Whether you originate traditional mortgage loans or focus on reverse, it’s a tough time in the lending space right now. For Open Mortgage, that means there’s opportunity for those bold enough to go after it.
Headquartered in Austin, Texas, and founded in 2003, the lender has about 340 employees originating everything from FHA and VA loans to reverse mortgages and refis. With 79 offices in 23 states, Open closed $678 million in home loans last year.
The lender operates a healthy reverse mortgage channel, coming in most recently in the No. 10 slot on the Top 100 HECM Lenders list.
Like others in the space, its reverse volume has suffered in the past year in the wake of program changes. But CEO and Founder Scott Gordon said Open is undeterred. In fact, it’s more committed than ever.
“I still see great opportunity in the reverse space,” Gordon said. “Even though it’s a weird time and numbers are down in our industry and growth is slow, we remain excited about the potential here, and we are investing even more.”
Gordon said the company is working on a technology platform to simplify and enhance workflow for its retail loan officers and wholesale partners, and to streamline the lending process for its borrowers.
“We want to be better partners for our retail originators and our wholesale partners, and we’re going to use technology to accomplish that,” Gordon said. “This digital platform is going to create a better experience for everyone involved.”
Open has also put tremendous effort into generating quality marketing collateral for its LOs to help them advance their business, working to provide them with a competitive edge.
“There are thousands of loans being closed, even in a down market,” Gordon said. “Open Mortgage is developing technology to enhance our marketing and operations, so our market share will keep growing in good times or bad.”
“We think chaos in the marketplace makes it a great time to invest,” Gordon added. “Besides technology, acquiring sales teams. It's all about moving forward when others are stuck.”