3 Comments

1. 

   John A. Smaldone

   January 4, 2019 at 2:35 pm

   Shannon,

   Heat and pressure may be putting it mildly! Yes, there have been many changes that have effected the markets many of us are used to dealing with. Also, the amount of income loan originators once enjoyed has become increasing less!

   However, as you said Shannon, there are opportunities out there. Dealing with the Heat and pressure we are faced with daily may be brought on by ourselves at times!

   Originators can do something about this, providing they are willing and still have the passion for the reverse mortgage space. One way to relieve some of this pressure would be to go after new markets and go back to the basic things that some of the old timers in the industry did that made them successful. Let me give you some examples of what I am talking about?

   First off, going after new markets and targeting a different type senior can turn things around for you. The professional sector is where we have a lot of potential. Sure, you hear everyone talking about going after “Financial Planners and Insurance Companies”. What about small community banks, small credit unions, elder law attorneys, home health care providers, funeral homes and more. Great amount of business to be had out there through these type of professionals!

   However, don’t think you will walk into one of these entities and find the Golden Egg laid by that Golden Goose, it is NOT going to happen that way!! Learn about their profession, understand what will motivate them and most of all, be patient with them. Do that and eventually you will find yourself, educating them on your product and how it can fit in their daily way of doing business!

   I mentioned going back to basics. I remember the days when I would put on Educational Workshops at senior recreational centers, I worked with the counties department on aging. They would always help and welcome the opportunity to have something for their senior residents in their communities. Most of the time you would be able to get the local newspaper, radio station and TV station to promote the educational workshops a public service announcement.

   Get out and create relationships, join your local chamber of commerce, the Kiwanis Club and other organizations that will give you exposure. These are just a few ideas to chew on. If you go out and try some of these suggestions, it will take your mind off the Heat and pressure we are faced with daily and it just may be what you need to get back on track to becoming successful again.

   I would be happy to talk to anyone more about some of the ideas I brought up, my contact information is below!

   Thanks all,

   John A. Smaldone
   Executive Vice President
   Hanover-financial Services
   865-980-3583: Office
   865-982-5180: Fax
   865-406-5377: Cell
   john@hanover-financial.com
   http://www.hanover-financial.com

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     The_Critic

     January 6, 2019 at 5:06 pm

     John,

     Old ideas are just that. They are constructive in the current HECM environment but only where the situation is reasonably comparable. Fundamentals have not changed but many of us have found out that what works well in St. George, Utah and Columbus, Ohio does not work nearly as well in 1) Goodyear, Arizona, 2) Taos, New Mexico, 3) Titusville, Florida, 4) Cleveland, Tennessee, 5) Sioux City, Iowa, 6) Rapid City, South Dakota, 7) Jackson, Wyoming, 8) Hope Arkansas, 9) Cicero, Illinois, 10) Spokane, Washington, 11) Stockton, California, 12) Elko, Nevada, 12) Helena, Montana, 13) Jefferson City, Missouri, 14) St. Paul, Minnesota, 15) Green Bay, Wisconsin, 16) Lubbock, Texas, 17) Evansville, Indiana, 18) Rochester, New York, 19) Kennebunkport, Maine or even 20) Washington, DC.

     We have also found that in all major metropolitan areas, seniors deal with financial advisers and Realtors. They look to these people for their expertise in their fields of finance. The same cannot be said for boat retailers, home care heath providers, doctors, and other professionals and occupations.

     Another huge change is the number and types of changes that take place so rapidly in our industry compared to our golden years. We were not losing our credibility by having to change our basic message each or every other year.

     Today’s HECM marketplace is far more complex than even a decade ago when you were originating HECMs. Rather than growing, we are contracting. Rather than seeing comp go up many are seeing it go down.

     So far the industry has not seen it our way. The emphasis is not on new sources of demand but rather developing the sources that prevail in the perceived areas of growth by industry leadership.

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2. 

   The_Critic

   January 6, 2019 at 5:11 pm

   John,

   Old ideas are just that. They are constructive in the current HECM environment but only where the situation is reasonably comparable. Fundamentals have not changed but many of us have found out that what works well in St. George, Utah and Columbus, Ohio does not work nearly as well in 1) Goodyear, Arizona, 2) Taos, New Mexico, 3) Titusville, Florida, 4) Cleveland, Tennessee, 5) Sioux City, Iowa, 6) Rapid City, South Dakota, 7) Jackson, Wyoming, 8) Hope Arkansas, 9) Cicero, Illinois, 10) Spokane, Washington, 11) Stockton, California, 12) Elko, Nevada, 12) Helena, Montana, 13) Jefferson City, Missouri, 14) St. Paul, Minnesota, 15) Green Bay, Wisconsin, 16) Lubbock, Texas, 17) Evansville, Indiana, 18) Rochester, New York, 19) Kennebunkport, Maine or even 20) Washington, DC.

   We have also found that in all major metropolitan areas, seniors deal with financial advisers and Realtors. They look to these people for their expertise in their fields of finance. The same cannot be said for boat retailers, home care heath providers, doctors, and other professionals and occupations.

   Another huge change is the number and types of changes that take place so rapidly in our industry compared to our golden years. We were not losing our credibility by having to change our basic message each or every other year.

   Today’s HECM marketplace is far more complex than even a decade ago when you were originating HECMs. Rather than growing, we are contracting. Rather than seeing comp go up many are seeing it go down.

   So far the industry has not seen it our way. The emphasis is not on new sources of demand but rather developing the sources that prevail in the perceived areas of growth by industry leadership. So is our future in the right hands? Ten years of loss and stagnation leads one to wonder. Some of that will be answered as originators get restless and move to new employers.

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