All Reverse Mortgage company announced Friday it is transitioning from a reverse mortgage broker to a direct endorsement lender. The chance will allow All RMC to close loans under its own company umbrella, a shift which will ultimately allow for more borrower flexibility, the company says.
“Borrowers will benefit from the greater flexibility we will have as direct lenders,” says Cliff Auerswald, company president. “That flexibility will be evident in the pricing and the service we will be able to deliver to the customers.”
The Garden Grove, Calif-based lender says it has had this goal in mind since launching the company several years ago.
“This has been the plan from the day we started the company,” Auerswald says of becoming a DE lender. The next step ahead is expansion, he says, with the goal of hiring new sales staff and quadrupling loan origination over the next 24 months.
“The sales staff we bring on must be experienced and must always understand that we provide a lending product that has to be right for the individual borrower. It’s not a one-size-fits-all proposition,” says Auerswald.
All RMC is currently licensed in 14 states and the U.S. Virgin Island and plans to add 12 states to its reach over the next year to year and a half.
Written by Elizabeth Ecker