South River Mortgage elevates Tyler Plack to CEO

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 sa...