“There will be various nuances that different parts of the reverse mortgage process will be impacted by,” Birdsell says. “Training is going to help them recognize what might be different and what might have changed.” “And that’s why each company has its own compliance department. They need to interpret the changes the way that they feel best protects their company and best implements what HUD wants,” he adds. At Longbridge, training will take place across the entire company. “We will need a variety of training modules developed as we implement the various components,” Packer says. The company’s marketing, training and communication efforts will be involved to ensure seamless execution of the new guidelines. Company executives, including CEO Chris Mayer, a NRMLA Board member, have been interacting with HUD and NRMLA all along to stay on top of the process, he adds. The Future In the future, regulators should be able to easily add updates to the handbook, Birdsell says, noting that the handbook entries have dates next to them to tell readers when a portion was last updated. “When they come up with Mortgagee Letters, they can manage the handbook and not let it get behind the way the other one did,” he says. “They’ll do reviews and get it merged into the handbook regularly. Whether regular means annually or semiannually, I don’t know, but that’s what we’re expecting.” He and the others also understand the amount of work that went into putting the handbook together and are pleased that the process is now coming to an end. “It was a big task for HUD to do this, which is huge kudos to them,” Birdsell says. “This is a gigantic step and a big task for the industry to make sure that we’re following their guidance the way that they want us to.” Thomas A. Barstow, senior editor of Reverse Mortgage, is a writer and editor based in Pennsylvania. “Everyone offering the HECM product or those interested in getting into the reverse mortgage space should download the guide and keep it handy as their reference tool.” —Elly Johnson, president of consulting firm All Reverse Pro NATIONWIDE REVERSE MORTGAGE FIELD SERVICE EXPERTS FOR OVER 30 YEARS 1.800.639.2151 www.nfronline.com Inspections - Preservation - Insurance Loss Inspections - Violation Management - Vacant Property Registrations - Utility Management - REO Services - Special Services REVERSE MORTGAGE / MARCH-APRIL 2024 31
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