Reverse Mortgage USA is making entry into a new branch-partner approach to reverse mortgage loan origination—an opportunity the company sees based on changing market conditions.
To help lead the growth effort, Reverse Mortgage USA has hired Nancy Pedone to work on developing and growing its branch partners division.
With 15 years of originating experience including work with Bank of America, MetLife, Security One Lending and most recently, Network Funding, Pedone brings originating expertise in Federal Housing Administration lending, primarily in reverse mortgages and specifically, the reverse mortgage for purchase product.
“We are developing a cutting edge take on the branch partner model, and we wanted to get Nancy to help us do this – and leverage Nancy’s contacts with a company like us that is solely reverse,” says John Mitchell, founder and CEO of Austin, Texas-based Reverse Mortgage USA.
Today Reverse Mortgage USA gets two thirds of its business from loan officers that are supplied leads, and one third from branch partners that generate their own leads. Reverse Mortgage USA wants to leverage its expertise in lead generation and its unique approach with customers to help its branch partners have success. Reverse mortgage USA plans to evolve over the next six months a hybrid model for branch partners that incorporates quality leads generation.
“The reality is, we may have to help those branches a little more. We think there is going to be a new model for branch partners that will evolve halfway between going out on their own and having us provide leads,” Mitchell says. “We call it the hybrid.”
With the help of Pedone, the company plans to launch the new model over the next few months and begin growing its branch network.
“Nancy is very bottom line-focused, with a ‘let’s make this happen,’ approach,” Mitchell says. “We’ve never seen anybody create this type hybrid, but we are ready to make it happen.”
Written by Elizabeth Ecker