I love solving problems, and, when it involves a person’s home and their sense of security, what greater meaning could our jobs have? Compliance is a fact of life. I always try to focus on how the regulation is supposed to help customers and that is a good compass. These are words that are easier said than lived, in certain circumstances. A great deal of the new regulations that we face were not written with reverse mortgages in mind. Navigating through the maze can be challenging and costly if not done well. Compliance with regulations is fundamental to strong operations and we will not waiver, no matter how challenging it might be. Thank goodness for the compliance experts that enlighten our days. RM: What do you find is the most challenging aspect of being a reverse mortgage servicer? LF: I have been in servicing for over 35 years and never loved anything more than reverse servicing. It is a meaningful and necessary product that provides financial security. It is intended to last a lifetime and—when it does—this is a victory for the borrower. When borrowers find themselves in financial difficulties, or they are facing health issues, which do not allow them to remain in their homes, it gives us the opportunity to be our most compassionate and kind self. We can’t always control the outcome, but we can be there with options and a strong commitment to help in all the ways we can. Not every career lets you make such a difference in people’s lives. RM: Are there many differences servicing a HECM compared to a proprietary reverse mortgage? LF: There are differences. Insured HECMs are highly regulated and very precise in how the servicing must be performed. There is a great deal of consistency in insured HECM servicing. Proprietary reverse mortgages generally follow similar servicing practices but with more flexibility and discretion. Investors may provide different protocols based on different factors of the loan. However, in both cases, a servicer must service in accordance with the loan documents and the applicable rules. RM: What do you see as the reverse mortgage industry’s top servicing priorities in 2022? LF: There are many priorities but the top ones I see are borrower education, increasing production volume, servicing profitability and improving the health of the Mutual Mortgage Insurance Fund. These are not in any particular order of importance, but they are the challenges that I hope we see real success being made in these areas in 2022. From the Top Financing Seniors’ Independence ServingUtah and Idaho for Over 20Years We opened our doors in 1999 to provide local homeowners and those wishing to be homeowners good quality mortgage loans with no hidden surprises or costs. We pride ourselves on being customer oriented and find loans that are tailor made for our clients. We added the reverse mortgage loan to our great line of product offerings and have been providing the people of Utah and Idaho this loan as another mortgage available to meet whatever financial need arises. We continue to remain committed to our clients’ mortgage financing needs, and our variety of all residential mortgage loan products makes us a great company to add to your network of professionals. FSI Mortgage Independence Square 111 East 5600 South • Suite 102 Murray, UT 84107 • NMLS #4398 www.fsimortgage.net 1-800-808-3066 REVERSE MORTGAGE / MARCH-APR I L 2022 15
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