July/August 2022 Reverse Mortgage Magazine

Stakeholders in the appraisal industry have embraced the report, proactively implementing some of the suggestions before federal agencies release final guidance. Cristy Conolly, executive vice president of valuation modernization at Class Valuation, says that Class is among the appraisal management companies (AMCs) that have been involved and have been updating policies and procedures to meet the spirit of the report. Those efforts include improving training and recruitment to eliminate any hint of bias and to bring more minorities and women into the profession. Improvements in those areas, as well as the others outlined by PAVE, will build public confidence in the appraisal industry long term, she and others suggest. Another effort that demonstrates the commitment of NRMLA members to the greater good is the work done by Elly Johnson, who assembled a team to review HUD’s update to the HECM Handbook. As the leader of NRMLA’s HUD Issues Committee, she spearheaded an effort last fall that culminated in 183 comments to address HUD’s proposed updates and changes to the handbook. It literally had been decades since the last major update, Johnson points out in the article, Update on HECM Handbook Underway, (p. 32). Her team’s intense work led to an eight-page letter sent to HUD by NRMLA President Steve Irwin to highlight some of the more urgent concerns. The work by Johnson and other industry members of NRMLA is a prime example of how people often volunteer their time and expertise to the advancement of the industry. Johnson, who is owner and founder of the consulting firm All Reverse Pro, is a NRMLA board member. She also contributes to this issue with the Board Room column, Fond Memories of Reverse Mortgages Prompt Calls for Innovations (p. 6). As we enter the second half of this year, these and other matters will play out and many will remain unresolved going into 2023. As the saying goes, the year isn’t half empty. It is half full—with tasks and projects but also promise and possibilities. In Reverse In Reverse continued from page 3 GIVE US A TRY. SEND US A LOAN! For industry professionals only. nwecorp.com/nrmla NMLS #1408 Become a wholesale partner and you’ll see. NO B.S.UNDERWRITING UNBEATABLE SERVICE NO COMMISSION CAPS USE YOUR OWN AMC LOAN LIMITS UP TO $6 MILLION LIBERAL EXCEPTIONS COMPETITIVE PRICING SUPPORT TEAM ACCESS NRMLA PRINT MAILER JUNE 2022.indd 1 5/13/2022 3:06:29 PM 4 REVERSE MORTGAGE / JULY-AUGUST 2022

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