Breaking the Cycle of Business As Usual

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Are You Ready for the New Way of Doing Business?

Reverse Mortgage Business News

Doing business as usual is a sure recipe for failure in our fast-changing industry. First year distribution limits, borrower financial capacity and lower lending ratios are the new reality of reverse mortgage lending. Beyond industry-wide efforts like “Extreme Summit” to redefine the reverse mortgage’s public image lies a more crucial and practical consideration. Just how should we be doing business in 2014? In our most recent online training “Asking the Right Questions” which over 500 professionals attended we examined several facets of our interaction with borrowers. At the conclusion one attendee commented “prescription before diagnosis is malpractice’. In other words, to make recommendations to any prospective borrowr without first conducting extensive fact finding is both short-sighted and  unprofessional.

Tightening HECM Guidelines Opens Door for Private RMs

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Increasing Restrictions & Possible Lower Lending Limits May Spur the Return of More Proprietary Loans

Reverse Mortgage News

Having absorbed the recent elimination of federally-insured reverse mortage products, principal limit reductions and increased underwriting requirement many ask “when will we see proprietary reverse mortgages again?”. Good question. Presently our national lending limit remains at $625,500 through the end of this year thanks to HUD’s mortgagee letter in December 2012. Will HUD continue to extend this lending limit? Perhaps but unlikely. In the wake of a record 1.7 billion dollar bailout from the treasury and unrelenting scrutiny from lawmakers due to projected losses in FHA’s insurance fund, many may feel little sympathy for seniors with higher valued homes. In a risk-adverse and financially insecure political climate few will advocate for retirees they consider well-off. Additionally many industry leaders expect a return to a $417,000 national lending limit in 2014. Politics and budgets aside it comes down to the pivotal role of money. Mike McCully with New View Advisors said…

Get more reverse mortgage news, tools & technology at www.ReverseFocus.com.

What Are You Thankful For?

Gratitude Opens Doors

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Reverse Mortgage News

What We Can Be Grateful For In The Reverse Mortgage Industry

Now that we’ve eaten our last bites of Thanksgiving turkey and pumpkin pie it’s a good time to reflect on gratitude. The essence of yesterday’s holiday. But first I want to personally express our gratitude to you, our loyal viewers and members of Reverse Focus. YOU helped what began as a small idea in 2007 grow into an industry resource and backstop for reverse mortgage professionals. It’s our honor to work with each of you through the good and bad years of reverse mortgage lending.   One person near and dear to me said, “Be grateful for something. Always be grateful”. As simple as it sounds this exhortation made me consider my typical state of mind. Am I mindful of what blessings are in my life or do I focus on what I want or lack? We all know of those who are financially wealthy yet live in their own internal prison of want, lack and constantly feeling impoverished.  It boils down to our own internal compass or attitude. So what are a few things we can be thankful for as reverse mortgage professionals? #1- A mission driven industry. Many can claim their mission in their company’s letterhead, but how many can claim they help seniors enjoy their golden years with less worry, lack and want? Having worked in several industries I can say ours is the most mindful of our mission to help than any other I’ve encountered. #2- Untapped potential…

Download video transcript here.

For more reverse mortgage news & tools please visit www.ReverseFocus.com 

 

Keeping Your Website Fresh

At Reverse Focus, we recognize the importance of keeping your website fresh. Our website template offers an incredible option for any originators who need a web presence. If you don’t have a website, be sure to check out this option – you have a great-looking, custom website online within an hour. See how here.

New Headers

Custom Reverse Morgage Lending Website

For our Members who do have a Reverse Focus website, we’ve added 3 new options to the header images you can choose from. Remember, you can check as many of the header images as you’d like and your website will display a different one of your choices each time someone comes to the home page.

Social Media Options

Custom Reverse Morgage Lending Website

If you have social media accounts (Facebook, Twitter or Linked In), we have an option to include links to your accounts as well. Just go to the Social Media section in your Manage area, check the options you want to display and add the link to your page/account. Make sure to test the link on you site to make sure it was entered correctly.

Accreditations

Custom Reverse Morgage Lending Website

One final reminder is that we have a section where you can enter your NMLS# as well as indicate any accreditations you have to display these on your site (BBB, Equal Housing, NRMLA, etc).

I hope this helps you in your efforts to keep your website fresh and up to date!

Kurt

Security One Lending Expands Wholesale Lending Unit

Mike Mooney joins firm with team of top national account executives

San Diego, Calif., July 10, 2012—Security One Lending announced today that it is expanding its Wholesale Lending Unitwith the addition of new leadership and a production team of top account executives. Mike Mooney, formerly with MetLife’s Reverse Mortgage Wholesale business, has joined Security One as Senior Vice President and will lead the firm’s aggressive plans to grow market share in reverse mortgage wholesale lending by 2013.

In addition to Mooney, Kathy Hood, Derek Marks, Mark O’Neil, and John Burich—all previously reverse mortgage account executives at MetLife—have joined Security One’s production team. Each team member brings a respected book of business that will contribute to the existing Wholesale Lending Unit that Security One has built over the past three years.

“This move reinforces Security One’s commitment to top mortgage brokers around the country,” said Torrey Larsen, president and CEO of Security One. “Our combined team of brokers is best in class, offering not only a full suite of products and productivity tools, but also dedication to a hands-on approach with clients that ensures a high level of service.”

Security One has established an east coast site in Bloomfield, N.J. where the expanded production team will operate. The firm accelerated the approval process for brokers previously approved by MetLife in order to provide liquidity to the industry. In addition, brokerswill have access to expanded productivity tools and competitive price levels.

“The distribution of programs to the marketplace through a network of reputable Wholesale Partners is an important component of Security One’s growth plan,” added Larsen. “At the end of the day, we are here to help better the retirement of a growing number of older Americans. To do that, we need to be the best at what we do. The expansion of our Wholesale Lending Unit has positioned us to achieve these goals.”

This expanded business model also complements the Retail Franchise that has been established through Security One’s Consumer Direct and Distributed Retail business channels.

“Security One has created a great reputation in the wholesale space,” said Mooney. “The firm has been an innovator and quick to adapt to changes in today’s reverse mortgage market. Combined with a senior management team that I highly respect and trust, it was an easy decision to join Security One.”
Security One Lending Expands Wholesale Lending

About Security One

Security One operates coast-to-coast, currently lending in 39 states with license applications pending in four 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. Security One Lending is a FNMA Approved Seller/Servicer based in San Diego, Calif.

For more information on Security One Lending, visit www.s1l.com.

A humorous video on mortgage regulations: The Lender Blender

News Release:

Mortgage Cadence Brings a Sense of Humor to Mortgage Lending Best Practices
The Lender Blender Offers Some Comedic Relief in the Midst of Constant Regulatory Crackdowns.

Mortgage Cadence, Enterprise Lending SolutionsDecember 13, 2011 – Mortgage Cadence, LLC, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, is excited to present a series of short films under the guise of “The Lender Blender” to the public. This series of shorts irreverently illustrates the dangers that come with mismanaged processes in the midst of an industry overhaul.

Contrary to the light-hearted nature of these films, Mortgage Cadence is a solution-oriented system that continuously seeks to help lenders increase their return on investment and bottom line while maintaining compliance. The film portrayals of disarray and lack of compliance serve as a magnifying glass on some of the issues facing lenders today. Mortgage Cadence’s technology platform helps lenders minimize risk through the use of advanced technology. The product suite is proven to increase employee productivity through the elimination of paper and the creation of custom data-driven workflows.

Along with a modern sense of humor, the videos strive to highlight the asset Mortgage Cadence can be for companies struggling with their lending processes. “The need for workflow automation to streamline processes and reduce risk is more important now than ever before,” stated John Levonick, chief legal and compliance officer for Mortgage Cadence. “Outdated processes and lack of compliance is unsuitable for a sustainable business where the risk of buybacks has never been greater. Despite the comedic nature of The Lender Blender, I hope it inspires lenders to reevaluate their lending practices to determine how they can increase efficiency while ensuring compliance.”

By offering seamless automated workflow that is not only efficient and dynamic but also comes with a team of dedicated legal resources and subject matter experts, Mortgage Cadence can take your business from merely surviving to thriving. Staying compliant with the most recent regulations can feel like an added pressure, which is precisely why we are dedicated to focusing on the rules so you can focus on growing your business. You can find the video series located at thelenderblender.com or http://www.youtube.com/thelenderblender.

About Mortgage Cadence, LLC
Mortgage Cadence is the leading provider of Enterprise Lending Solutions (“ELS”), which employ an extensive financial services data model wrapped with a native rules engine to deliver data-driven workflow automation tools to mortgage banks, lenders, service providers and servicers. Mortgage Cadence has developed enterprise solutions that integrate all functions and data elements required to optimize, manage and score lending performance. The mortgage industry is always shifting to meet demands and minimize risks. Mortgage Cadence’s flexible solutions continue to evolve to meet those needs. To learn more, please visit http://www.mortgagecadence.com.

Elsa Pollock
Marketing Coordinator
720.389.4611

Minimize Effort. Maximize Profitability.
Mortgage Cadence, LLC
www.mortgagecadence.com

At Mortgage Cadence we are committed to providing world-class customer service. If you would like to provide feedback on the service you received, I invite you to contact my manager at svolling@mortgagecadence.com