PRMI Expands Reverse Mortgage Footprint to Midwest as Part of National Expansion


Primary Residential Mortgage’s (PRMI) Reverse Mortgage Center, Owings Mills, MD-based Steven J. Sless Group, recently expanded its reverse mortgage service footprint to the Midwestern region of the United States. after hiring two dedicated reverse mortgages. loan originators who will operate from the Indianapolis branch of PRMI.

The move aims to bolster PRMI’s service offerings in the reverse mortgage industry, an effort that gained momentum recently after the national mortgage lender named Sless Group its dedicated reverse mortgage center early last month. . A direct presence in the Midwest can help support other PRMI branches that operate in the region, the company said.

New initiators, organizational importance

The addition of two new originators is important to help strengthen the efforts of the largest PRMI organization in reverse mortgages, according to Steven Sless, president of the reverse mortgages division of PRMI.

Gabrielle Welter

“The Sless group now manages and supervises all activities related to reversing throughout the country. [PRMI] organization, ”Sless told RMD. “While these two hires are not under the retail umbrella of the Sless Group, the Sless Group is responsible for ensuring the success of the reverse platform and all LOs that issue reverse loans.”

The two new originators, Gabrielle Welter and Matthew Bowman, are expected to participate in the company’s reverse mortgage education efforts aimed at Midwestern seniors. Welter brings 11 years of experience in the financial industry, starting in the life and property insurance industry before becoming a reverse mortgage originator at Fairway Independent Mortgage Corp.

“I am thrilled to join PRMI – a lender who shares my beliefs and has a fantastic platform for the benefit of clients I want to help,” Welter said in the announcement of her hire.

Prior to joining PRMI, Bowman worked for the past six years as a reverse mortgage originator at Finance of America Reverse (FAR). the reverse mortgage proceeds, he said.

Matt Bowman

“It’s amazing helping senior homeowners achieve goals they have long thought unreachable by accessing real estate wealth with a reverse mortgage,” Bowman said in the ad.

The addition of Welter and Bowman and having a more dedicated reverse mortgage presence in the lender’s Midwest division are indicative of the overall potential seen in the reverse mortgage space, according to PRMI Midwest President. , Michael McClain.

“We are very pleased to welcome Matthew Bowman and Gabrielle Welter – two very talented reverse mortgage originators who bring the kind of reverse loan knowledge and experience that will set us apart from other lenders,” said McClain. “Our commitment to helping more homeowners and buyers aged 60 and over with additional mortgage options is real and growing. “

Greater collaboration forward

One of the potential benefits of having reverse LOs in the company’s Midwest division is the ease of collaboration between the reverse and term mortgage sides of PRMI, Sless said.

“Our division directors and stakeholders across the country are committed and determined to grow the back of their operations,” said Sless. “Michael McClain operates several very successful branches in the Midwest, and others like him are now actively pushing to diversify their product offering with reverse mortgages. The buy-in and commitment to backtracking from PRMI’s top performing leaders is real and is sure to have a large-scale impact on everyone under their leadership.

This greater potential for collaboration is also helping fuel the desire expressed by PRMI executives to devote more resources to the reverse side of the mortgage business, which will only get easier as the division expands to other branches and states.

Steven sless

“There is a real reverse movement within the PRMI organization since the company appointed the Sless group to lead the reverse operations,” says Sless. “PRMI just held its national conference in Salt Lake City where I had the opportunity to address the organization and connect with all of the division heads, branch managers and LOs across the country. Several of these leaders have expressed their commitment to scale reverse originations. With more than 300 branches and 1,500 loan originators in 48 states, the commitment to return to the senior leadership of PRMI is essential to achieving our goals.

In terms of branding and advertising, Sless explains that while the Group will oversee advertising for reverse mortgages, each regional division will have the autonomy to create its strategy according to its market and will be able to develop marketing plans. with the full assistance of the Sless Group if he then chooses. There are also national reverse mortgage advertising initiatives under development, but there is currently no public timeline indicating when these efforts will begin to be rolled out.

More growth to come

This expansion into the Midwest is just the first step in what is hoped to become a multi-regional, multi-state strategy to be used to expand PRMI’s presence as a major lender in the reverse mortgage industry, according to the report. company.

“PRMI plans to hire experienced reverse mortgage professionals to work in existing branches or reverse mortgage exclusive branches opening across the country under the Sless Group umbrella,” the company said in its announcement. “To better serve its clients, the company recently moved from brokerage of reverse mortgages to that of lender. “

The company actively recruits in a variety of reverse roles, Sless told RMD.

“We are actively recruiting the best reverse talent to be part of our reverse movement,” he says. “The loan initiator, branch manager, processing and operating opportunities are available. “

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