The four went through the life cycle of a loan, offering tips on what they do to ensure as smooth a process as possible. Customer Experience The top of their talk started with an endgame in mind, knowing that customers will be telling their friends and relatives about their experiences. Ken Sawan “We all strive to get referral sources,” Sawan says. “The best compliment you can pay me is giving me a referral, and that is especially true with a reverse.” That goal starts with talking about what people should expect throughout the process, including the servicing duties and the borrowers’ obligations after a loan closes to pay taxes and insurance. With a forward mortgage, the reasons a loan might go into default often are obvious, such as a borrower losing a job. But when something goes wrong with a reverse mortgage, the loan gets blamed, which means family members need to be included in the conversations, too. Wills points out it takes a good ear when listening to clients so loan officers know how to best interact with family members. Sometimes, borrowers want their family members involved, and other times, they do not, so listening can help inform the best ways to keep others in the loop, she says. Marketing and Advertising Mark Browning Advertising and marketing campaigns for reverse mortgage products are necessary but require that loan officers be aware of how they might be irritating potential clients. “I think ads have come a long way since the early days,” Browning says. The best marketing highlights specifics about how reverse mortgages can solve problems and make life better. “I think they are more customer-centric, touching on hot buttons that better reach the borrower,” Sawan says. “But I think we need to have ads that are more sympathetic to the plight of the senior. We have a lot of work to do there for sure.” Too many emails or other solicitations, such as celebrity endorsements or frequent calls from call centers, can turn off potential customers. The trick is to make sure loan officers are prepared for pushback, knowing their own companies might not be sending the advertisements but can benefit from the exposure. Neil Sweren “I think it does cheapen what we do,” Sweren says, noting the advertisements offer a double-edged sword. He has found that potential clients will know about the products when he meets them, such as during lunch-and-learn seminars. And that gives him the opportunity to counteract the negatives by directly interacting with people. While advertising raises the profile of reverse mortgage products, Wills says, widespread awareness and understanding of how reverse mortgages work remain elusive. That makes it that much more important for loan officers to ensure a sound overall customer experience, she says. Sales Process The panelists suggest that the loan process is a time to emphasize a personal touch, with loan officers approaching clients as if they are their own family members, such as their mother, father, grandfather or grandmother. It is not a time for a hard sell, they agree. Most importantly, loan officers shouldn’t push a product if they determine a reverse mortgage isn’t right for someone. That determination requires asking numerous questions at the start to see why people would need a reverse mortgage and how it would help them, where loan officers are not selling but acting as a consultant. “You want a reverse mortgage for a reason. It has to have a purpose. Where is it going to fit into your life?” Wills says, adding that the loan officer then must listen carefully. “It’s a matter of looking at the whole picture.” When it comes time to submit a proposal, the sheer amount of information can be overwhelming for most From Start to Closing continued on page 30 REVERSE MORTGAGE / NOVEMBER–DECEMBER 2022 29
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