The Nationwide Reverse Mortgage Lenders Affiliation (NRMLA) concluded the 2024 version of its Annual Assembly and Expo on Thursday afternoon. These in attendance advised HousingWire’s Reverse Mortgage Every day (RMD) that the occasion offered ample alternative for networking and academic content material whereas boosting hopes that the business can develop within the coming years.
Completely different sorts of attendees — together with mortgage originators, brokers and distributors — got here away from the occasion with completely different messages. Distributors had been happy on the engagement with present and potential enterprise companions, whereas originators and brokers lauded the academic content material and the presence of housing leaders from the U.S. Division of Housing and City Growth (HUD).
However others, together with longtime business veterans, additionally mentioned they detected an vitality on the occasion.
‘Insightful and provoking’
“The convention right here in 2024 in San Diego has had a brand new temper and a brand new vitality, form of a renewed vitality to take new floor within the mortgage base,” mentioned George Morales, nationwide gross sales director with Mortgage Cadence. “You’ll be able to really feel it amongst the attendees and the management at NRMLA, and amongst the lenders which can be being represented right here. It’s actually been insightful and provoking to be a part of this convention.”
Christina Harmes Hika, a San Diego-based reverse mortgage skilled with Reverse Mortgage Options, discovered herself energized by the convention materials.
“It’s at all times actually nice to attach with others within the business,” she mentioned. “For instance, within the session we simply attended with underwriters, it was encouraging to listen to how they strategy their work with the mindset of approving information that needs to be authorized, relatively than making an attempt to disqualify them. Coming from the ahead world, the place underwriters typically operated equally, it’s refreshing to see that strategy right here as nicely.”
Harmes Hika additionally singled out the presence from HUD, as Federal Housing Administration (FHA) Commissioner Julia Gordon and housing counseling division head David Berenbaum addressed the viewers on-site.
“It’s at all times helpful to achieve readability on what’s truly a HUD guideline versus different necessities,” she mentioned. “Some individuals within the room would possibly suppose, ‘That’s simply the way in which they do it,’ however in actuality, these are HUD pointers all of us should adjust to.”
Instructional materials
Glen Sensible and Robin Loomis are a husband-and-wife duo of Arizona-based reverse mortgage professionals who had been beforehand profiled by RMD. Every of them approached the occasion from the angle of originators and located worth within the academic content material.
“We at all times get pleasure from coming right here as a result of assembly with our distributors provides us helpful insights,“ Sensible mentioned. “Though we’re long-time veterans of the business, each time we attend, we decide up little nuggets of knowledge that we are able to take again and apply in our day-to-day operations.”
Loomis concurred, particularly declaring content material associated to servicing as notably useful for her enterprise.
“One among my favourite features is all the things associated to servicing. I actually get pleasure from studying easy methods to higher talk with each our shoppers and the servicers, so we are able to establish and deal with potential points early on, stopping issues for our shoppers down the highway,” she mentioned.
Connection alternatives
Megan Awalt, vp of reverse title and escrow firm Allegiant Reverse Providers (ARS), took essentially the most worth from connecting with enterprise companions. That is notably useful for her since distant work has change into a lot extra frequent.
“The convention has been nice,” she mentioned. “It’s at all times an important alternative for us to reconnect with business companions and clients, and to see individuals head to head, particularly since we don’t get to go to places of work or journey a lot anymore with so many individuals working remotely. This actually appears like our greatest and solely likelihood to see everybody in individual.”
Tane Cabe, a former reverse mortgage division chief and present proprietor of the academic product HECM Toolbox, mentioned there are few different alternatives to speak with such a doubtlessly receptive viewers.
“I didn’t know what to anticipate since that is truly my first NRMLA convention, and I’ve been in reverse mortgages since ’04 and mortgages since ’93,” Cabe mentioned. “The receptivity has been superb. The choice to return right here, have an exhibit desk, and speak to individuals about what we’re making an attempt to perform within the business has been superior.”
Room for progress
Ryan Ogata, who leads the reverse mortgage operation at Charge, mentioned he discovered the occasion productive however hopes for extra progress sooner or later. He additionally appreciated what he referred to as the “coopetition” of different lenders within the house, with whom he’s competing however who are also suppliers of fine data.
“Sure, we’re rivals, however on the identical time, even a giant participant like us at Charge solely accounts for a fraction of the ahead mortgage market,” he mentioned. “So, whereas we’re an enormous participant, there’s nonetheless an enormous market alternative on the market. The independents cooperate whereas competing as a result of they’re all going after that remaining 97% of enterprise.”
The reverse mortgage dynamic is completely different, nonetheless, since even longstanding gamers perceive the necessity for some form of catalyst to kick the enterprise into the next gear.
“Rates of interest would possibly assist in the quick time period, however they gained’t save the business,” Ogata mentioned. “We have to promote the product to extra clients. A HECM-to-HECM refinance might generate rapid income, however it’s nonetheless concentrating on the identical buyer who already has the product.
“We have to broaden past the present 2% market penetration, as recycling that proportion again and again doesn’t transfer the needle for long-term progress.”
