Old Habits Won’t Open New Doors

reverse mortgage daily


ePath 100K RM leads

Top producers have broken free from the old way of doing business

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Habits are there for a reason. They bring us comfort with their predictability and yet are often the root of our frustration. Ironic? Not so much. Chalk it up to human nature, and in many cases, it’s the usual way of doing business. There’s no denying that the established market for the HECM has been fundamentally transformed. A loan that once was best-suited to the needs-based borrower that is house-rich and cash-poor has become increasingly difficult for financially-challenged homeowners to qualify for. Today we examine the habitual approaches to marketing and communication with homeowners and how some have broken free from old habits to open new doors.

Those in the habit of focusing their efforts on the needs-based borrower are most vulnerable in a contracting HECM market. Yet some are finding creative and viable strategies to attract qualified reverse mortgage borrower…

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1 comment

The Positive Realist April 15, 2019 at 2:56 pm

Looking forward to June 30, 2019, it is hard to believe that the total HECM endorsements produced during the first nine months of this fiscal year, will be less than 24,000 endorsements. That is a rate of less than 2,700 HECM endorsements per month for a rate of no better than about 32,400 HECM endorsements per fiscal year.

It is hard to say why so many are trying to make the case that fiscal 2018 was SLOW but things are BETTER in fiscal 2019. While that may be true on some scale in the eyes of those making the argument, the fact is, fiscal 2019 will have the worst first nine month total start to any fiscal year since June 2003, 16 years ago.

One question we should be asking ourselves is whether our marketing style, target audience, or message have changed in that 16 year period. If not, refreshing our marketing is well overdue. But there is more.

A friend of mine used to tell me over and over that there was no way under heaven he would ever be as educated and as well trained as I was but that he knew the secret to being successful that was obviously not in my wheelhouse. His big secret was to become nothing more than a photocopying machine. He said all he did to be successful was find the most successful guy in his field and copy whatever that person did to be successful. In most years he was among the top ten in his region and other times he was the top of his field as to sales. BUT he was right about one thing, I never learned to be the photocopying machine he was.

Shannon, please introduce us to the best producers in the industry and open up the keys to their success to us. While their outlook will be inspiring, it is the details that will give the pathway to the change the whole industry needs. If we do not change, expect the 2020s to be little better than fiscal 2019.

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