Paul Fiore, VP of sales and branch production at HighTechLending (HTL), emphasizes a holistic approach to serving senior homeowners, highlighting the benefits of alternative products with payment flexibility and improved tech integrations for a better origination process.
HighTechLending's strategic focus on product diversification and technological integration aims to capture a broader segment of the senior homeowner market, potentially influencing how reverse mortgages and related financial products are offered and utilized.
HighTechLending (HTL), a significant player in the reverse mortgage market, is distinguishing itself with a diverse product set, including its refreshed EquitySelect proprietary offerings. Paul Fiore, the company's vice president of sales and branch production, highlighted the importance of a holistic approach to serving senior homeowners, emphasizing alternative products with payment flexibility.
Fiore noted that while HTL ranks in the top 10 for Home Equity Conversion Mortgage (HECM) endorsements, the company is actively promoting its EquitySelect products. These products are designed for the 50-plus demographic who may be considering HELOCs or cash-out refinances but are hesitant about traditional reverse mortgages. Fiore stressed that offering these alternative options alongside reverse mortgages allows brokers to cater to a wider range of client needs.
Technology is also a key focus for HTL, with efforts to improve the origination process. The company is developing a broker portal that includes a detailed calculator and provides insights into revenue opportunities based on chosen payment plans. Integration with Encompass, a widely used loan origination system, is also a priority to simplify the submission process for brokers.
Furthermore, HTL offers a proprietary purchase loan product, reflecting an industry-wide trend where proprietary reverse mortgages are increasingly dominating over HECMs. Fiore believes that by offering a comprehensive suite of products and leveraging technology, HTL can better serve senior homeowners and expand its market reach.