A HECM may never arrive as quickly as a DoorDash order. Nonetheless, originators can take several steps to ensure the process runs smoothly. “If you can close your loan in 30 days instead of 45, 60 or 90, you’re going to get more commissions faster. Your clients are going to be happier. You’re going to be happier. Everybody’s going to be happier,” says Renee Konstantine, CRMP, the reverse mortgage division manager at EstaR Mortgage in San Diego. To stay on track, originators must pay special attention to all the potential pitfalls that could trip them up, say Konstantine and Kim Buckley, CRMP, a reverse mortgage loan officer at C2 Financial in San Diego, CA. The potential pitfalls run the gamut. Originators may have trouble getting documents from borrowers, some documents may be outdated, there may be unexplained entries on a borrower’s credit report. Borrowers also may have lost a spouse whose name remains on the deed or on the homeowner’s insurance policy. Communication is critical to avoiding surprises—and to ensuring clients that everything is running smoothly. “Goal No. 1 is to never let your clients see you sweat,” Konstantine says. “That’s why you need to be prepared as much as you can ahead of time. If you communicate at least weekly, either by phone or email or however you are communicating with that client, they will have complete confidence in you.” Originators also should check any email attachments they are forwarding from borrowers to make sure the attached documents match what’s being requested. The attachments also should be labeled so the loan processor knows what’s there, Konstantine says. “Make sure you put together a full puzzle for the processor so they can see everything,” Buckley adds. To keep all the pieces straight, Buckley and Konstantine rely on spreadsheets. “Every day, we see what’s out, what needs to come in, what did I not ask for, who’s not getting back to me,” Konstantine says. Taking note of conversations also is important, Konstantine says. Borrowers will remember what they told you, and they expect you to remember, too. Lastly, she emphasizes the importance of checking in with other professionals in the lending process, such as the escrow and title companies and the appraisal management companies. “Ask anyone who is working on the loan with you, ‘Is there anything I can do to help move this along faster?’” Konstantine says. And if someone is not getting back to you, she says, make sure to follow up. “Don’t just hand a task over to someone and say, ‘Okay, well, it’s been three days. I haven’t heard from them. I’ll keep waiting.’ No, don’t keep waiting. Be proactive.” And, she adds, be respectful. “This business can get really stressful at times. And there are people doing more than one thing at the same time, including the loan officer and the processor and the escrow and title company. There’s a lot of moving parts.” Making Connections As a young loan officer, Christina Harmes Hika, CRMP, was attending as many meetings as she could. But the volume eventually became overwhelming, so she switched to social media. Harmes Hika now uses Facebook to stay in touch on a regular basis, not just with clients but also with referral sources, such as real estate agents and financial planners. She posts to Facebook every day and posts weekly videos that let others learn more about her as a person. “That’s really important in the reverse space because there’s just so much misinformation out there,” says Harmes Hika, a regional manager for Primary Residential Mortgage in Escondido, CA. The personal connections help to overcome skepticism and ultimately lead to referrals, she says. What doesn’t work is just asking people to call you for reverse mortgages. If she sees a client or professional contact traveling somewhere, she will make restaurant recommendations or comment on the person’s photos. “You want to have real communication,” Harmes Hika says. Sales Boost continued from page 19 Christina Harmes Hika Renee Konstantine 20 REVERSE MORTGAGE / MARCH-APR I L 2022
RkJQdWJsaXNoZXIy MjQ1MzY1