Top 10 reverse mortgage lender Reverse Mortgage Solutions and its retail brand Security 1 Lending are planning for an East Coast-based expansion in the coming weeks and months.
The company, which is now led by President and CEO D. Scott Clarke, says it will be adding “a significant number of loan officers and support staff,” at its Charlotte, North Carolina location.
Since Walter Investment Management Corp. (NYSE: WAC) acquired RMS and Security One Lending in late 2012 and early 2013, respectively, the company has been under way with growth strategy, noting the tremendous future potential presented by the reverse mortgage market and a specific focus on retail growth.
“As an industry, the use of this financial tool has penetrated fewer than 2% of eligible households,” Clarke said. “With the recent changes to the product, the reverse mortgage or Home Equity Conversion Mortgage is a safer and more secure choice for homeowners. At a minimum, they should be educated on whether it is a good choice for them based upon their individual situation.”
Further, Clarke noted an initiative to improve education of prospective borrowers in its approach to the market.
“We are building a company that has strong values and behaviors,” he said. “Our innovative focus on educating our customers so they can make an informed choice – as opposed to just selling them product – will be the hallmark of our company. Doing this while also creating a winning environment for our employees will allow us to sustain our forecasted growth.”
RMS has maintained its position as a leader in the issuance of reverse mortgage securities, while Security One and RMS have continued to rank among the top five lenders for volume, both in retail and wholesale originations.
The expansion on the East Coast will lead to a growth in its presence overall, said Alex Pistone, Security One Lending senior vice president and national retail sales leader.
“We are thrilled to be growing our presence in the Charlotte market,” Pistone said. “With a long history of supporting the financial services industry, the greater Charlotte area is a perfect location for increasing our East Coast presence. We are in a modern office building where employees can enjoy a great physical environment while receiving all the tools and support they need to succeed.”
Written by Elizabeth Ecker