To help foster member engagement, Weekly Report will publish periodic Member Spotlights that feature professionals from across the reverse mortgage ecosystem.
In this issue, we present Loren Riddick, National Director of Reverse Mortgage Lending, Thrive Mortgage, Alcoa, TN.
How did you get into the reverse mortgage world? A little embarrassing but probably a similar story out there like mine…especially in the forward mortgage arena. I had a very intelligent engineer come to my office asking about a HECM. I quickly shunned the idea and started to show just how little I knew about reverse. After a few minutes I realized that this client knew more than me. Fortunately, this was the spark that started it all for me and so many that I have had the honor of serving over time. I made a commitment to never again give advice without solid foundation and knowledge.
What current topics in the reverse mortgage world are you most focused on now? Just continuing to spread the word of this amazing program that does so much for so many. I believe that our greatest explosion will happen when we help other forward mortgage pros understand how to implement Reverse in their respective mortgage practices. The simple math reveals this. Forward loans are much more apparent in sheer volume of units nationwide. It just makes good sense that these data bases are full of relationships and folks that need HECM awareness.
What do you consider to be your greatest accomplishment in your career to date? Tough to answer for anyone, but above all the accolades, recognitions, promotions, speaking engagements, and success….it will have to be the cherished, priceless relationships that I have had with my seniors over time. They are so thankful, some with even tears in their eyes. It is truly special and beyond fulfilling. Talking about a priceless feeling unlike any other. We serve not only the senior but their families as well. When you combine the aforementioned with helping other professionals in our industry and beyond learn about reverse which in turn impacts folks you might never even meet, very humbling for sure. So thankful.
If you could offer one piece of advice to someone who wants to get into the reverse mortgage world, what would it be and why? Join NRMLA and chase your CRMP designation. No organization is perfect but the experiences, education, and relationships that have its genesis with NRMLA is undeniable. Just the pursuit and exposure of the aforementioned will put one on the fast track for sure. It surely did for me and my personal mortgage practice.
Who has been a mentor to you in your career? How has their work impacted yours? Reading this question, I understand the foundation of the question that it is based on the assumption of a professional in our industry. There have been too many to name. However, I can’t avoid what keeps coming to mind. Who has been my mentor? It has to be how I was raised and the values that I was taught from an early age by my grandparents, parents, and countless coaches and local heroes along the way. This has been the foundation of success, accountability, and impeccable reputation that has followed me throughout my career. The Golden Rule of always doing right when no one is looking. Help enough folks get what they want and need and God will bless accordingly. You can’t out give God.
Why did you become a NRMLA member? Out of shear gratitude for how I have personally benefited from the training, relationships, and unshakable belief in our product. How could I not join?
What has been your favorite NRMLA event and why? There have been so many over the years. It would have to be that very first one in San Antonio, TX in 2012. This was the first time that I truly realized the legitimacy and undeniable power of this industry to serve. I arrived at the event not sure what to expect. THAT event changed my life and empowered a dynamic shift in my mortgage practice that still impacts many to this day.
What do you like to do in your spare time? Do you have any hobbies or pursuits? I’m an East Tennessee boy at heart and always will be. Living only about 15-20 minutes from the Great Smoky Mountains, I enjoy jumping on my motorcycle or other vehicle and heading to the mountains and streams. We also have been blessed with family land of horses and countless things to keep me busy which typically includes, chain saws, old tractors, old cars, and lots of required projects. Even though the Free basketball camp that I hosted for over 20 years is now in the rearview mirror, I still love helping kids with basketball and life. 😊
Who inspires you? This is a bit sad to answer oddly enough. These are great questions and forces one to think and reflect. Who inspires me? I am 53 years old while sharing these responses. I have recently lost 4 or more very close friends that I call my brothers in just the past 2 years and all of them very close to my age. I am still here running my race but I keep their memories in my heart and want to live an even better life in their honor. I miss them so much but feel good about keeping them alive in my heart and mind. So when I do good things for folks, they have a part in it, their respective legacies live on through me.
What is your favorite food city? Favorite meal in said city? A lot of folks don’t know this but I used to live in New York for a short time. I even consider my second home due to the impact that it had on this country boy from Tennessee. So the answer for sure is NYC. A pizza slice down in the village on the run or a great Italian spot in Little Italy for sure.