Open Mortgage Doubles Volume Production and Loan Unit Counts Over Two Years
Open Mortgage, a multi-channel mortgage lender dedicated to empowering the dream of homeownership, more than doubled volume and unit counts in 2020 compared to 2018. With total loan volume production of $1.68 billion and 7,543 units in 2020, Open Mortgage funded 1,816 reverse loans with a volume of $401 million amidst record-low interest rates and surging homeowner loan adoption. In 2018, total loan volume was $637 million with 3,861 total loans, of which $93 million and 606 units were reverse mortgages.
“Open Mortgage’s growth over the last few years, in particular, has been exceptional,” said Scott Gordon, Founder, and CEO of Open Mortgage. “Amidst these unprecedented times, the company has maintained its focus on the borrower to ensure the best experience possible while maintaining a strong culture of ethics, integrity, and compliance. Combining technology, process improvement, and talent development, we’re poised to continue our momentum.”
As part of Open Mortgage’s talent development strategy and in efforts to further expand their national coverage and mortgage origination capabilities, in 2019 after Live Well Financial ceased operations, Open Mortgage hired their core team of mortgage lending executives as well as approximately 50 sales and operations employees. Additionally, Open Mortgage recently appointed Lucas Allen to the new role of Senior Vice President of Forward Operations, where he will oversee the mortgage production process for all forward loans.
As an accomplished lender of traditional loans and a top-10 reverse mortgage lender, Open Mortgage operates 65 retail branches, employs nearly 400 employees, and utilizes a wide network of trusted third-party originators and vendor partners.