Until Moneyhouse, no reverse mortgage lender has invested heavily in the Hispanic marketplace in the U.S. “Already in cities like Orlando, we have clients from there who trust us to do business.” “The idea is to go into Florida and open a office and learn about the market,” Levis says. Of those, 17% are in the 65+ age bracket. Of its 18.8 million total residents, the state’s population comprises 4.2 million Latinos, according to 2010 Census data. For the time being though, Levis says the company will handle the retail business from Puerto Rico because he has a few originators that are already licensed.įlorida has a significant hispanic population and many of have family connections to Puerto Rico. MoneyHouse recently received approval to originate in Florida and plans to open an office in the Sunshine state and employ about 10 people there. There is tons of business to be done,” he says. The decision to expand was something Levis had always considered, but seeing major lenders like Bank of America, Wells Fargo, and most recently MetLife, leave the industry presented the perfect opportunity. “The idea to come to the States was as a result of. Since the acquisition, Moneyhouse has added seven branches and closed over 5,800 loans totaling over $750 million, he says. Today, the company employs 85 people in Puerto Rico and is making plans to expand operations into the U.S. Levis purchased the company in 2007 when it was a one branch mortgage company based in Cayey, P.R. After finishing up his law degree, Levis came back to Puerto Rico and got involved in the mortgage business. for college, attending Penn State University and then obtained a law degree from John Marshall Law in Chicago. While only about three times the size of Rhode Island, Puerto Rico could be the location of one of the largest reverse mortgage lenders in the United States if David Levis, CEO of Moneyhouse, has his way.īorn in Puerto Rico, Levis came to the U.S.

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