IN THE MID–2000s, Mark Reeve co-owned a mortgage brokerage company in southern California that sold forward mortgages to Plaza Home Mortgage Inc., San Diego. When Reeve closed shop to specialize in reverse mortgages, he began compiling a list of companies where he could start a reverse mortgage division. Plaza was at the top of his list. When he spoke with Plaza’s owners—Kevin Parra, James Cutri and Mike Fontaine—they were open to new ideas, reverse mortgages included. It was a little surprising because lenders were going out of business in 2008 or pulling back on products. After all, the housing market was imploding, and the economy was headed toward a recession. Even though reverse mortgages carried a bit of a negative connotation at the time, the owners remained open-minded and saw that the program could benefit older homeowners and create new opportunities for Plaza’s business clients, especially with the growing Baby Boomer demographic. Fourteen years later, Plaza Home Mortgage’s reverse mortgage business is still going strong with Reeve at the helm. Reverse Mortgage sat down with Reeve to learn more about his company, marketplace issues and where he sees the business headed. Reverse Mortgage: How did you get into the reverse mortgage business? Mark Reeve: I did my first reverse mortgage in 2006. I was co-owner of a mortgage brokerage shop and received a lead from a family friend. I saw the positive impact that the HECM program had on this person, and I was immediately hooked, just like that. RM: After all this time, what’s the one guiding principle you follow that has contributed to your success? MR: As far as guiding principles or philosophies go, the one that has helped us succeed, and that we instill in all our associates, is to take care of the borrower. We want to ensure that we’re helping individuals, putting them in the right place and that nothing goes on that doesn’t appear completely on the up-and-up. RM: Tell our readers about Plaza Home Mortgage. MR: Plaza is a national, independent mortgage lender focusing on wholesale and correspondent lending. Plaza has about 500 employees, of which 20 are dedicated to the reverse mortgage division. As far as our reverse mortgage production goes, almost 100 percent is correspondent, nondelegated, principal-agent and broker business. RM: What types of business partners do you try to attract to your platform? MR: We’re seeing more traditional lenders taking on and originating reverse mortgages. Whereas in the past they may have referred them to somebody in their office who specialized in reverse mortgages, or maybe they didn’t want to take on the loan because of the time constraints, or uniqueness of the program, now everybody is gravitating toward this program. We have a wide range of clients whether they’re first-time reverse to those managing a handful a year. RM: What types of training do you offer your partners? MR: Like our peers, we offer monthly training courses. Classes are recorded so the brokers can pull them down Mark Reeve, Vice President–Head of Reverse Mortgage Lending, Plaza Home Mortgage Inc. By Darryl Hicks From the Top Mark Reeve 12 REVERSE MORTGAGE / NOVEMBER–DECEMBER 2022
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