high-tech loansA top 10 California-based reverse mortgage lender announced Friday that it will rename its wholesale lending unit. U.S. Senior Loan Wholesale Division Work to better align its image with key lines of business designed to serve older borrowers.
To better understand the reasons for the rebranding plan, house lineReverse Mortgage Daily (RMD) sat down with Eric Ellsworth, the company’s executive vice president of sales, and Rich Walker, vice president of wholesale reverse mortgages. Some details were discussed.
What’s in the name?
Walker explained that the HighTechLending company name, which dates back to 2007, emphasizes its position as a leader in new technology solutions for mortgage lending, including paperless documentation. Over time, company leadership realized that the name might not effectively convey its dedication to the reverse mortgage and senior lending world.
“Over the next few years, the reverse mortgage segment got bigger and bigger until it actually surpassed the forward mortgage segment, maybe not in volume, but definitely in profitability,” Walker told RMD. “In previous years, both sectors performed strongly during the COVID-19 refinancing boom. But now, as the reverse operation on the back end becomes more profitable, we [recognized] A rebranding was needed to let everyone know we were primarily a contrarian company.
Ellsworth added that this was to demonstrate that the department was focused on the needs of senior borrowers. HighTechLending had been using the “American Senior” name for other divisions of the company, so it made sense for the leadership team to apply it more directly to the name of the division that does reverse mortgage lending.
But the name is also not limited to one product type, he said.
“Some of our branches have been using the American Senior brand, and our internal call centers also use the American Senior brand,” Ellsworth said. “We really liked the name, so, in addition to American Senior, we added American Senior Lending as a company. We chose not to select ‘American Senior Reverse Mortgage’ because from a 30,000-foot company perspective Look, we want to be a one-stop shop for seniors 55 and older for all their financing needs.
It also allows company executives and loan officers to discuss more potential products to offer customers, rather than being limited to just one product, Ellsworth explained.
“We are excited to transition our wholesale division from HighTechLending to American Senior Lending,” he said. “We’re very excited about this change that will allow us to continue to be a wholesale lender for reverse mortgages and other products that will help seniors tap into their home equity in the future.”
Ellsworth said the addition of U.S. Senior Lending DBAs to the pipeline helps broadly position the company in its overall mission of providing seniors with appropriate financial product options.
“That’s our strategic vision: to be the lender of choice for seniors 55 and older,” he said. “One of our large sales pipelines is our wholesale pipeline. We believe that in order to distribute more products, including future products, the wholesale segment must be aligned with this vision. “A key part of this alignment is ensuring that U.S. Senior Loans The name remains in place as we move forward, integrating into the strategic vision of the entire company. “
Those sentiments were echoed by David Peskin, who took over as owner of the company earlier this year.
“Changing our name to American Senior Lending is the next chapter in our strategy and underscores our commitment to helping senior homeowners get the best products for their needs,” Peskin said in a statement provided to RMD. “We Our goal is to specifically help our partners support their older customers with hands-on support and diverse offerings. Our name change demonstrates our commitment to this demographic and business model.
In terms of preparing the tools and technology to support the changes, Walker said the only remaining operational details involve changing the specifics of certain state licenses, including DBA registrations in other states the company is entering. Ellsworth added that there are other product launches planned in the coming months, but the company is primarily focused on its expansion plans and desire to cover more ground.
Walker added that he hopes the reverse mortgage industry as a whole will appreciate the emergence of new brands on the market.
“For our partners, we want them to know they don’t have to do anything. They don’t have to update their broker agreement. Everything will transition seamlessly to the new name,” he said. “It’s important to let them know they don’t need to make any extra effort. Everything will be business as usual, but they will be doing business with a company with a more counter-branded approach.
