Nov/Dec 2021 RMM

Moving Forward Strong History Guides Future After 25 Years, NRMLA Poised to Handle New Challenges By Steve Irwin, President, NRMLA “If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception; it is a prevailing attitude.” —General Colin Powell I WANTED TO TAKE A MOMENT HERE and acknowledge the 25th anniversary of the founding of NRMLA. It was a time when our industry was in its embryonic phase, and market participants approached our CEO, Peter Bell, to represent the industry’s interests in Washington, DC. The Home Equity Conversion Mortgage (HECM) pro- gram was still a demonstration program, and the critical importance of the program’s mission needed advocacy on Capitol Hill, and to the Secretary of Housing and Urban Development, Andrew Cuomo. The following year, the HECM program was made permanent, and the volume caps were increased. Through the next several years, prior to my joining the NRMLA team, there were significant strides made in program improvements. Origination fees were increased to attract more lenders into the space, refinancing rules were modified to take into account mortgage insurance premi- ums already paid by the borrowers, volume caps contin- ued upward adjustments, Government National Mortgage Association (GNMA) began guaranteeing HECM mort- gage-backed securities, the HECM for Purchase program was introduced and AARP’s survey of reverse mortgage bor- rowers reported a 93 percent satisfaction rate. It was 2010 when I was fortunate enough to join the NRMLA team. The Honorable Mel Martinez was the Secretary of Housing. I had the pleasure of meeting with him to continue advocating on our members’ behalf about the mission-critical importance of the HECM program. The HECM Saver was introduced that year, and we saw a decrease in Principal Limit Factors to shore up the HECM’s performance. There has been a whirlwind of activity since I came on board. Final Rules were promulgated, Principal Limit Factors have adjusted, Financial Assessment was introduced, condo rules changed and Collateral Risk Assessment took effect. NRMLA participated in several Congressional hearings and meetings, and testimonies were provided at state and local levels. Collaborations with con- sumer advocacy groups were established, an incredible set of association committees were stood up and the NRMLA/ RiskSpan Reverse Mortgage Market Index was launched. All the while, our members originated over 1.2 million FHA- insured HECMs since the program’s inception. I look back at all we have accomplished with pride: pride in the stellar efforts of the NRMLA team; pride in the leadership of the organization; and pride in all that our members have accomplished. I don’t, however, spend too much time and energy looking back. Our focus must be on what lies ahead. NRMLA began as an organization some 25 years ago to be a collective voice for the reverse mortgage industry, and that mission remains true today. Now, more than ever, we need to speak clearly and consistently to keep our product offerings safe and viable for the senior homeowners we all serve. We have proven that if we don’t have a collective voice, we won’t be as successful as an industry. We need to continually work to propel our industry forward with a strong, forceful and unified voice without being reckless. This is the challenge I welcome and look forward to taking on. Together. Steve Irwin REVERSE MORTGAGE / NOVEMBER-DECEMBER 2021 5