Proficio Doubles Outside Sales Force, Ramps Up Reverse Mortgage Sales

As the reverse mortgage lender landscape continues to shift due to program changes and origination strategies, one relatively new lender has quietly risen the ranks to the top 10 originators. 

Proficio Mortgage, which made a major play at the reverse mortgage space in 2012 with the hire of more than 100 former First National Bank of Layton call center originators, has more recently added a boots-on-the-ground network to bolster its production and expand its presence nationwide. 

The changes are paying off, says Joe Rizzo, a reverse mortgage veteran who along with John Metcalf, was hired to help grow the business earlier this year. 


“The team is now spread out from California to New York,” Rizzo told RMD of the expansion, which has led to a team now 40 strong across the nation. 

With the support of a national bank charter, Proficio is bank approved in 50 states and is originating HECM reverse mortgages in 48. The company has grown its production to now having market share of 4.3%—No. 7 on the list of the top 10 lenders for March as reported by Reverse Market Insight. 

“We’re an interesting underdog,” Rizzo says. 

The new sales team is focused on organic growth and focusing on the channels that are most efficient and effective at a given time, says John Metcalf.

“We’ve grown on the outside pretty organically. We have been in the top 10 and flown under the radar,” he says. 

The team is aiming to grow its outside sales force to around 100 originators total with a series of strategic initiatives it is under way to achieving. Currently the company counts about 80% of its loan volume originated through the call center approach while the remaining 20% is originated through its outside sales channel. They’re aiming to increase the boots on the ground volume to twice that proportion, or 40%.

The changing reverse mortgage landscape is presenting an opportunity to the company, it’s leadership says. 

“We think this is one of the best times to be in the industry,” Rizzo says. “We’re excited about what’s ahead of us.”

Written by Elizabeth Ecker

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  • >>Metcalf himself is a very recent hire and did not achieve his current
    position as a result of any Proficio organic focus or policy.

    That’s incorrect, Cynic. John and Joe managed a “Bank of Layton” branch, and later, after the transition, that branch became Proficio. And their branch was based solely upon an “organic focus”. And all of us RMLO’s working for that branch were all seasoned self originators. And they’ve been doing it a long time, way before they became associated with the the Bank of Layton. That experience provides them with what it takes to have an “organic focus”. They’ve always thought outside the box.

    Vulture Strategy? I’m not sure about that. It’s a different business model, and if your current company doesn’t provide you with a business model that fits you, maybe the model provided by Proficio could work better. Or not. Each of us does business differently.

    At least Joe and John advertise openly for RMLO’s. I routinely receive emails from our competitors, reviewing their business model with me, with a disclaimer any communications with them would be strictly confidential. To me, that’s a “Vulture Strategy”.

  • Raymond,

    The point of the story is how Proficio has grown, not how people at the Bank of Layton grew their branches. The Bank of Layton neither sold their reverse mortgage business to Proficio, nor did they spin off Proficio from their company.

    Are you claiming that your two acquaintances started Proficio? If you are and if you are right now that would have relevance and one would wonder why neither you nor RMD reported that.

    Or are you implying that more than 50% of the voting stock of the Bank of Layton and Proficio are owned by exactly the same five or fewer persons (including business enterprises and other entities)? If you are, you are as bad as RMD for not reporting it.

    The content of my comment and the article is about the employment practices of Proficio and only Proficio in and since 2012. If you can add insight on that, please do.

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