Richard Thorpe has over 33 years of experience in the mortgage industry with 20 of them being directly in the reverse mortgage space. He is a proven sales leader who has taken companies to new heights in terms of sales.
Thorpe has held leadership roles at The Bank of New York, EverBank Reverse Mortgage, MetLife, Security One Lending, Reverse Mortgage Funding and currently with CrossCountry Mortgage.
But it is at CrossCountry that he may just face his greatest challenge yet — growing the salesforce from a startup reverse division to what he hopes will one day be the top retail sales team in the business.
In recognition of his achievements and thought leadership, Thorpe was recently elected to his first term on NRMLA’s Board of Directors.
Reverse Mortgage Magazine sat down with Thorpe to learn more about CrossCountry and what makes for a successful reverse mortgage salesperson.
Reverse Mortgage: How did you get your start in reverse mortgages?
Richard Thorpe: I began my career in the mortgage industry in 1991 at the Bank of New York. Around 2000, I, along with 11 colleagues, shifted our focus from both forward and reverse mortgages to specializing solely in reverse mortgages. This led us to establish EverBank Reverse Mortgage, which was eventually acquired by MetLife. At EverBank, we had a team of 30 salespeople closing about 60 Home Equity Conversion Mortgages (HECMs) each month. After joining MetLife, our team expanded to 500 salespeople, and we were closing 1,000 HECMs monthly.
RM: What makes a successful reverse mortgage loan officer?
RT: In this role, it’s all about the little things—paying attention and listening rather than just directing. You need someone with strong organizational skills and empathy, who can truly understand the challenges borrowers face. This product is designed to solve those problems, but you can’t just walk into a borrower’s home and say, “I have a reverse mortgage with a 2.5 percent margin.” That doesn’t resonate with them. They have specific issues, and it’s crucial to grasp those concerns first. I’m looking for analytical individuals who can listen and educate. This approach sets this position apart from being a forward mortgage loan officer.
RM: How long has CrossCountry originated reverse mortgages? How many states are you licensed? How many people does the company employ overall and within the reverse division?
RT: In 2016, CrossCountry had a small team that closed three to four reverse mortgages each month. I joined the company in January 2023, and shortly after, we began to see significant growth in our reverse mortgage production. Today, CrossCountry is licensed in all 50 states and employs around 7,000 people, with half of them being loan officers. Our reverse mortgage division has about 60 team members. When I came on board, we were still brokering reverse mortgages, but we quickly transitioned to becoming a principal agent and are now a closed-loan seller.
RM: What was it about CrossCountry that appealed to you?
RT: At the Bank of New York, I managed about 100 salespeople focused primarily on forward mortgages, and we developed a strong sense of camaraderie. When we shifted exclusively to reverse mortgages, the top seven or eight team members left for other companies. However, in 2017, they all joined CrossCountry and reached out to me, encouraging me to come aboard and reunite the team. When Reverse Mortgage Funding filed for bankruptcy in November of 2022, I seized the opportunity and reached out to them. Back in 2014, CrossCountry Mortgage was originating just one in every 2,588 residential mortgages. Today, that number has dramatically changed—we’re now originating one in every 37 mortgages in the U.S. The company is experiencing tremendous growth, and I recognized a great opportunity to be part of that journey.
RM: Is there anything unique about CrossCountry that distinguishes it from other forward mortgage companies?
RT: You often hear companies claim they prioritize their salespeople, but CrossCountry truly stands by that commitment. They provide loan officers with the support and tools they need to excel in the industry, making it easier for them to do their jobs and, in turn, benefit the borrowers. The company boasts a robust training platform and over 170 investor outlets, ensuring they can originate virtually any type of residential mortgage. However, they had been hesitant about reverse mortgages due to a lack of a strong department in that area, which was one of the key factors that attracted me to the opportunity.
RM: In such a large forward mortgage lender, what was the value proposition that you presented to the company’s executive leadership to take reverse to the next level?
RT: For the first 12 to 13 years of my career, I worked as a forward mortgage originator. My goal was to empower 3,500 forward originators to confidently say “yes” when asked about originating reverse mortgages. I believed we could develop the reverse mortgage sector into a significant division and achieve Top 10 lender status by the end of 2024. CrossCountry has an outstanding sales force that just needs guidance on how to engage effectively with borrowers and referral partners. By enhancing their understanding, they can uncover many more leads for reverse mortgages. I also brought a talented operations team from my time at RMF, led by Patrick Lambrecht and Kelly McCabe. Recently, we recruited Cassandra Quinn, another former RMF colleague, to head our division’s marketing efforts. She has a decade of experience marketing these products to both consumers and financial professionals.
RM: What kind of system do you have in place to take reverse mortgage applications from forward originators?
RT: I’ve hired 15 reverse mortgage professionals that I’ve built relationships with over the years. Their role is to help educate the 3,500 loan officers and originate loans on their behalf. The process starts when a forward mortgage originator identifies a prospective borrower and gathers essential information—such as name, Social Security number, date of birth, and estimated home value. Once that’s done, my team takes over. The reverse mortgage remains in the forward loan officer’s name. My team handles the background paperwork and guides the borrower through the application process, all while the forward mortgage loan officer listens in and learns. Every reverse mortgage goes through my department from start to funding.
RM: Your sales motto is “whatever it takes.” What does that mean?
RT: In 1995, I started using the phrase “Whatever it takes” with my sales team, and I’ve included it in every email since. In 2019, I even got “WIT” tattooed on my arm to mark its importance. During a meeting with Ron Leonhardt, the founder and CEO of CrossCountry, he shared his vision of becoming the number one referred lender in the country. I found that inspiring and told him, “I’m on board.” I pointed out that while we have a great product, we need to strengthen our relationships. By leveraging the referral connections of our 3,500 loan officers, we can significantly grow our reverse mortgage program. We’re not only educating CrossCountry’s forward loan officers about reverse mortgages; we’re also holding workshops, lunch-and-learns, and webinars with their real estate agents and financial planners. Ron’s goal is to become the top retail forward lender and the leading reverse mortgage lender. It may take some time, but that’s our vision.
RM: At the Annual Meeting, there was some discussion among NRMLA’s executive leadership that forward mortgage companies will play a critical role boosting market penetration and growing the reverse mortgage industry to a respectable level. Do you agree?
RT: I couldn’t agree more. The more forward mortgage lenders we can bring into this industry, the better it will be for all of us. We have 3,500 loan officers with strong referral partners, which is a huge asset. I’ve been discussing HECM for Purchase for seven to eight years. Each year, I would say, “This will be the year it takes off,” but it never quite gained momentum. Now, with our 3,500 loan officers focused on forward purchase business, we have a fantastic opportunity to capitalize on their relationships. We’re going all in on HECM for Purchase and providing training for our loan officers in that area. I’m hopeful that we can turn this program around and start originating 70,000, 80,000, or even 90,000 loans again.
RM: What goals do you have for 2025?
RT: CCM has set the goal of becoming the top referred lender, which aligns with our overall mission. My personal ambition is to rank among the top five reverse mortgage lenders in the country, and I’m proud to say we just entered the top 10 in 2024. To drive this growth, we’ve expanded our sales team and enhanced our training initiatives. After two years, our forward mortgage team is starting to take notice. Additionally, we’re planning to introduce proprietary reverse mortgage products, with some exciting ideas in development. Expect to see more product offerings in 2025, so stay tuned!
