Reverse Mortgage USA, the recent broker-turned-banker and now Top-10 reverse mortgage lender this week announced it is launching a wholesale lending channel and has hired industry veteran Mike Suits to help manage the new operations.
Suits, whose experience spans five years of reverse mortgage wholesale lending with First horizon and MetLife in addition to more recent work as a wholesale account executive for Urban Financial Group, will serve as Director of Branch Relations for Reverse Mortgage USA.
“We see this as our path to going from 150 loans a month to doing 500 loans a month,” says John Mitchell, CEO of Austin, Texas-based Reverse Mortgage USA.
The company went from being the largest reverse mortgage broker to transition into becoming a lender in 2011, a process which took some months, but now positions the lenders for growth, Mitchell says, noting the recent hire of Kelly McCabe as the company’s director of credit, which encompasses processing and underwriting.
“The process took a while, in order to get the right people in place to where we now can close loans in 20 to 28 days,” he says. “It didn’t happen overnight, but now we have started to see the real growth can happen on the wholesale side.”
The wholesale channel is open for business and has plans to hire a team to work alongside Suits, who is based in Dallas.
“No one is more hands on than Mike,” Mitchell says. “He is a great asset and leader that is well-respected professional throughout the industry. Reverse Mortgage USA is proud to have Mike as part of our team.
Written by Elizabeth Ecker
