Remembrance: What makes us strong. Friday’s Food for Thought

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During this week of remembrance here are some things to remember that have made the reverse mortgage industry stronger:

  • We’re not selling loans, but changing lives
  • Our industry has improved consumer education, product choices, and costs
  • 4 million plus Baby Boomers will reach retirement age each year
  • We are getting traction in the mainstream media
  • Investors and the secondary markets support our product
  • We will remain as a long-term solution for years to come.

Reverse Mortgage Industry

Lenders see business uptick in wake of big bank exits: Industry Leader Update

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Remaining lenders are seeing something they’ve always wanted…

an increase in referral phone calls from non-reverse banks and financial professionals. Many of these referrers had sent their clients to Wells Fargo & Bank of America based on their well known brand and geographic convenience. Today reverse mortgage originators have a unique opportunity to step in and provide an attractive solution for senior service providers. Many lenders are already seeing the phone ring from those who had referred to Wells & B of A in the past looking to remaining lenders.

 

Worth fighting for: Friday’s Food for Thought

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We may feel we are on the ropes, but there are some things worth fighting for as reverse mortgage professionals.

Our rights as originators:

  • Fairness in regulation (NMLS renewal)
  • To be included in regulatory discussion
  • To be treated as a professional not a predator by lawmakers

Our responsibilities:

  • To be ethical in all we do
  • To continually improve our knowledge & skill set
  • Participate in industry support, discussions and trade groups
  • To preach the gospel of the reverse mortgage

 

Remaining Lenders Grow: August 2011 Top 100 HECM Lenders Report

reverse mortgage news

Download the August 2011 Top 100 HECM Lenders Report here.

Big Names disappear, survivors grow

It’s strange to no longer see the familiar name of Bank of America on the top lenders report. Wells Fargo remains because endorsements usually trail applications by 3-4 months so soon they will fade from the top 10. What’s most interesting are the large and medium lenders who have begun to grab some of the market share left in the absence of Wells & B of A.
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You can click to see our video on race for market share.

Many jeopardized by poor credit for NMLS renewals: Industry Leader Update

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NMLS license renewals may get dicey for reverse originators with challenged credit history

If the last few years have taught us anything it’s that mortgage and financial professionals suffered financially with other Americans due to the housing and economic crash. This leaves many qualified reverse originators at risk of not being able to renew their NMLS license Continue reading

Persistence: Friday’s Food for Thought Video

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1.  Identify Your Wants and Desires

If you don’t know where you are going, you will probably end up somewhere else.  – Lawrence J. Peter

List your desires both professionally (originations , income) & personal

2.  Determine Your Motivation

Why do you want to work as a reverse mortgage professional?
Help seniors? Solve problems? Focus on these motivators

3.  Outline Your Definite Action Step

More marketing?
A more detailed business plan?
Accountability circle?
Tracking sales activity (CRM, outbound calls)

4.  Keep a Positive Mental Attitude

Gas in the tank
Mental garbage disposal. Deal with the feeling and move on.

5.  Build Your Mastermind Group

No pessismists
Those who will be honest and hold you accountable
Creative poeople

6.  Develop Discipline and Habit

Discipline is the bridge between goals and accomplishment. – Jim Rohn

There will be a lot of hindrances that will stop you from moving towards your goal, and without proper discipline, it will be easy for you to sail away.

I wish to credit StepCase Lifehack for the above post. You can find the full article here.