage companies look to increase hiring efforts and build branches across the U.S., a Texas-based lender has been quietly gaining a presence in the business.
Through a branch-based model of growth, Texas-based Open Mortgage is licensed in 22 states and has branches across those states that are increasingly able to originate reverse mortgages through the recent hires of former MetLife and Wells Fargo originators. The company’s reverse mortgage team currently numbers around 40.
“As MetLife got out of the business, we’ve had several former MetLife originators join us. Some just want to join an existing branch, and don’t want the headache of being a branch manager. Other originators in the branch will give reverse referrals to them,” says Scott Gordon, Open Mortgage CEO.
The company closed more than 200 reverse mortgage loans last year.
As part of its marketing efforts, Open Mortgage offers syndicated blog content to its branches, enabling them to market independently by changing or altering the content so it is specific to their needs. Specializing in reverse mortgages is something Open Mortgage is seeking in new originators and branches, Gordon says.
“We think reverse is a great niche to be in,” Gordon says. “We want to make sure we are competing for loan originators who are getting into reverse and also ones who were with another company like Wells Fargo and MetLife. We are serious about trying to grow as much as we can.”
Company executives have set their sights on the top-10 lender list by year-end, Gordon says.
“I want this to be a really serious niche for us,” he says.
Written by Elizabeth Ecker