Reverse Mortgage magazine Nov-Dec 2020

with rules for counseling. In Massachusetts, for example, it was nearly impossible for borrowers to attend mandatory in-person counseling until an emergency order from Gov. Charlie Baker allowed video conferencing. The industry has been hoping to make the change permanent, Downey says. “That is hanging over the product in Massachusetts.” Despite the challenges, reverse lenders saw a surge in demand that they hope will continue into 2021 thanks to new products, new marketing strategies and a newly flexible workforce. “I feel like we’ve got an ecosystem that has been tested through COVID, and we’re really happy with the way things have worked out,” says Kristen Sieffert, president of Finance of America Reverse LLC and a member of the NRMLA board. Looking ahead, FAR plans to unveil new private-sector products under its HomeSafe line to reach a broader set of consumers, says Sieffert. FAR also is aiming to improve the consumer experience with the goal of ensuring long-term positive outcomes for borrowers after their loans close. “When FAR sat down and looked at opportunities to really change the perception of the product, the main thing is ensuring consumers are as happy with the product in year 10 or year 20 post-funding as they are on day one,” Sieffert says. In addition, the company plans to expand marketing efforts started at the end of 2019 that shine a spot- light on real-life borrowers, she says. “It really adds a heightened human connection to what we do. And I think now, more than ever, people are looking for that human connection—that trust factor—that real people are doing this, and it made a positive difference in their lives.” The company also is focused on its employees. Many were working remotely before the pandemic struck, but FAR had sizable office-based teams at its main operations hub in Tulsa, OK, and at call centers in Indianapolis and San Diego. They adapted quickly to remote work. “All of those teams are thriving fairly well at home,” says Sieffert. “We’re definitely rethinking who needs to be in an office.” The company has time to rethink, as it decided this summer to allow work from home through June 2021, largely to accommodate working parents whose children may be in school, Sieffert says. “We wanted to give those families that flexibility.” Going forward, FAR also plans to give employees more flexibility around business travel, given the tools available for virtual communication. “Our employees are really our greatest asset,” says Scott Norman, FAR’s vice president for national field retail and industry relations and the co-chair of NRMLA’s board. “If we can take care of them, it really fosters a sense of purpose.” Reza Jahangiri, CEO of American Advisors Group and co-chair of NRMLA’s board, says that AAG employ- ees and the work they do were viewed as part of the nation’s critical infrastructure. “We not only continued to work as part of essential services but had an obligation to our cus- tomers to ensure continuity of business operations, at a time when they really needed us the most,” Jahangiri says. “As a pur- pose-driven business, our employ- ees understood the important service we were providing to seniors during this global crisis and really rose to the challenge. I was extremely proud of how our employees responded and stepped up during this crisis.” The response centered on two main tenets at AAG: the health and safety of workers and customers, and protect- ing as many jobs as possible, he adds. 2021 Offers Potential continued on page 20 Scott Norman Reza Jahangiri Kristen Sieffert “I feel like we’ve got an ecosystem that has been tested through COVID, and we’re really happy with the way things have worked out.” — Kristen Sieffert, president, Finance of America Reverse LLC, and NRMLA board membe r REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020 19