PRMI Expands Reverse Mortgage Footprint to Midwest in Step Towards Nationwide Enlargement
Primary Residential Mortgage (PRMI) dedicated reverse mortgage center, Steven J. Sless Group, based in Owings Mills, Md., Recently expanded its reverse mortgage presence to the American Midwest after two dedicated reverse mortgages Mortgage lenders have been discontinued and will operate out of PRMI’s Indianapolis office.
The move is being made to strengthen PRMI’s reverse mortgage service offerings, an effort that recently accelerated after the national mortgage lender named Sless Group as its dedicated center for reverse mortgages earlier last month. Having a direct presence in the Midwest can help support other PRMI offices operating in the region, the company said.
New authors, organizational importance
According to Steven Sless, President of PRMI’s Reverse Mortgage Division, the addition of two new originators is important to support the larger PRMI organization’s efforts in the reverse mortgage space.
“The Sless group now leads and oversees all activities related to reversing throughout [PRMI] Organization, ”Sless told RMD. “While these two attitudes are not under the retail umbrella of the Sless Group, the Sless Group is tasked with ensuring the success of the reverse platform and all LOs that provide reverse loans.”
The two new originators, Gabrielle Welter and Matthew Bowman, are expected to join the company’s education efforts on reverse mortgages targeting seniors in the Midwest. Welter brings 11 years of financial industry experience, starting out in the life and property insurance industries before joining Fairway Independent Mortgage Corp.
“I am very excited to join PRMI – a lender who shares the same beliefs as I do and has a fantastic platform to help the customers I want to help,” Welter said in the announcement of her hiring.
Prior to joining PRMI, Bowman spent the past six years as a reverse mortgage originator with Finance of America Reverse (FAR) and will focus his reverse mortgage efforts on easing aging and reducing other aging-related costs that start with a. Reverse mortgage loan proceeds can be paid for, he said.
“Helping senior homeowners achieve goals they long thought would be unattainable by accessing home assets with a reverse mortgage is amazing,” Bowman said in the announcement.
The addition of Welter and Bowman and the increased presence of reverse mortgages in the lender’s Midwest division are an indication of the general potential seen in the reverse mortgage space, according to Michael McClain, president of the PRMI Midwest division .
“We are very excited to welcome Matthew Bowman and Gabrielle Welter – two very talented reverse mortgage lenders who bring the kind of reverse lending knowledge and experience that sets us apart from other lenders,” said McClain. “Our commitment to helping more homeowners and buyers over 60 with additional mortgage options is real and growing.”
Greater collaboration on the forward side
One of the potential benefits of having reverse LOs present in the company’s Midwest division is the ease of collaboration between the reverse and forward mortgage side of PRMI, Sless says.
“Our division’s clients and stakeholders across the country are committed and committed to growing the downside of their business,” says Sless. “Michael McClain has several very successful branches in the Midwest, and others like him are now actively pushing to diversify their product offerings with reverse mortgages. The approval and commitment of PRMI’s most successful leaders are real and are sure to have far-reaching implications for everyone under their leadership. “
This greater potential for collaboration also helps fuel the desire of PRMI executives to devote more resources to the downside of the mortgage business, which could only become easier as the division expands to include more offices and states.
“There has been a real turnaround within the PRMI organization since the company hired the Sless Group to lead the reverse operations,” explains Sless. “PRMI was currently holding its national conference in Salt Lake City, where I had the opportunity to speak in front of the organization and connect with all department heads, branch managers, and LOs from across the country. Several of these leaders have expressed their commitment to scaling reverse origins. With over 300 branches and 1,500 lenders in 48 states, a commitment to turn around from PRMI’s top stages is critical to achieving our goals. “
On branding and promotion, Sless states that while the group will oversee reverse mortgage loan promotion, each regional division has the autonomy to develop its strategy that suits their market and can develop marketing plans with the full support of the Sless group so if you choose. There are also national reverse mortgage loan promotion initiatives in development, but there is currently no public schedule of when these efforts will begin.
Further growth follows
This expansion into the Midwest is just the first step in hopes of growing into a multi-region and multi-state strategy that will be used to build PRMI’s presence as a major lender in the reverse mortgage industry, the company says.
“PRMI plans to hire experienced reverse mortgage professionals to work in existing branches or in reverse mortgage-exclusive branches opening across the country under the Sless Group umbrella,” the company said in its announcement. “In order to better serve its customers, the company recently moved from arranging reverse mortgage loans to being a lender.”
The company is actively recruiting in a variety of reverse-relevant roles, Sless told RMD.
“We are actively recruiting top reverse talent to be part of our backward movement,” he says. “Lenders, store managers, processing and operational facilities are available.”