REPORT FROM THE NRMLA 2012 EASTERN REGIONAL MEETING

29 Mar

Those friends and colleagues old and new that I had the pleasure of meeting at the Hyatt in Manhattan: It was great to see you!

For those who were unable to attend:  Here is a brief summary of the highlights – those who would like a copy of my detailed notes, call or email me.  kkeating@traditionta.com or 631-328-4410.

First, there was some discussion on the immediate future of reverse mortgages.  Press has generally been more positive and more accurate, but we may not see a big increase in loans until real estate starts to appreciate significantly.

The Consumer protection Bureau’s study on reverse mortgages should be complete in July of this year, and in the meantime they are participating in the effort to simplify loan disclosures.

Notably, a hybrid reverse mortgage has been discussed with HUD, and they seemed quite interested, but their wheels turn slowly.

A panel of mortgage company principals and active originators discussed compensation rules, which still seem to remain unclear or subject to interpretation.

A panel of HUD directors pointed out that since the new counseling protocol has been in place, the default rate has halved, and quoted statistics on defaults and repayment.

On Day Two, some very helpful information was shared on marketing the HECM Saver and HECM for Purchase, emphasizing tips on networking and good referral sources.

Later Tuesday morning, he three most common fraud investigations were discussed:  complaints by family members, one-off events and organized criminal groups, along with examples of origination fraud, servicing fraud, and how to recognize and avoid them.  A Special Investigator gave some colorful examples from cases he has dealt with.

Important sessions on company branding, with a focus on what motivates an older person’s decision making, and the NRMLA “Borrow with Confidence” campaign rounded out the conference.

Detailed notes will be available on these soon.  Give me a call or send me an email.

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