Nationwide Equities Targets Reverse Mortgage Growth, Hires Horton

Nationwide Equities has expanded its retail division with the addition of Terrie Horton as regional sales manager for retail sales.

Horton brings more than 10 years of reverse mortgage experience to Nationwide, a top-25 lender looking to expand its retail footprint across the United States.

“We have been busy getting licensed in over 40 states during the past year and we are looking to establish a retail presence in all of those markets,” said Glenn Wallace, Nationwide Equity president.

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Much of Horton’s experience comes from working for some major industry players, including Financial Freedom and MetLife. With her on the Nationwide team, the company is looking to build a strong sales force.

“Last year we were fortunate to recruit one of the top wholesale account executives in the country, Laura Alinger, to head up our wholesale channel. Now, we are looking to do the same on the retail side,” Wallace said.

Nationwide added a retail reverse mortgage division in July 2012 to its existing wholesale business, when it announced plans to have a retail and wholesale presence in every state in which it is licensed. Nationwide ranked 21st for reverse mortgage origination volume as of August 2013, according to Reverse Market Insight.

Horton was most recently a branch manager at 1st Reverse Mortgage USA and says she’s looking to re-engineer Nationwide’s retail business with some innovative marketing strategies, flexible compensation plans, and aggressive pricing models.

“The next year will prove to be very challenging for most companies, but I feel Nationwide has a flexible platform that can adapt to the anticipated changes in the market,” Horton said. “Our loan officers will be given the tools they need to reach potential borrowers and the service level to close their loans quickly without the shackles of investor overlays.”

Nationwide says it’s also planning to increase warehouse capacity, add key sales and marketing personnel, and expand its forward FHA product availability to all its originators.

Written by Alyssa Gerace

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  • Good luck in your new position, Terrie.

    With premiums on fixed rate Savers going down and a respected HECM prognosticator predicting UPBs a 49% decline in UPBs this fiscal year, one wonders what lender revenues will look like next fiscal year. Of course in projecting lender revenues, one has to estimate how endorsements will do next year.

    Fiscal 2014 is a year in transition. Those who have not liked the last two fiscal years will probably find next fiscal year worse. So what is the silver lining?

    The industry is pinning its hopes on breaking big into the financial community. If that occurs, increased volume during fiscal 2015 and beyond may overcome many of the woes we face next fiscal year. BUT few are counting on any major shift in volume in the HECM for Purchase marketplace. It has not happened in the past and will not happen any time in the near horizon.

    It is important that lenders find sales administration which will ramp up originations so that some of the horrendous revenue loss this next year fiscal year will be offset to some degree by revenues from increases in originations from as many different sources within the senior community as possible.

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