Austin, Texas-based mortgage lender Open Mortgage is rolling out a reverse mortgage wholesale channel, the company announced Tuesday. Kirk O’Connor will lead the new division as the director of wholesale development.
Open Mortgage is currently doing business in 32 states, and will be soon be in 42 states — offering both wholesale/broker and principal agent/correspondent services. The 10 additional states will expand Open Mortgage’s presence on the east coast, Senior Vice President of Reverse Lending Joe Morris tells RMD.
The move follows Open Mortgage’s acquisition of the reverse origination arm formerly under 360 Mortgage Group, announced in December of last year. Open Mortgage offers both forward and reverse mortgages.
“We have grown our retail, and now we’re at a point where we’re getting very good at execution in the secondary market,” Morris says. “It made sense to go the next step and offer wholesale.”
O’Connor will oversee a dedicated staff specific to the reverse wholesale channel. O’Connor started in traditional mortgage lending in 2003, and has focused on reverse mortgages since 2004.
“A native Texan and resident New Englander, Kirk quickly found success in building teams for retail and wholesale business channels,” Open Mortgage says in a statement.
Open Mortgage sees great opportunity in rolling out a reverse mortgage wholesale division, Morris says, noting that the company will offer competitive pricing.
“We will have a more personalized service [than some other companies],” he says. “Brokers will feel like they are a part of Open Mortgage.”
Written by Cassandra Dowell