A longtime investor in several prominent reverse mortgage companies, both past and present, is taking a new technology-focused direction with his capital.
Sekits Capital, a Manhattan Beach, Calif.-based investment firm, recently made a “significant investment” in InSellerate, a sales automation software company serving the traditional mortgage market, as well as the reverse mortgage industry.
InSellerate functions as a customer relationship management system (CRM). The software-as-a-service lead generation platform optimizes consumer direct lead channels, thereby allowing users to connect to leads while prospects are actively engaged in the buying process.
The technology consists of a three-stage system that includes Flow, a sales force automation and lead management tool; inSight, a real-time sales reporting dashboard; and inTouch, an automated personalized email marketing platform. The system is also fully integrated with online lead providers, inbound call systems and web forms.
Sekits Capital was introduced to InSellerate in the summer of 2015, company Founder and President Mike Sekits told RMD. Impressed by the domain expertise of the management team, as well as the rigorous attention paid to compliance and security, Sekits Capital committed a “substantial amount” of capital to InSellerate last month.
Founded in 1999, Sekits Capital invests anywhere between $50,000 to $1.5 million of growth capital in companies operating in the financial services and financial technology sectors, and provides board level advisory services.
Before re-launching his own investment firm this year, Sekits was co-founder and director of private investments at JAM Equity Partners, where he was responsible for investing in high-growth financial services companies.
During his tenure with the company from May 2006 through December 2015, Sekits was instrumental in developing and executing certain investment strategies at Jacob Asset Management, including opportunities in the reverse mortgage market. This included serving on the board of directors for several of the reverse mortgage industry’s largest lenders, such as American Advisors Group (2009-2015), Security One Lending (2009-2012) and Reverse Mortgage Solutions (2007-2012).
As an investor in InSellerate, Sekits sees an opportunity to bring additional sales technology to reverse mortgages, an industry that is perceivably underserved in terms of available CRM solutions specifically tailored for reverse mortgage originators.
About a year ago, InSellerate began what Sekits called a “major upgrade” to its technology. The results produced a first-to-contact dialer technology, which is designed to empower loan originators to respond to leads within 30 seconds of making a request.
The tech company also sought to further customize its product to allow easier integration with various third-party service vendors and service providers. InSellerate sits “on top of” a lender’s loan origination system, Sekits said.
Irvine, Calif.-based HighTechLending is the only reverse mortgage lender currently working with InSellerate. Although InSellerate predominantly serves the general mortgage market, the technology’s customization capabilities allows it to serve the workflow needs of reverse mortgage originators as well.
“We believe old school industries—and reverse mortgages is one of them—have been slow to adapt newer, better technologies,” Sekits said. “When you combine a sleepy company in a highly fragmented industry with some new capital and access to technology, you can drive significant growth.”
Written by Jason Oliva