New Jersey-based reverse mortgage lender Nationwide Equities today announced it has partnered with Premier Home Equity to further develop its retail branch channel. Premier Home Equity, led by former Financial Freedom exec Bart Johnson, will work to recruit branches toward expanding Nationwide’s national presence.
Nationwide Equities, which announced last week it has expanded its headquarters in an effort to expand its presence, is currently licensed in 27 states with plans to be in all states by year-end. Premier Home Equity will recruit in the states where Nationwide is currently licensed.
“We were pioneers in the branching strategy going back to the 1990s,” says Glenn Wallace, Nationwide’s president. “We maintain eight licensed retail offices in the New York/New Jersey market but recently we focused our attention in developing our wholesale channel. Through our relationship with Premier we hope to re-establish a strong retail presence across the nation.”
Premier Home Equity partnered with Irvine, Calif.-based HighTechLending in July 2012, again in an effort to expand the lender’s footprint. The company says it will continue to build retail branches and convert brokers into branches as a way for lenders to grow their presence on a national scale.
“We are very fortunate to have teamed up with the excellent leadership team at Nationwide Equities,” Johnson said. “There is still a vacuum in the market, and Nationwide can truly provide a national footprint within which Premier can grow market share. The growth will primarily come from two channels: retail branch formations and converting existing brokers into licensed branches. In addition, it offers a unique “wealth realization plan” in which producing branches may possibly share in corporate value.”
Nationwide Equities was ranked No. 19 on the most recent top-100 lenders list compiled by Reverse Market Insight, having closed 129 loans year to date in 2013.