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South River Mortgage names Tyler Plack CEO as Jim Plack retires

South River said it ranked No. 5 for HECM endorsements with 856 loans in the 12 months ending in July and operates in 39 states.

Reported · Written up by our desk · Industry

South River Mortgage promoted its President, Tyler Plack, to CEO effective immediately, as current CEO Jim Plack retires but remains on the company’s board, HousingWire reports.

The Maryland-based reverse lender said Plack joined as a founding employee when the firm launched in 2017 and has served as president for seven years, leading efforts to shift South River from a reverse mortgage brokerage into a full-fledged lender, including the launch of its proprietary reverse product, HomeForLife.

South River attributed its technology focus to Plack, citing that he helped build an internal customer relationship management platform used today and created ReversePilot, an end-to-end loan origination software tool available to other HECM and proprietary reverse mortgage lenders.

According to data cited by the company, South River ranked No. 5 for Home Equity Conversion Mortgage endorsements with 856 loans in the 12 months ending in July, and it reported 515 endorsements during the first seven months of this year. It also said it operates in 39 states.

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