San Diego-based reverse mortgage wholesale lender Smartfi Home Loans has forged a partnership with LoanPASS to use the technology company’s software-as-a-service (SaaS) product and pricing engine in its reverse lending operations.
Stating its desire to expand reverse mortgage wholesale lending through a series of inter-company partnerships, the new accord serves as an example of its broader goal, according to a statement from Gregg Smith, CEO of Smartfi.
“Partnering with LoanPASS to implement their product and pricing engine was an easy decision as it seamlessly aligned with our vision,” Smith said in a statement. “Their innovative solution supports our commitment to streamlining the lending process for our partners.”
The LoanPASS platform is adaptable to the needs of both the forward and reverse mortgage lending industries, according to a statement from Bill Mitchell, CRO of LoanPASS.
Operating exclusively on the wholesale side of the reverse mortgage business, last year Smartfi appointed American Advisors Group (AAG) reverse mortgage wholesale lending veteran Kim Smith to serve as its SVP of wholesale lending. Soon after beginning her tenure there, Smith told RMD about the company’s desire to expand business through partnerships.
“Our growth will be through partnerships that are built on a relational foundation,” Smith said in May 2023. “As we focus on the people […] we anticipate a growing number of partnerships, and in turn, an expanded reach of the reverse mortgage to senior homeowners.”
The company’s position in the reverse mortgage business is unique, Smith explained at the time, describing the team as a “tight-knit group of seasoned reverse mortgage professionals” who share a vision about how to grow the business best.
Smartfi’s leadership team has “over 110 years” of combined experience in the business since it is made up of industry veterans, Smith said in May. This attribute is echoed in the LoanPASS partnership announcement.
“With over 110 years of collective reverse mortgage experience, Smartfi Home Loans boasts a seasoned team deeply rooted in the industry,” the announcement said. “Smartfi operates as a wholesale lender in 40-plus states and continues to expand its commitment to providing secure access to home equity for seniors.”
According to October 2023 data compiled by Reverse Market Insight (RMI) and published in December, Smartfi is the 13th-largest wholesale reverse mortgage lender in the industry, posting 194 endorsements in the 12 months ending on Oct. 31.
