Bloomfield, N.J.-based leading reverse mortgage lender Reverse Mortgage Funding, LLC (RMF) announced this week that it had obtained a place on a ranking of the 2022 Best Medium Workplaces by Great Place to Work and Fortune. The certification comes after the company has remade much of its employee engagement practices as a result of the COVID-19 coronavirus pandemic, having gone entirely remote in 2020.
This is the first time that RMF has received this honor, having previously been named by Great Place to Work earlier this year for its own rankings.
“To determine the Best Medium Workplaces list, Great Place to Work analyzed the survey responses of over 200,000 employees from Great Place to Work-Certified companies with 100 to 999 U.S. employees,” the announcement reads. “In that survey, 95% of RMF’s employees said RMF is a great place to work. This number is 38% higher than the average U.S. company.”
In discussing the recognition, RMF President David Peskin described how the company’s employees have a demonstrated commitment to their senior customers.
“We are honored to be named among Fortune’s Best Medium Workplaces for 2022,” Peskin said. “Our employees are dedicated to our mission of providing older Americans with financial tools to achieve their retirement goals. These team members, with their commitment to serving our clients and supporting each other, are the reason RMF is a great place to work. We celebrate them and thank them for their dedication and service to our clients.”
Great Place to Work CEO Michael C. Bush also explained the nature of the recognition as entirely based off of the perceptions of a company’s workers.
“It’s not the size of an organization that makes it great, but how the organization treats its people,” said Bush. “And these medium workplaces have proven that the inspiring cultures they’ve created go head-to-head with those of any large corporation. Leaders at these companies put their people first, and in return, achieve stronger business results than the average workplace.”
RMF is the number three lender in the reverse mortgage industry based on Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI). It maintained its position in the second slot for the full calendar year 2021, totaling 5,355 loans during that time and growing volume by 30% over levels seen in 2020.
At the beginning of the year, RMF acquired a portfolio of reverse mortgage servicing rights from American Advisors Group (AAG), consisting of over 75,000 loans and totaling $12.1 billion in unpaid principal balance (UPB). Last September, the company became the first in the American reverse mortgage industry to serve borrowers under the age of 60 by lowering the minimum qualifying age of its Equity Elite proprietary reverse mortgage product catalog to 55.