The National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo in Atlanta last week was a momentous occasion for the industry, marking the first national NRMLA meeting since 2019.
The 2019 and 2022 national conferences served as bookends to the contraction of the current period of increased activity in the industry, but the optimism of attendees and the programming of the event was positive. It was more lively than showing interest and meeting colleagues.
back to friends
Staying in business in a difficult environment is a top priority for many reverse mortgage professionals, and one of the attendees and speakers of the loan officer’s sales lecture said attendees are a general part of the sales program. He said that he seems to appreciate the purpose of
Jim McMinn, Director of Learning and Development at Longbridge Financial, said: “The feedback I got from other attendees is that they really liked the format. Loan officers are more educated on how to make sales. I think [in terms of] Knowing what’s going on in today’s market, how to generate business.
McMinn also reported that there was an upbeat atmosphere among the event’s attendees.
“People are optimistic and realize we got a product that has a value proposition,” he said. “People need this product. How to get to the end user is the question. Basically their compulsory duty is too high so that end user can take out a HELOC or whatever to get enough money to pay off the lead How can we reach that end user before putting them in the realm they can’t give?”
Chase Kinder, originator of the Open Mortgage loan, echoed a similar sentiment, pointing to optimism among his peers.
“Overall, I think the conference was great,” said Kinder. “We have had some really great speakers. For us, the reverse mortgage experts, we have gathered a lot of useful information and looking at the state of the market today, there is still a lot of potential and great need for this product.” We were able to confirm that a reverse mortgage is a need-based product, not an interest-rate based product, so if borrowers can focus on their goals and help them on how to reach their goals, reverse mortgages can still be viable in this environment. I think it’s a viable product.”
Mr. Kinder also said there is great value in meeting with other experts, especially since the reverse mortgage side is relatively small compared to the forward side.
“We have a lot of strong industry experts, a lot of people who have been in the reverse mortgage space for a long time,” Kinder says. “So being able to learn from them and bounce ideas off of them helps keep us going. I think it’s really good that we can at least motivate each other and throw ideas at each other.”
Addressing challenges and extend
For Loren Riddick, National Director of Reverse Mortgage Lending at Thrive Mortgage, it was an exciting element of the convention to look at how the reverse mortgage business is expanding to new professionals (including forward counterparts).
“It was a great meeting in terms of coming together and rekindling for the future,” Riddick said. I think it’s about building and doing it in the right way to reach out… wow, everything is going great with the events put on by the NRMLA and their staff, we hope to keep growing and getting better. I’m craving it. I feel like it’s been great.”
Elly Johnson of All Reverse Pro and NRMLA’s HUD Issues Committee are also pleased that the discussion and event program is focused on further expanding the business.
“There’s still a long way to go personally, but I think they’ve done a good job of bringing people in,” Johnson said. You need to be able to attract a lot of people, folks, probably from the positive side of the business.
Appealing to forward-thinking people seems to be the way forward, Johnson said, and he’s seen first-hand the growing interest in reverse mortgages among those professionals.
“I personally know that I am frequently contacted by people who are trying to get into space,” Johnson said. I hope that we will continue to seek out the next group of talent to help us grow and become truly successful.”
For Johnson, the challenges of the current business environment present opportunities that will determine the future course of the reverse mortgage business.
“I think we have two options: either be ruined and depressed, or recover and move on,” she said. We’ve been here before and this may seem a little tougher than some we’ve experienced in the past but we are a great organization and the NRMLA is a close We are all working together and looking at what we can do to get out of this situation.Yes, I feel very optimistic that we will get there.”