Key facts
- Tyler Plack has been promoted to CEO of South River Mortgage.
- Jim Plack has retired as CEO and will continue to serve on the board.
- Tyler Plack joined South River Mortgage as a founding employee in 2017 and has served as president.
- South River Mortgage ranked fifth for HECM endorsements in the 12 months ending in July.
- The company operates in 39 states and has developed proprietary technology and software.
Maryland-based reverse mortgage lender South River Mortgage (SRM) announced that its board of directors has promoted company President Tyler Plack to the role of CEO, effective immediately. Jim Plack, the company’s outgoing CEO, will remain on the board of directors.
Tyler Plack joined South River as a founding employee in 2017 and has served as president for seven years. He has been credited with shaping the company’s growth, operations, technology, and product strategy, including the development of its proprietary reverse mortgage product, HomeForLife. Under his leadership, SRM has become a significant participant in the reverse mortgage market.
Data from Reverse Market Insight indicates that South River ranked fifth for Home Equity Conversion Mortgage (HECM) endorsements in the 12 months ending in July, with 856 loans originated. In the first seven months of this year, the company also ranked fifth with 515 endorsements. South River Mortgage operates in 39 states.
Technology has been a key focus for Plack, who created an internal customer relationship management platform and the end-to-end loan origination software ReversePilot, which is available to other lenders. Jim Plack stated that Tyler has been the driving force behind the company's success and is well-suited to lead it forward.
South River Mortgage transitioned from a broker to a direct lender in 2022. Plack also indicated the company is exploring home equity investment (HEI) products, viewing them as a potential addition to their offerings to best serve consumer needs.