Security One Lending announced today the launch of a company stock plan for the company’s loan officers.
The plan, which will allow originators to earn tracking stock based on their productivity over the next five years, will begin on May 1 under the name “President’s Club.”
“S1L has been working on this structure for quite some time, and we feel strongly that this plan will alter the competitive landscape for the top originators in the reverse mortgage industry,” said Torrey Larsen, president of Security One Lending.
“The structure and opportunity is compelling,” Larsen said. “We simply wanted to shift the mindset of the origination force from ‘renters’ of a company to ‘owners’ of a company.”
S1L will be distributing 30% of the division to qualifying loan officers during the next five years, with the first 10% being earned in the next 14 months, beginning May 15.
Those who have been with the company or who are employed now have the largest window of opportunity to earn the most stock under the plan, Security One explained.
“We believe this new structure is a game changer for the industry,” said Tyler Larsen, Security One CFO. “We have added both warehousing capacity and staffing support to fulfill this strategic growth plan. Many Originators are looking for a long-term home, and we wanted to demonstrate our commitment to them and this industry in a meaningful way.”
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Written by Elizabeth Ecker