PRMI names Sless Group its center dedicated to reverse mortgages
The Steven J. Sless group of Primary Residential Mortgage (PRMI), the retail branch of the lender focused solely on reverse mortgages in Owings Mills, Md., Has been named the PRMI organization’s dedicated center for creating reverse mortgage products, according to a company announcement and an interview with the namesake and division president. The move marks a demonstration of confidence in the PRMI division as it continues to grow in the reverse mortgage business.
Part of the reasoning behind this new designation for the Sless Group is due to PRMI’s ambition to become one of the leading reverse mortgage lenders, according to a statement by a business executive. RMD spoke with Division President Steven Sless for more information on what this decision will mean for the PRMI division and organization and the further development of its reverse mortgage business.
Increased confidence and recent movements
The designation of the Sless Group as the dedicated reverse mortgage center of the PRMI organization comes after a series of additional steps by the lender and the division itself. After being first established in the summer of 2019, shortly after Sless joined PRMI in the spring, the next two years would see steady growth in reverse mortgage origination for the lender, further aided by favorable winds. industry events that took place during the early days of the COVID-19 Coronavirus pandemic.
This culminated earlier this year with an expansion for the Sless Group from its main office in Maryland to one based in San Diego, Calif., Led by reverse mortgage professional Christina Harmes Hika, who has been appointed regional manager. from the San Diego branch in March. .
The move reinforces the value the lender sees in the Sless Group and its only dedication to the reverse mortgage product, according to Steven Sless.
“During my two and a half years here at PRMI, I have seen firsthand how committed this organization is to the reverse market,” Sless told RMD. “They have made significant financial, personnel and infrastructure commitments to become one of the nation’s leading lenders. I believe this movement says more than anything is that PRMI believes the Sless Group is the team to carry this initiative forward for many years to come.
This commitment is further reinforced by PRMI’s point of view on the Sless group, according to an executive at the lender.
“PRMI shares the Sless Group’s commitment to be successful in reverse mortgages, and we believe this partnership has enabled our organization to become one of the nation’s leading reverse mortgage lenders,” said the President of PRMI Retail Chris Jones in a statement about the decision.
The data also shows that in the last few years since the incorporation of the Sless Group, PRMI’s numbers in reverse mortgage endorsement volume have improved. In 2018, the lender registered 92 loans before increasing to 133 in 2019. In 2020, PRMI registered 234 reverse mortgages and is on track to meet or exceed that number in 2021, according to data shared with RMD by Reverse Market Insight (RMI).
Bandwidth, communication with other LO PRMIs
In addition to following through on the division’s plans to further support PRMI’s reverse operations, this is a designation and arrangement that should help streamline communication between Reverse Mortgage staff at Sless Group and the existing body of PRMI loan officers, Sless said. .
“Our biggest problem to solve right now is bandwidth,” says Sless. “We have just hired a new processor and will be looking to make more strategic hires in the near future to help better serve our branch partners. The Sless group is now leading communication efforts with over 1,500 PRMI traditional / hybrid loan originators. We communicate with them through webinars, live and on-demand training sessions, our reverse lending scenario office and through regular video communication.
Additionally, this decision will also add to the overall reverse mortgage infrastructure and framework for PRMI, and existing PRMI loan officers who may be interested in reverse lending will have a more direct path to finding the support they want. might need to navigate the business.
“This move assures all LO PRMIs that they have robust reverse support in all aspects of the business,” says Sless. “PRMI’s term mortgage business is 70% based on buying in normal times outside of the current refi boom. I think there is an incredible opportunity to leverage the existing relationships with real estate agents in our organization, and we are poised to become one of the best HECM operations for buying in a short period of time.
In general, the move was also organic due to the volume of reverse mortgages that the Sless Group can be credited with in PRMI’s total reverse mortgage portfolio, Sless says.
“The Sless group has accounted for the vast majority of PRMI’s reverse volume since joining the company in mid-2019,” says Sless. “As we organically began to help other branches and initiators of PRMI, I think it became clear to the board that it made sense to make it official and designate the Sless group as the official center of repayment for the whole of PRMI and to install myself as Division President and leader of the reverse channel for the organization.
The potential for all PRMI loan officers to benefit from the decision is present, Sless says, because of the dedicated support the division can provide to those looking to become certified as reverse mortgage originators; a decision that may seem prudent given the general performance of reverse mortgages relative to that of term loans recently.
“Our [division] actively coordinates all aspects of PRMI’s reverse mortgage operations including sales management, loan support, scenario office, technology, investor negotiations, recruiting and more, ”said Sless . “We are a partner in the reverse success of each PRMI initiator. “
Part of the plan, board of directors
This is in line with what Sless told RMD during the division’s initial launch in 2019.
“The long term plan is to create a network of exclusive and direct reverse branch branches for consumers under the Steven J. Sless group umbrella while continuing the ongoing efforts to encourage our initiators to educate their referral partners on the merits. reverse product, ”Sless told RMD after opening the retail reverse mortgage branch for the first time that summer, more than two years ago.
Sless also credits the rest of the group’s management team for much of the success of the entire division.
“I think it’s important to point out that the Sless group is made up of a board of directors: George Morales, Christina Harmes-Hika, Andrew Parker and Brandy Nickoles,” says Sless. “The OLs under the aegis of the Sless group will continue to be actively created as they are doing now. This decision concerns more the involvement of the board of directors and my promotion to the position of division president.