You May Be Burned Out If…

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Signs of Burnout and Tips to Help Stop the Insanity

reverse mortgage news

Burnout. It didn’t happen overnight. If you reflect you may find it was a slow burn that begin months or even years ago. Long hours, never ending changes, new regulations, technology and software issues all can contribute to acondition that is common in the American workplace. What are the signs of burnout and how can we avoid it? Here is what to look for.

1. Spaced Out. Mental lapses. Those suffering burnout may find themselves spacing out or going mentally blank. Just as your computer may occasionally show an hourglass telling you to wait our brains do not respond well to extended stress and mental overload. Try listing your tasks in an organized manner and time blocking to help clear your mind a bit.

2. Short fuse. If you find yourself losing your temper quickly at things that you would typically shrug off this may be…
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Be Like Water

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Be like water. This was the advice given by the late martial arts master Bruce Lee. Strange? Think again. Water flows around obstacles and rocks, finds its way through the smallest opportune cracks and eventually wears down the hardest substances. Bruce Lee explained his philosophy in that water conforms and becomes like the object around it or that contains it such as water adapts to the shape of the glass it is poured into.

reverse mortgage newsThe rapid pace of change in the reverse mortgage industry has left many professionals feeling like they are engaged in martial arts combat. What we can borrow from Bruce’s philosophy is the need for adaptation, improvisation and flexibility. Here’s one business example. Blockbuster video refused to move toward online video rentals and suffered the consequences with store closures and bankruptcy as Netflix gained traction.  Let’s look at some practical ways we can incorporate this philosophy into our daily business practices.

1. Embrace your present state. Look closely at successful businesspeople both in and outside our industry and you’ll find this one trait: they don’t…

 

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

Before You Send That Email…

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Email. It has become our primary means of professional communication. Consider for a moment how many emails you send versus phone calls you make. Have I got your attention?

reverse mortgage news
Think twice before hitting that send button!

Since emails are the primary means by which we communicate with coworkers, processors, borrower and vendors we should first consider these tips before hitting that send button.

1. Keep it short. If you feel you must write a five paragraph email perhaps you shouldn’t be using email in the first place. The nuances, detail and tone of the conversation are often lost in written communication. If your email is longer than two paragraphs consider this: a phone call! That’s so old fashioned, eh? Seriously the time spent on a short phone call is often less than writing a lengthly message. Better yet reply back “can we schedule a short call to discuss this later today”?

2. Don’t be secretive. If you are replying to several individuals but don’t want them to know you’ve included a particular individual avoid using the BCC feature..

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

 

Be Careful What You Say

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*Note: Unintentional error mentioned in the video regarding the HECM line of credit calculation has been corrected in the transcript. The HECM line of credit growth rate is based on the current month’s interest rate charged + 1.25% FHA mortgage insurance charge. 

Borrowers are not the only ones who misunderstand the HECM

hand-over-mouthA few days ago I was speaking with a very skilled and experienced trainer in our industry. We both share a passion for educating, motivating and empowering reverse mortgage professionals. During our short chat we landed on the topic of key provisions of the HECM program that are often misunderstood not by borrowers, but by some well-meaning reverse mortgage professionals.

Educating our potential borrowers is key but it can be counterproductive if we are dispensing inaccuracies. Let’s examine two of the most commonly misunderstood aspects of the Home Equity Conversion mortgage.

1- Who FHA Insurance actually protects. Many loan officers mistakenly tell their borrowers of the wonderful protections that FHA insurance provides. After all who doesn’t like to see some benefit for the premiums they pay?

 

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

A Boiled Frog?

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“I’ve seen my share of boiled frogs”

One industry titan said of struggling industries “I’ve seen my share of boiled frogs”.

While resilient the reverse mortgage industry has struggled since 2009. Battered by the storms of the housing crash, principal limit reductions, numerous product changes and the financial assessment those who remain may feel like they have been slowly boiled as the heat of change is continually turned up.

reverse mortgage newsHowever amidst upheaval there is opportunity; the opportunity to revamp our approach, improve our internal processes and create new efficiencies in doing business. The fact is the paradigms that applied to our industry just a few short years ago no longer apply. To adapt and thrive both industry leaders and loan officers should examine the steps necessary for long term survival and success.

Here are some take-aways I’ve found in watching how other industries have dealt with chaos and adversity.

1- Throw away faulty perceptions. That’s right, throw them away. From needs-based borrowers, easy qualification standards and quick…

 
Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

What Do They Want?

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Consumer-Centric Fact Finding versus Selling

reverse mortgage newsGrowing up as a child I remember my father reminding me periodically “It’s not about you.” This admonishment is key for us to develop successful personal relationships and more practically with our borrowers.

Sitting down at the kitchen table with hundreds of older homeowners and countless business presentations this simple, yet direct principle can easily be lost in one’s zeal to present, persuade and influence. These motivations can blind us to one of the keys to successfully determining if a reverse mortgage is in fact the best course of action.

Today our prospects have more power than ever with better product knowledge, the ability to conduct research online and social media. Here are some principles to keep in mind as we work with older homeowners considering a Home Equity Conversion Mortgage.

1- Interview them first. Avoid the temptation to jump into the storied history of the reverse mortgage program, margins, the index and non-recourse clause. While important…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

Know Thy Customer

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Beyond Fact-Finding to Motivations

reverse mortgage newsThe traditional Home Equity Conversion Mortgage Transaction typically goes like this: potential borrower sees advertisement, homeowner contacts lender, loan officer gathers information, takes the application and the loan hopefully closes. In years past the approach generally was successful as many if not most of our borrowers had a substantial financial need motivating them to pursue the HECM loan in the first place.

Today that has all changed.

The recent enactment of the Financial Assessment has pushed the HECM more toward the spectrum of…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

Procrastination Works!

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5 Keys to Successful Procrastination

reverse mortgage newsProcrastination. It is the one thing we are admonished to avoid at all costs in our professional and personal lives. Oddly a certain level of procrastination leads to increased productivity.

Quite frankly there are several things which we should procrastinate doing. Some productivity gurus refer to this as the tyranny of the urgent. In other words the task that drops right in front of you can tempt you to spin your wheels avoiding the important tasks of the day. .

Here are just a few ways for you to successfully procrastinate for greater productivity and personal satisfaction.

1- Social Media. While social media can be useful for making professional and personal connections it is also a major distraction. Rather than checking your Facebook status updates or LinkedIn feed every time your phone beeps schedule regular times each day to consume social media. Turning off audible notifications on…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

The Art of Happiness

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7 Steps to Finding & Keeping Happiness

reverse mortgage newsHappiness. It can be elusive at times especially during times of upheaval and industry change. Being a person who can tend to overthink the why, happiness can become the casualty of our internal thought life. Our internal thought life is key as I was reminded this week reading the short booklet I keep on my desk entitled “As a Man Thinketh”. One passage that particularly jumped out was “Circumstances does not make the man; it reveals him to himself”.

Here are a few nuggets of wisdom I found from my recent reading that I want to share with you.

1- Negative thoughts are just thoughts. Don’t believe everything you hear, even that voice in your head. The next time a negative thought enters your mind stop, capture and challenge it. Is it real? Is it likely to happen? Also don’t judge yourself harshly for negative thought but rather hold yourself accountable for what you do with them.

2- Create boundaries. Technology is great but it can also become an electronic dog leash…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

The Angst of Caring

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Loan Officers Torn Between Borrower Need & Product Restrictions


reverse mortgage newsAfter reconnecting with a friend who had reentered the reverse mortgage space after a year and a half absence I told my wife “you know what I love about the folks I work with? They are mission-driven”.

Most of the reverse mortgage professionals like those of you watching are mission-driven individuals. Certainly we want to succeed, make a good living and a healthy income but never at the expense of our mission to help older homeowners have a more comfortable and secure retirement. Being mission driven does have it’s downside: the angst of caring. Beyond the challenges of overlapping regulations, numerous product changes and the financial assessment is the frustration encountered when we simply cannot help those who don’t qualify.

I can recall hundreds times sitting in the kitchens of…

 

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.