Maryland-based reverse lender South River Mortgage(SRM) announced Friday that its board of directors has promoted company President Tyler Plack to the role of CEO, effectively immediately.
Jim Plack, the company’s current CEO, has announced his retirement and plans to remain on the board of directors.
Tyler Plack joined South River as a founding employee when the company was launched in 2017 and has served as president for seven years, according to the announcement. Since then, he has played a key role in shaping South River’s growth, operations, technology and product strategy.
The company said he has led efforts to “evolve from a reverse mortgage brokerage into a full-fledged lender with the launch of its proprietary reverse mortgage product, HomeForLife. Under his leadership, SRM has grown into a significant participant in the reverse mortgage market.”
Data published by Reverse Market Insight shows that South River ranked No. 5 for Home Equity Conversion Mortgage (HECM) endorsements during the year ending in July, originating 856 HECM loans during the 12-month period. During the first seven months of this year, South River also ranked No. 5 with 515 endorsements. The company said it operates in 39 states.
The company’s announcement noted that “technology has been a central focus of Tyler’s leadership,” as he created an internal customer relationship management platform that South River uses today as it works to serve the evolving operational needs of the reverse mortgage industry.
Tyler Plack also built ReversePilot, which functions as an end-to-end loan origination software that’s available to other HECM and proprietary reverse mortgage lenders. The software helps lenders navigate the unique workflow challenges of nontraditional mortgage products, the company explained.
“Tyler has been the driving force behind so much of what South River Mortgage has become,” Jim Plack said in a statement. “There’s no one better suited to lead this company into its next chapter.”
In 2022, South River began to transition from a broker to a direct lender. Tyler Plack told HousingWire‘s Reverse Mortgage Daily (RMD) in late 2023 that the move had “not been nearly as bumpy” as he expected, with his team working through challenges associated with underwriting, closing and funding loans.
In June 2024, Plack gave a wide-ranging interview to RMD in which he mentioned that South River was involved in home equity solutions beyond traditional reverse mortgages, including the home equity investment (HEI) channel.
“We’re working with some home equity product providers and are interested in the space,” he said. “I think you run the risk of contaminating or misplacing someone who would be best suited for a reverse mortgage into a home equity product. There’s a risk there, but it’s important that the best product wins. If home equity is the product that the consumer needs, then we should give them that home equity investment product rather than a reverse mortgage.
“… The total addressable market is significantly larger for these home equity investment products. I think any reverse originator should be looking at these products to see how they can add them as another arrow in their quiver.”
