South River Mortgage names Tyler Plack CEO
South River Mortgage names Tyler Plack as its new CEO after Jim Plack's retirement. The Maryland reverse lender also expanded operations to 39 states.
South River Mortgage (SRM) announced on Friday that Tyler Plack has been promoted from President to Chief Executive Officer. The move is effective immediately, following the retirement of former CEO Jim Plack, who will remain on the company's board of directors.
Tyler Plack was a founding employee when the Maryland-based reverse lender launched in 2017. He has served as its president for the past seven years. According to the company's announcement, he played a key role in shaping its growth, operations, technology, and product strategy.
Leadership and Growth
Under Tyler Plack's leadership, the company evolved from a reverse mortgage brokerage into a full-fledged lender. This shift was marked by the launch of its proprietary reverse mortgage product, called HomeForLife. The company stated that he has been the driving force behind much of its development.
"Tyler has been the driving force behind so much of what South River Mortgage has become," said Jim Plack in a statement. "There's no one better suited to lead this company into its next chapter."
Data from Reverse Market Insight shows the company's market position. The figures cover Home Equity Conversion Mortgage (HECM) endorsements.
| Period | Ranking | HECM Endorsements |
|---|---|---|
| Year ending July 2024 | No. 5 | 856 loans |
| First seven months of 2024 | No. 5 | 515 endorsements |
The company stated it now operates in 39 states.
Technology and Product Expansion
Technology has been a central focus of Tyler Plack's tenure. He created an internal customer relationship management platform that the company uses today. He also built ReversePilot, an end-to-end loan origination software available to other HECM and proprietary reverse mortgage lenders.
The company explained that this software helps lenders navigate the unique workflow challenges of nontraditional mortgage products.
South River began its transition from a broker to a direct lender in 2022. In a late 2023 interview with HousingWire's Reverse Mortgage Daily, Tyler Plack said the move had "not been nearly as bumpy" as expected. His team worked through challenges associated with underwriting, closing, and funding loans.
In a June 2024 interview, Plack mentioned the company's involvement in home equity solutions beyond traditional reverse mortgages. This includes the home equity investment (HEI) channel.
"We're working with some home equity product providers and are interested in the space," he told Reverse Mortgage Daily. He acknowledged a risk of misplacing a customer who would be better suited for a reverse mortgage into a home equity product.
"It's important that the best product wins," Plack said. "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."
He argued that the total addressable market is significantly larger for home equity investment products. Plack suggested any reverse mortgage originator should look at these products to add them as another option.
