HighTechLending will transform the wholesale channel into American Senior Lending

HighTechLendinga California-based top 10 reverse mortgage lender, announced Friday that it will transform its wholesale lending division into US Senior Lending Wholesale Division in an effort to better align its identity with core business lines designed to serve older borrowers.

To get a better idea of ​​what led to the rebranding initiative, HousingWire‘s Reverse Mortgage Daily (RMD) spoke with Eric Ellsworth, the company’s executive vice president of sales, and Rich Walker, vice president of wholesale reverse, to discuss some details.

What’s in a name?

Walker explained that the company name HighTechLending, which dates back to 2007, highlighted its place as a leader in new technology solutions for mortgages, including paperless filings. As time has gone on, company leaders have understood that the name may not communicate its commitment to the reverse mortgage and senior lending spaces as efficiently as possible.

“Over the next few years, the inverted division grew bigger and bigger until it effectively eclipsed the term mortgage division, perhaps not in volume, but certainly in terms of profitability,” Walker told RMD. “In previous years, both divisions went gangbusters through the COVID refi boom. But these days, when reverse on the back end is much more lucrative, we are [recognized] a need to rebrand and let everyone know that we are a reverse company first and foremost.”

Ellsworth added that this is intended as a statement about the division’s focus on the needs of senior borrowers. HighTechLending uses the name “American Senior” in other parts of the company, so it made sense to apply it more directly to the name of a division that services reverse mortgages.

But the name also has broader applicability than one product type, he says.

“There was always an American Senior brand that some of our locations used, and the internal call center also used American Senior,” Ellsworth said. “We really liked that name and that is why we added American Senior Lending as a company in addition to American Senior. We chose not to go with ‘American Senior Reverse Mortgage’ because from a 30,000-foot business perspective, we want to be the one-stop shop for seniors 55 and older for all their financing needs.”

That also gives business leaders and loan officers the opportunity to include a discussion about more potential product offerings for their customers, instead of being isolated on just one product, Ellsworth explains.

“We are pleased to make this transition in our wholesale division from the HighTechLending Wholesale division to the American Senior Lending Wholesale division,” he said. “This change will allow us to continue to be a wholesale provider of reverse mortgages and other products that will help seniors tap into the equity in their homes, which we are very excited about.”

The addition of American Senior Lending dba to the channel helps broadly align the company with the overarching mission of providing seniors with appropriate financial product options, Ellsworth said.

“This is our strategic vision: to be the go-to lender for seniors 55 and older,” he said. “One of our major sales points is our wholesale channel. We believe that in order to distribute more products, including future products, it is essential that the wholesale division joins this vision. “An important part of this alignment is ensuring that the American Senior Lending name remains in place as we move forward, which aligns with the strategic vision of the entire company.”

This sentiment was echoed by David Peskin, who took an ownership position at the company earlier this year.

“Changing our name to American Senior Lending is the next chapter of our strategy and highlights our focus on helping older homeowners access the best products for their needs,” Peskin said in a statement to RMD. “Our goal is to specialize in helping our partners support their elderly customers with practical support and diversified products. Our name change demonstrates our commitment to this demographic and business model.”

As for getting the tools and technology in place to support the change, Walker said the only remaining operational details are changing specific details about licensing in certain states, including the DBA registry in other states where the company is moving go. Ellsworth added that there will be more planned product offerings in the coming months, but the company’s main focus is on its expansion plans and desire to cover more ground.

Walker added that he hopes the reverse mortgage industry at large will appreciate the presence of a new brand in the market.

“Our partners want them to know that they don’t have to do anything. They do not need to update their broker agreements. Everything will transition seamlessly to the new name,” he said. “The most important thing is to let them know that no additional effort is required on their part. It will be business as usual, but they will be doing business with a company with a more inverted brand.”