San Diego-based reverse mortgage wholesale lender, Smartfi Home Loans, has recently announced a partnership with LoanPASS, a Technology company specializing in software-as-a-service (SaaS) product and pricing engine for reverse lending operations. This move is in line with Smartfi’s broader goal to expand reverse mortgage wholesale lending through strategic inter-company partnerships.
Gregg Smith, CEO of Smartfi, expressed enthusiasm about the partnership, stating, “Partnering with LoanPASS to implement their product and pricing engine was an easy decision as it seamlessly aligned with our vision. 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 Bill Mitchell, CRO of LoanPASS.
Smartfi’s foray into the reverse mortgage Business has been strategic, as they exclusively operate on the wholesale side of the industry. With the appointment of Kim Smith, a veteran in reverse mortgage wholesale lending, as SVP of wholesale lending, Smartfi has positioned itself for growth through partnerships. Kim Smith stated, “Our growth will be through partnerships that are built on a relational foundation. 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.”
Smartfi’s leadership team, boasting over 110 years of collective reverse mortgage experience, is deeply rooted in the industry. This attribute has contributed to their growing presence, with Smartfi operating as a wholesale lender in over 40 states. Additionally, according to October 2023 data compiled by Reverse Market Insight (RMI), Smartfi is the 13th-largest wholesale reverse mortgage lender in the industry, signaling their significant impact.
This recent collaboration with LoanPASS is a significant step for Smartfi as they continue to expand their commitment to providing secure access to home equity for seniors. With a strong foothold in the industry and a focus on strategic partnerships, Smartfi is poised to make a meaningful impact in the reverse mortgage market.
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