Thank you to everyone who participated in NRMLA’s first-ever virtual conference this week. Over 500 reverse mortgage professionals registered for the event. Although we’d all rather be meeting face-to-face to learn, catch up and network, the feedback we’ve gotten so far has been all overwhelmingly positive.
Recordings from the conference will be posted to the conference page soon.
- NRMLA’s Executive Committee reported the strongest levels of HECM counseling activity since October 2017. They also reported that the pandemic will not likely delay the replacement of LIBOR in 2021 and that NRMLA will continue to work with Ginnie Mae and FHA on finding an appropriate replacement for the HECM program;
- Scott Bice and Tom Rose, who oversee operations at FHA’s Denver and Santa Ana (CA) Homeownership Centers, commented that some lenders are still submitting paper case binders and not using the Catalyst system. They indicated their mail rooms are currently overflowing and backlogged and urged lenders to utilize the Catalyst system for submission of their case binders and to assure timely insuring of HECMs;
- In a session titled Are You Starting Your Own Fires?, AAG’s Tabatha Addison advised originators that if you tell a client you’ll be getting back to them “soon,” you need to define what that means to set their expectations. She also advised against using negative words in client conversations, such as can’t, won’t, don’t, unfortunately and sadly;
- Christina Harmes Hika of C2 Financial explained how she has been meeting virtually with clients for over five years because it’s important to “meet clients where they are.” She talked about using Loom technology to record and send educational videos (roughly 40 minutes in length) to every client that covers their specific circumstances and allows them to make informed decisions about whether a reverse mortgage is right for them. Fellow panelist Steven Sless of Primary Residential Mortgage talked about his successes meeting virtually with potential referral partners and emphasized how his staff has “become every bit as efficient now, if not more” because of new technology tools and how these efficiencies have led production levels to nearly double at his branch; and
- Servicing subject matter experts Leslie Flynne of Reverse Mortgage Solutions, Rex Lamb of Celink and Michael Kressin of Champion Mortgage emphasized that non-borrowing spouse protections only apply when the borrowing spouse passes away. If a HECM borrower moves into a nursing home or care facility and remains out of the home for 12 or more months, the loan will become due and payable. The panelists promised to develop a matrix for loan originators that explains NBS rules for loans made prior to August 4, 2014 and loans made after so that clients can be better informed.
NRMLA thanks all of our speakers for sharing their time and expertise and especially to our sponsors for making our 2020 Summer Virtual Conference possible.
We look forward to you joining us later in November when we host our Virtual 2020 Annual Meeting.