CFP certification revoked after insulting reverse mortgage customer

The Certified Financial Planners Standards Board has accused 13 current or former holders of CFP certifications for various violations, including one who allegedly sent angry emails containing personal insults to reverse mortgage customers. imposed sanctions on According to reports of financial adviser magazine.

According to the report, David Noot of Sequim, Washington, located about 70 miles northwest of Seattle, had his license revoked for failing to treat “fellow professionals and others with dignity, courtesy and respect.” The board was informed of the incident by a former prospect who asked Nute if he could submit documents to his office rather than electronically.

Mr. Noot told the client that he believed his time was “too precious” and that he needed to go to the office to get the paperwork. is said to have responded with a personal insult.

“It is absolutely ridiculous to expect me to drive to town and waste a few hours of my $1,000 an hour,” he said in the report. “I just tried to help and your reaction will tell you why your husband left you.”

noot said financial adviser He was “upset” after his client failed the reverse mortgage process.

While the reverse mortgage industry is adopting more technology tools to accommodate seniors who are accustomed to submitting important documents electronically, many seniors find the processes involved in sensitive information I also had to admit my desire to keep technology away from

In recent years, many lenders have rolled out online loan documentation and service portals, increasing technology-based options for document submission. However, many seniors still prefer the classic “kitchen table” approach.

COVID-19 pandemic It also challenges financial services broadly and specifically promotes reverse mortgages. A more technology-based solutionespecially for older people who are more vulnerable and susceptible to serious illness caused by coronavirus.

Financial advisors continue to be at the center of the reverse mortgage industry. prioritized To establish viable referral partnerships to find potential reverse mortgage borrowers. more consultative Characteristics of the reverse mortgage business.

read Talk and financial adviser.

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