July-Aug 2020

think it could be an advantage in the very near future, but they need to address the cybersecurity issue,” he explains. “Right now, I can see it being used for gen- eral introductions or ‘get-to-know-you’ meetings, but I wouldn’t recommend it just yet for the actual loan appli- cation process. But I am confident that the security con- cern is being addressed.” He adds that he is “100 percent” convinced that video- conferencing or other tools will be used after the crisis ends. Steven J. Sless, reverse mort- gage division manager at Primary Residential Mortgage Inc. in Owings Mills, MD, has been a panel mem- ber on national forums on sales and social media hosted by NRMLA. He says he has been using familiar technologies in new ways. “We’re no strangers to technology,” Sless says. “We’ve just been forced to use these tools more often than we otherwise would in normal circumstances.” As an example, Sless says, video conferencing has freed up a lot of time. “We are using video conferencing quite a bit—not as much with borrowers but more so with our strategic and referral partners,” he says. “I do quite a bit of networking, which is normally done over lunch or coffee. Virtual coffee meetings have become the new normal. I’ve actually found it to be a great time- saver. I love meeting with all of my partners but have always struggled to balance time working in the busi- ness and time working on the business. I’ve been able to complete more tasks over the past few weeks because I’ve been in the office more.” Sless says the crisis led him to adapt some workflows. “We’ve always conducted the majority of our business by phone, so for us, how we communicate with clients hasn’t changed,” he says. “How we facilitate application signings has changed quite a bit, however.” Before the virus, most applications were signed in person or with a mobile notary present. “Today, the large majority of our signings are being done using DocuSign,” Sless adds. “We’ve found borrowers to be understanding and surpris- ingly comfortable e-signing. Using DocuSign has increased our turn times and has turned out to be something I feel we will use more often when things normalize. Using Social Media Sless and Kennedy say social media is a great way to com- municate at any time as an education tool, but Sless adds that people should be careful at times of high stress. “I’m always mindful about the messaging we put out on social media,” Sless says. “I’ve been extremely careful about what I post and how often. People are stressed, scared and over- whelmed right now. I’ve tried to be respectful of that.” He shares articles about how people can leverage the wealth in their home with a reverse mortgage in times of uncertainty. “I’ve posted nothing that can be perceived as a sales pitch, rather my focus has been on making sure seniors have relevant information needed to navigate these times,” Sless says. Kennedy says Facebook, LinkedIn and Twitter have always been great ways to promote the benefits of reverse mortgages, using the platforms to discuss how the mort- gages are a tax-efficient retirement planning tool and dis- pelling the myths around the products. Regulations Should Change Sless and Kennedy note that the crisis has revealed outdated guidelines and requirements, such as how Massachusetts requires face-to-face counseling. The state temporarily lifted that requirement in April so that loans could proceed during the crisis. (See Counseling in a New Reality on p. 25.) Tech to Connect continued on page 24 “This generation of older Americans is more than capable of using technology to ultimately help provide them with a better client experience. … Those who find the right balance between old and new school will be positioned to thrive moving forward.” —Steven J. Sless, Primary Residential Mortgage Inc. Steven Sless REVERSE MORTGAGE / JULY-AUGUST 2020 23