This monumental policy change comes in the wake of several notable lawsuits brought against the Federal Housing Administration (FHA) and reflects the agency’s desire to close the door on further displacement of younger non-borrowing spouses. Let me begin by saying that this policy is somewhat complex and we will only be covering the primary guidelines of this new policy.
Continue readingPriming Your Sales Pump
When it comes to slowdowns you may be experiencing most of them are simply out of your control or sphere of influence. The good news is with time comes increased efficiency. Many lenders may be stretched now but will be adapting quickly to new policies and regulations decreasing processing and underwriting times.
Continue readingCars that Will Drive Miss Daisy — By Themselves
The emerging self-propelled or “robo cars” lend new meaning to the word automobile — and may be the answer to aging drivers’ diminished capabilities to safely navigate behind the wheel, say Joseph Coughlin and Peter Diamandis.
Continue readingAssessing the Impact
The two biggest words in our industry today…Financial Assessment. The question is what fallout can we anticipate once the assessment goes into effect in March? A recent article in Reverse Mortgage Daily looks at the potential impact finding both optimistic and pessimistic predictions.
Continue readingDon’t Shy Away
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How to Overcome Objections & Close More Loans
If there is one trait in many salespeople I’ve seen repeatedly it is the tendency to shy away or avoid objections to the reverse mortgage. I’ve been there myself. Early in my career I carried the silent fear that if I bring up anything negative the prospect will reject the idea of getting a reverse mortgage. I learned the hard way that nothing could be futher from the truth.
Let’s look at why bringing up and overcoming objections is critical to closing and keeping the sale.
#1. Trust. If you do not bring up the fact that the children’s inheritance is directly effected, the disadvantage of moving early in the loan or how interest is really calculated someone else may or even worse they will find out on their own and ask “why didn’t he mention that?’. Once that happens your trustworthiness is shot and so is the sale.
#2. A true professional. There are salespeople and then there are…
Download the video transcript for this episode here.
Looking for more reverse mortgage tools, training & technology? Visit ReverseFocus.com today.
Facing the Inevitable With Grace and Wit
It’s time to talk about the subject-that-must-not-be-named. Yes, death. While 100 percent of us will make this crossing at some point, it remains the greatest conversational taboo…
Continue readingA New Type of Non-Borrowing Spouse
We had mentioned in an earlier episode that we expected to see HUD bring futher clarification to the new Non Borrowing Spouse policy. Last week however we have a new twist. The Ineligible Non-Borrowing Spouse.
Continue readingSkipping Vacation May Cost You
How often have each of us said ‘I can’t afford to take one right now’ or ‘ I cannot afford the time? When many of us are scrambling to keep up with nonstop changes to the HECM program and challenges in reaching our market a vacation may seem to be a luxury we cannot afford. But is that true?
Continue readingRetired – Or Retooled?
Today’s retirees can retire and retool, in any number of ways. If they haven’t yet done so, it’s helpful for those approaching or in retirement to take a long look at how they might use their skills and experience for others’ benefit — or to enhance their own later years.
Continue readingRetirement Funding Solutions Enters Reverse Mortgage Industry
Retirement Funding Solutions Enters Reverse Mortgage Industry
Former Executive from Security One Lending Looks to Grow
San Diego, Calif., January 13, 2015—Retirement Funding Solutions (RFS), a Division of Synergy One Lending, announced today that it has entered the reverse mortgage business and plans to expand its San Diego Fulfillment Center in the first quarter of 2015. Its business will be built through three different distribution channels: Distributed Retail, Consumer Direct and Third Party Originations.
“Our sales force will be made up of some of the best professionals in the industry, all of whom are committed to the financial well-being of the senior homeowner,” said Torrey Larsen, President of Synergy One Lending. “We will leverage the team’s collective knowledge and experience to deliver the best possible service and value proposition to our customers.”
Unlike other reverse mortgage lenders, Retirement Funding does not have legacy asset risk, which can negatively impact the financial stability required to grow a strong, stable enterprise. Many existing GNMA Issuers are dealing with write downs from its servicing unit and better realize the risk and costs associated with their servicing practices.
“The headwinds of lower industry volume levels and the implementation of financial assessment make it an opportune time to establish a new way of creating business. The recent program changes have improved long term sustainability of the HECM program, so we look forward to building in this industry again. It is our belief that industry consolidation will continue in 2015, but a few strategically designed firms will expand market share in a meaningful way,” Larsen continued.
During Larsen’s tenure at Security One Lending, the firm grew from a 4 person start-up to the leading HECM Originator in the nation. The success of Security One Lending stemmed from both the TEAM of people that built the Firm and the Core Values by which the Firm operated. This confluence created a unique company culture that many large bureaucracies underestimate and/or ignore.
RFS is looking to grow its San Diego-based Operations Staff and is looking for the very best talent in both its Originations Team and its Marketing Department. For more information about employment opportunities or to apply please visit www.rfslends.com
About RFS
Retirement Funding Solutions is an operating Division of Synergy One Lending and currently lends in 8 states with license applications pending in 12 additional states. The firm offers a diversified mix of reverse and forward products through a variety of distribution channels, including retail, consumer direct, and wholesale to support its lending efforts. Synergy One Lending is a FHA and VA Approved Lender and is based in San Diego, Calif.
For more information on Synergy One Lending, visit www.s1lending.com. For more information on Retirement Funding Solutions, visit at www.rfslends.com
