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Landmark Network bringing jobs to Rumford
Erik Richard does the honors during a ribbon-cutting ceremony held by the River Valley Chamber of Commerce for his business, Landmark Network, which has open in the River Valley Technology Center. (Times photo by Bruce Farrin)
Erik Richard (center), chief executive officer of the appraisal management company Landmark Network, stands with Rumford Town Manager Carlo Puiia (left) and Congressman Mike Michaud. (Times photo by Bruce Farrin)
RUMFORD -- Rumford native Erik Richard, chief executive officer of the appraisal management company Landmark Network of Los Angeles, CA, has launching a pilot program in the River Valley Technology Center that will assist with Landmark's operations.
On Friday, the River Valley Chamber of Commerce held a ribbon-cutting ceremony in an event that brought a good-sized crowd of well wishers.
Richard said he conceived the idea for the pilot program after watching competitors transfer certain functions of their company’s support needs to India.
When evaluating his options, Richard said insourcing was the way to go. "It actually is proving to be less expensive to do this in Rumford than to outsource to India, at least so far."
Richard moved out of the area in 1993 after attending schools in Rumford and Mexico as well as working as a news carrier for the Rumford Falls Times.
He has family living in this area and returned here recently on vacation. “I realized how many people in my own hometown were in need of work. It just made sense to bring support positions here and give these people an opportunity to provide for their families.”
Landmark Network is an appraisal management company that provides clients with a wide range of valuation services. Its Landmark Reverse division focuses exclusively on appraisals involving FHA Home Equity Conversion Mortgages known as reverse mortgages. The company, which was established in 2007, currently employs more than 9,000 valuation professionals nationwide.
When Richard opened the business here in August, he thanked Rumford Town Manager Carlo Puiia, Jim Rinaldo with the River Valley Growth Council and Congressman Mike Michaud for their hard work and support of this project.
All three were on hand for Friday's ribbon cutting.
Michaud, who noted that Richard has a heart of gold by the fact he has not forgotten where he came from in opening this business in Rumford.
"He chose Rumford, as opposed to moving to India," he noted.
Richard said the Rumford business has four or five employees, including his mother, Crystal Marston, who is the manager. He envisions increasing that employment to a dozen within the next three months, with a goal of 50 employees within three years.
Recently, Inc. magazine has released their list of America’s fastest growing private companies and Landmark Network, Inc. ranked No. 108 overall and No. 3 in the Real Estate category on its 31st annual Inc. 500|5000.
This list represents the most comprehensive look at the independent entrepreneurs segment of the American economy.
Landmark is the largest provider of appraisal services for the reverse mortgage industry and was awarded Best Appraisal Management Company in 2011 by Reverse Mortgage Daily.