Often out of sight and mind after a reverse mortgage closes, servicing is the backbone of the ongoing relationship with the borrower. From monthly draws, tenure payments and loan questions reverse mortgage servicers are on the front lines of long-term customer support and care. The average loan officer is with the borrower for 3-9 months while the servicer….
Continue readingOvercoming Worry with Focus
“Worry never robs tomorrow of its sorrow, it only saps today of its joy.” said Leo Buscaglia. So why the quote? FHA Deputy Assistant Secretary Charles Coulter said in a session that they are considering substantial changes in quote- short oder-. The financial assessment is one, the other and more disturbing for some attendees was the fixed rate HECM. HUD is concerned about the vast majority of borrowers taking a full draw for the fixed rate…
Continue readingAre we already ‘assessing’ borrowers?
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Are we already assessing borrowers? Many have mixed emotions about the soon to be released financial assessment from HUD even though we know it is necessary to help reduce defaults due to taxes and insurance. The question is have lenders quietly begun their own financial assessment, albeit informal with tightening underwriting standards?
Avoiding Giving the Cold Shoulder
We spoke earlier how to have good relationships but more specifically how do we avoid unintentionally blowing off those we have a close working relationship with. A look at five things to avoid doing that send the wrong message.
Continue readingReverse Fortunes is now Reverse Focus
As we approach our 5th anniversary this November, the team at Reverse Fortunes is changing our name to Reverse Focus.
We have been honored to serve so many of our fellow Reverse Mortgage Industry professionals with industry insight, tools and training to help you in your success.
With this milestone, we take on a new name to reflect a renewed commitment – and focus! – on being an even more powerful support system and leader in the reverse mortgage industry.
Thank you for being a part of our efforts and welcome to Reverse Focus!
Think Different! The Next Generation of Business Success
The best approach to building a successful business as a reverse mortgage specialist? Take a tip from the Apple slogan, and “think different” about everything you do.
Continue readingThe “Exit Effect”
The exits of large banks and lenders such as MetLife, Bank of America and Wells Fargo have done more than consolidate the market or create opportunities for remaining mid-size lenders. These ripples in our industry have gone largely unnoticed. It boils down to liquidity. That is the supply of approved Ginnie Mae issuers of HECM Mortgage Backed Securities or HMBSs. Today we are only supported by …
Continue readingSetting workplace boundaries
Boundaries. Seems like a negative word for some because it means saying no to someone at times. Perhaps, but each of us as reverse mortgage professionals have a full plate and little time to waste. I chuckled walking through an office last week where the administrator had…
Continue readingA Matter of Choice, Not Chance
“Destiny is not a matter of chance; but a matter of choice. It is not a thing to be waited for…” Yet many seniors are reluctant to seize the day, as they perceive reverse mortgage with the psychological equivalent of “deer in the headlights” panic..
Continue readingSeptember 2012 Top 100 HECM Retail Lenders
Download your September Top 100 Retail HECM Lenders Report Here.
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Genworth made the jump from third to first while AAG & Security One Lending remain strong in the top 10 moving one notch. RMS made a huge jump from 40 in August to break the top 25 at 23rd position. Overall endorsement volume remains down year over year but lenders are growing rapidly due to consolidation and we should see further increased endorsements as former MetLife loan officers pipelines move through to endorsements in the coming months.
