What happened at NRMLA’s Annual Meeting in Nashville?

Many of us have recently returned from the NRMLA Annual Meeting in Nashville, Tennessee. For those who couldn’t make it, I’d like to share some key observations from my trip. But before we delve in, I want to express our gratitude to our sponsor, Atlas Valuation. You can find their banner just below this video. Click on it to request more information on how Atlas can streamline and enhance your loan appraisal process for both you and your borrowers.

Now, let’s talk about the takeaways from this year’s meeting. First and foremost, there was a palpable sense of determination and cautious optimism among the reverse mortgage professionals and originators present. The sentiment “it can only get better from here” echoed several times. In my view, this marked a significant shift from our previous annual meeting in Atlanta the year before. This isn’t surprising, given that the 10-year Constant Maturity Treasury rate had surged from 1.5% to 4% between November 2021 and 2022, and FHA case number assignments for new HECM applications had been on a downward trend in the months leading up to the 2022 meeting.

Perhaps I’m mistaken, but this year, I sensed a greater acceptance of our current market challenges and a hardened determination to find ways to adapt and succeed, despite the surge in interest rates and the decrease in qualified borrowers.

One of the most encouraging highlights was the high level of interest and engagement in a new pre-conference session on Monday morning. The Loan Officer Roundtable featured three experienced managers and loan originators who shared their insights on attracting new borrowers and closing more loans. Scott Harmes from C2 Financial, Loren Riddick from Worthington Mortgage, and Bruce Simmons from American Liberty Mortgage led the panel discussion. What struck me was the enthusiastic participation of attendees, who asked insightful questions and exchanged successful strategies. Even better, a new Loan Officer Roundtable group is being formed to continue these discussions and collaborations throughout the year. If you’re interested in joining, please email info@hecmworld.com with the subject line “Loan Officer Round Table”.

The Loan Officer Roundtable originated from the initial HECMWorld Mastermind Summit, an idea championed by Loren Riddick, aimed at empowering today’s reverse mortgage professionals to thrive in the current market. I had the privilege of being part of the inception of this group. But the true highlight for me was being in a room full of accomplished reverse mortgage professionals, hearing some of the most ingenious strategies for marketing, building mutually beneficial professional relationships, and honing our sales and communication skills. These valuable lessons will be shared with those who become part of the Loan Officer Roundtable group.

Additionally, two noteworthy positive developments were announced during the meeting. First, FHA proposed guidance to allow a seller credit for HECM for Purchase transactions, which, as the notice stated, could include “an ‘interested party contribution’ of up to six percent of the sales price” in certain circumstances. This announcement was met with hearty applause from the audience. The second was the reaffirmation of FHA’s unwavering commitment, as emphasized by Julia Gordon, to the health, stability, and availability of the HECM program.

In conclusion, if you’d like to participate in future Loan Officer Roundtable discussions, please email info@hecmworld.com with the subject line “Loan Officer Roundtable”. Until then, have a wonderful weekend, and be sure to join us next Friday for more Food for Thought.