South River Mortgage elevates Tyler Plack to CEO

South River Mortgage announced that Tyler Plack will succeed his brother Jim Plack as chief executive officer, with Jim moving to the board after announcing his retirement. Tyler, a founding employee since the company’s 2017 launch, has served as president for seven years and has overseen South River’s transformation from a reverse‑mortgage broker into a full‑service lender, highlighted by the introduction of its proprietary HomeForLife product. Under his guidance the firm ranked fifth nationally for Home Equity Conversion Mortgage (HECM) endorsements, originating 856 loans in the twelve‑month period ending July and 515 endorsements in the first seven months of the current year, while operating in 39 states.

The promotion reflects Tyler Plack’s pivotal role in modernizing South River’s technology and product strategy. He created an internal customer‑relationship‑management platform and developed ReversePilot, an end‑to‑end loan‑origination system now offered to other HECM and proprietary reverse‑mortgage lenders, addressing the complex workflow of nontraditional mortgage products. In 2022 the company began shifting from brokerage to direct lending, a transition Plack described in a 2023 HousingWire interview as smoother than expected despite challenges in underwriting, closing and funding. His recent comments to Reverse Mortgage Daily emphasize South River’s expansion into broader home‑equity solutions, including home‑equity investment products, which he views as a larger addressable market and a complementary offering for consumers whose needs may extend beyond traditional reverse mortgages.

Plack’s ascent to CEO signals continuity in South River’s growth trajectory while positioning the firm to explore new product lines. His focus on technology and diversification aims to strengthen the company’s competitive edge in the reverse‑mortgage sector and capture a share of the expanding home‑equity investment market. Stakeholders, including existing borrowers, partner lenders, and potential investors, will watch how the leadership change influences South River’s operational efficiency, product rollout, and market share in the coming years.

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