About a week ago I wrote about how the Quicken acquisition of One Mortgage Network has temporarily closed Reverse Mortgage Lender Network (their wholesale division). Little did I know there was some other changes going on at One Mortgage Network too. A few RMD readers decided to update me on what was happening so I thought I’d pass it along to everyone.
Apparently, right after the deal was announced Quicken made the decision to lay off all outside sales representatives for One Mortgage Network(OMN). I’m told the news was delivered to everyone over an unexpected company wide conference call where they were told the company has decided to pursue a different business model. Ouch.
According to a few former OMN employees, the new business model is based off of more automation and driven primarily by Internet advertising. Quicken has been successful with this type of model so it shouldn’t come as a big surprise, but I never thought they would implement in so quickly.
From what I can tell most of the former RMLN employees have landed on their feet elsewhere and some even started new companies offering reverse mortgages. It goes to show you that there is always a home for someone with reverse mortgage experience in today’s market.