Yes, prior to 2010 originating reverse mortgages was less convoluted, confusing and restrictive but it was also no bed of roses either. Just a few things to consider to give us perspective.
Continue readingA Welcomed Delay
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Delay Grants More Time to Prepare for Assessment
Last week our industry received what many consider an early Valentines gift. Feel the love yet? HUD announced that they would be delaying implementation of the financial assessment which was slated to be in force March 2nd, 2015. The agency states a new effective date can be expected within 30 to 60 days. After numerous delays of the assessment I’m certain many of you watching are raising an eyebrow. Regardless of the nervous and jerky nature of the assessment we can seize upon five benefits of HUD’s postponement.
1- The opportunity to get more borrowers through the gate. Your prospects who are undecided may wish to act now for a more streamlined and less restrictive loan approval process. Our goal is not to instill fear but rather to give them the choice: act now or wait and go through the assessment. We should focus on borrowers who may require a substantial lifetime expectancy set aside who would see more proceeds prior to the assessment.
2- Time to adjust your marketing plan. We should all be asking ourselves ‘am I attracting the right type of borrower?’ Look at your marketing, lead sources and referral network and determine the typical borrower profile that each provides. If you’re presently marketing to areas with low…
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Shifting Sand
Indeed with the numerous delays and false launch of the financial assessment one could be left with a sense of uncertainty while trying to originate reverse mortgages. You’re not alone. Here are three tips to manage uncertainty today.
Continue readingEnhancing Communication / Part 1: Hear, Hear! Hearing Loss Can Be An Audible Problem
The Center for Hearing and Communication reports that 30-40 percent of people over 65 have some type of hearing loss. But younger people (perhaps even reverse mortgage professionals themselves) aren’t immune: 14 percent of those ages 45-64 also have some type of hearing loss.
Continue readingParsing Words
As industry watchdog and consumer advocate Atare Agbamu puts it “Fourteen words”. At the heart of the non-borrowing spouse debate and subsequent lawsuits brought agains HUD are fourteen words found in the original regulations of the HECM program as part of the National Housing Act in subsection J entitled “Safeguard to prevent displacement of homeowner”
Continue readingWhat the HECM Happened?
I’m sure I am not alone in thinking ‘what the heck happened to the reverse mortgage program’. It’s only natural to find yourself pondering this quandary if you’ve been originating federally-insured reverse mortgages four years or longer.
Continue readingSmall Shifts That Make a Big Difference
The Japanese call it kaizen: gradual, incessant improvement. Minuscule ongoing shifts can add up to a big win, just as a subtle shift in the words we use can affect how we view life.
Continue reading3 Weeks: Are You Prepared?
When it comes to how reverse mortgage loans are originated a line has been drawn in the sand: March 2nd, 2015. In two short weeks the long-awaited or dreaded Financial Assessment goes into effect forever changing the way HECM loans are qualified. This is a game-changer.
Continue reading10 Ways to Deal with Adversity
Unless you’ve been living in a magical and perfect world you have recently or currently are experiencing adversity. Relentless and numerous changes to the HECM program, the upcoming Financial Assessment and marketing challenges all can be noted as contributing factors.
Continue readingPriming Your Sales Pump
When it comes to slowdowns you may be experiencing most of them are simply out of your control or sphere of influence. The good news is with time comes increased efficiency. Many lenders may be stretched now but will be adapting quickly to new policies and regulations decreasing processing and underwriting times.
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