360 Mortgage Group, a privately owned mortgage banker, has formally introduced its Reverse Mortgage Division, an end-to-end reverse mortgage processing platform for mortgage brokers, third-party originators, community banks and credit unions to originate reverse mortgage loans.
The company explains that this on-demand reverse mortgage processing platform allows originators to scale capacity to market demands, increase profitability, remain fully compliant and continue to own the customer relationship. The company, which is currently licensed for reverse mortgage loans in 35 states and the District of Columbia, will also be originating reverse mortgages through its growing retail channel.
In conjunction with the launch of its reverse mortgage division, 360 Mortgage Group has named reverse mortgage industry executive Mike Suits as division manager of 360 Mortgage Reverse. In this role, Suits will be responsible for the division's management and growth, developing new lending relationships nationally, hiring and mentoring professionals, and building brand reputation.
Joining him at 360 Mortgage Reverse is a team of 16 reverse mortgage professionals, including Kristin Yates and Kim Stripling (processors), Mindy Brown and Michael Adler (underwriters), Alex Padilla (closing), Ruben Maltos (funding), Mickie Raquet (trainer), and Melissa Entin and Christopher Kerksieck (account executives), who have previously worked together with Suits.
Suits brings more than 12 years of retail and wholesale mortgage industry experience, with the last seven focusing on the reverse mortgage industry. Most recently, he was the president of Reverse Mortgage USA, where he was responsible for retail and wholesale operations for all departments of the company. In this role, he was responsible for the development and launch of the wholesale division, as well as the recreation and restructuring of the branch division.
Previously, Suits held reverse mortgage regional wholesale account executive positions with Urban Financial Group, Genworth Home Equity Access and MetLife Bank.
