Not saying anything is often times doing harm to clients
[vimeo id=”28836753″ width=”601″ height=”338″]
Does the doctor really know what’s best?
What if you went to the doctor and they didn’t know about a life-saving treatment that had been used for 20 plus years and you left becoming worse? That’s similar to the situation many retirees find themselves in when meeting with financial planners who either don’t know about, or misunderstand reverse mortgages. It is a potential solution that should always be considered and presented for the client (patient) to choose.
We look at the changing perspective of financial professionals and the need for our industry to spearhead an effort to educate the financial community at large about the uses and functions of a reverse mortgage.
[ad#RmCRM Banner Ad]
Remembrance: What makes us strong. Friday’s Food for Thought
[vimeo id=”28828489″ width=”601″ height=”338″]
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.
Lenders see business uptick in wake of big bank exits: Industry Leader Update
[vimeo id=”28432975″ width=”601″ height=”338″]
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
[vimeo id=”28431641″ width=”601″ height=”338″]
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
Many jeopardized by poor credit for NMLS renewals: Industry Leader Update
[vimeo id=”28175743″ width=”601″ height=”338″]
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
[vimeo id=”28166015″ width=”601″ height=”338″]
1. Â 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. Â Determine Your Motivation
Why do you want to work as a reverse mortgage professional?
Help seniors? Solve problems? Focus on these motivators
3. Â Outline Your Definite Action Step
More marketing?
A more detailed business plan?
Accountability circle?
Tracking sales activity (CRM, outbound calls)
4. Â Keep a Positive Mental Attitude
Gas in the tank
Mental garbage disposal. Deal with the feeling and move on.
5. Â Build Your Mastermind Group
No pessismists
Those who will be honest and hold you accountable
Creative poeople
6. Â 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.
Consumer Distress Index & Online mortgage ads. Industry Leader Update Video
[vimeo id=”27885377″ width=”601″ height=”338″]
An online consumer watchdog group is asking the CFPB (Consumer Financial Protection Bureau) to restrict and further regulate online ads that utilize “behavioral modeling”. Are ads that are targeted to specific online consumer deceptive or abusive in themselves?
Day of Reckoning: Friday’s Food for Thought Video
Update: Today FHA Released Mortgagee Letter Keeping Lending Limits in place through 2011
[vimeo id=”27918788″ width=”601″ height=”338″]
October 1 is the day we will all learn what FHA reverse mortgage lending limits will be. Will we see them rolled back toContinue reading
Industry Leader Update: Credit downgrade & HECM markets
The US government got a slap of reality when S&P (Standard & Poors) downgraded the nation’s credit rating. How does this effect the secondary (investor) market for HECMs (reverse mortgages)?
Continue reading