July-Aug 2020

TEXANS SAW SIGNS that COVID-19 was likely to upend everyday life in mid-March. The potential disruption became even clearer as non- profits started kicking into high gear and local officials started to talk about closing schools, says Leslie Flynne, senior vice president of loan servicing for Houston, TX-based Reverse Mortgage Solutions, Inc. That’s when company leaders stopped worrying about whether they were overreacting, as they might before a potential hurricane, Flynne says. They pulled out the company’s pandemic response plan and were pleasantly surprised. “I look and think geniuses must have written it, because it’s spot on,” she says. The traditional corporate disaster plan contemplated how to resume operations after an event such as a fire, flood or tornado. But over the last 15 to 20 years, outbreaks, like SARS, MERS and Ebola, prompted some executives to develop plans for a pandemic. It was COVID-19 that forced leaders to dust off those plans and discover what worked and what may need some fine-tuning. Whatever their shortcomings, those plans have helped keep reverse mortgages flowing over the last few months, despite countless obstacles posed by efforts to contain the spread of COVID-19. Stay-at-home orders nationwide prevented face-to-face meetings with bor- rowers, who are by definition older and considered more susceptible to the virus. The orders also compli- cated home appraisals, title searches, closings and other aspects of the lending process. Perhaps most significantly, the orders also forced thou- sands of professionals at all stages of the reverse-lending process to work from home—with many people setting up alongside working spouses and children going to school via Zoom. Most disaster plans boast provisions for shifting to remote work. But it is not as simple as plugging in a computer and typing in a Wi-Fi password. In addition to the mundane distractions of home life, employees can succumb to illness, or they might be caring for sick loved ones. The New Normal Lessons From COVID-19 Will Remain By Joel Berg 18 REVERSE MORTGAGE / JULY-AUGUST 2020