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Will our industry disappear due to economic pressure and regulation?
Our commentary examines while we are small segment of mortgage lending are we irreplaceable nonetheless? It’s a look at an industry coming of age.
Watch this week’s video and leave your comments below.
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Stop it! Really? What? The things that distract us from our highest & best use. Sometimes the best solution is the simplest.
Watch Bob Newhart’s comedy sketch “Stop it!” here.
Don’t let “thank you” get stale! Here are 5 ways to show your reverse mortgage clients that you’re grateful for the privilege of serving them
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Mike Kent, senior VP of lending at RMS, sat down with me in Boston at the annual NRMLA meeting and discussed our technology, investor markets and industry outlook.
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This video covers some practical ways you can stand apart from your competition and also increase your sales this holiday season. Gratitude does attract more loans.
Personal success stories are a powerful vehicle to imprint the value of a product or service in potential clients’ minds. The following true tale will brighten your prospects’ holiday season.
Reverse mortgage was a lifesaver for 77-year-old Isidoro, who had been in foreclosure due to the current economy. By the time he contacted Security One Lending, Isidoro was on the verge of losing his home to foreclosure within a few months. He was faced with moving out of his home and trying to find a rental somewhere on a Social Security income of just $800 a month, which would have left him with precious little money for food and other necessities.
Security One’s loan advisor quickly realized that the home’s value was in decline — something many Americans are experiencing now. Chase Bank had tried for the better part of a year to “short sale” the home, with no offers. Fortunately, the bank has a program to accept a reverse mortgage in lieu of a short sale.
Security One Lending negotiated with Chase Bank over several months — and several foreclosure extensions — to ultimately shave a whopping $182,000 from the principal note balance. Additionally, the loan agent was able to drastically reduce the reverse mortgage loan fees to allow the client to qualify, and have his existing Chase Bank loan paid off in full — which kept him from losing his home.
Isidoro retains full title to his home, and can never lose the house due to non-payment. That’s a true holiday gift!
In Part 2, we’ll hear from seniors for whom reverse mortgage means relief from financial stress.
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While Wells Fargo’s trailing HECM endorsements remain in the system, we are beginning to see a pattern in the top 10 HECM lenders in recent months. Even if we experience lower endorsement volume industry-wide for fiscal year 2012 the top players will most likely see tremendous gains in endorsements as market opportunities are seized upon.
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*** HERE’S LINK TO OCTOBER REPORT DUE TO BAD LINK. ***
Our email generated wrong hyperlink.
While Wells Fargo’s trailing HECM endorsements remain in the system, we are beginning to see a pattern in the top 10 HECM lenders in recent months. Even if we experience lower endorsement volume industry-wide for fiscal year 2012 the top players will most likely see tremendous gains in endorsements as market opportunities are seized upon.
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In this week’s episode I interviewed NRMLA President Peter Bell during the annual meeting in Boston. He shares his outlook and vision for our industry and upcoming changes for the reverse mortgage industry.
