Experienced Reverse Mortgage Professional Kim Smith Joins Smartfi To Lead Wholesale Division

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Experienced Reverse Mortgage Professional Kim Smith Joins Smartfi To Lead Wholesale Division

Jun 1, 2023 | News | 0 comments

Kim Smith, an experienced professional in the reverse mortgage industry with a background at Freedom Financial, Generation Mortgage, and American Advisors Group (AAG), has recently joined Smartfi Home Loans in San Diego. In her new role, she will serve as the Senior Vice President of wholesale lending.

This transition occurs during a period of transformation in the reverse mortgage sector, marked by consolidations through mergers among major lenders such as AAG, Finance of America (FOA), Cherry Creek Mortgage, and Guild Mortgage. These mergers follow a notable industry departure due to bankruptcy.

However, despite these shifts, Smith remains optimistic about the prospects available for the wholesale lending division. RMD had a conversation with Smith to gain insight into her outlook on the industry and how Smartfi Home Loans plans to distinguish itself from competitors. Additionally, she shared her aspirations for what she aims to achieve in her new role.

Smith explained that her choice to transition from AAG to Smartfi was driven by the desire to find a perfect match where she can concentrate on the aspect of the business that ignites her enthusiasm the most.

According to Smith, Smartfi Home Loans holds a distinctive position within the reverse mortgage industry. She characterizes the team as a cohesive and experienced group of professionals specializing in reverse mortgages, all sharing a unified vision for business expansion.

Furthermore, Smith expresses a sense of ease and familiarity with the company’s leaders, whom she has collaborated with previously, enhancing her level of comfort in her new role.

Despite the current challenging conditions in the reverse mortgage industry, which have resulted in a significant decrease in volume during April, Smith believes that Smartfi is well-placed to generate increased demand.

One key factor that sets Smartfi apart is its leadership team, comprising seasoned industry professionals with a collective experience of “over 110 years,” as stated by Smith. This extensive expertise will enable the company to distinguish its offerings by streamlining the reverse mortgage origination process.

Based on data gathered by Reverse Market Insight (RMI) regarding reverse mortgage endorsements, Smartfi Home Loans presently ranks as the 19th largest lender in the industry. As of March 31, they have logged 51 loans for the calendar year 2023. In comparison, their volume for the entire year of 2022 was only two loans. This remarkable increase indicates a growth of 2,450% this year, according to RMI’s findings.

Similar to most of the top 20 lenders, Smartfi’s primary business region lies within the state of California.