Nov/Dec 2021 RMM

the reverse mortgage, he says. “If the mindset change and the belief are not there from the senior management and leadership of the company, I would encourage a company not to do it.” The Power of Objectivity Before she joined Mortgage Master in 2009, Moriello made sure the company—which was later bought by loanDepot—would permit her to continue offering reverse mortgages alongside forwards. “This was the one company that would allow me to be what I feel is an objective loan officer—a loan officer who could understand and present reverse mortgages in compar- ison with a traditional forward mortgage,” says Moriello. Moriello, with the support of loanDepot’s executive team, also made it her mission to share her knowledge and educate the company’s other forward originators on the HECM. “It’s just a great fit,” Moriello says, noting that forward originators are used to navigating a portfolio of products, from FHA loans to jumbo loans to VA loans. “By understanding reverse mortgages, it’s another product for them to have in their portfolio.” But while they could understand the product, most forward originators chose to send reverse borrowers to specialists, Moriello says. That’s changing. Over the last two or three years, about 70 loan officers at loanDepot have gotten certified to write HECMs. The certification process, which is internal to the company, includes taking a test before loan officers can originate a reverse mortgage. A side benefit of combining the products is the ability to import technology from one side to the other. At loanDepot, for example, reverse originators can tap into the company’s tools for digital verification of assets and income. That can speed up the process, and it opens up the ability to support more HECMs for Purchase, a product that Moriello sees as having great potential. Understanding the Appeal George Downey, CRMP, understands why lenders and forward originators are interested in reverse mortgages, espe- cially as the refinance boom wanes and the need for closed loan volume increases. However, the sales process, educa- tion, training and originator responsibilities are different. “Forward sales focus principally on eligibility, while reverse sales focus on eligibility and suitability. There’s a big difference,” says Downey, founder of Harbor Mortgage Solutions in Braintree, MA. The consideration of suitability goes way beyond which features and benefits may be most desirable to determining if the reverse mortgage is the right solution Going Reverse continued on page 24 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2021 23