With all the pricing changes that have occurred over the last few weeks, I've had to calm down a good number of reverse mortgage originators. They are saying, "I've never had to deal with this in the reverse space." Yes, I'll admit the current environment is not something we in the "reverse world" are used to, but guess what, it's here.
Now let's all take a deep breath-and-deal with it. Stop worrying about so-and-so had reduced the servicing fee and "that guy over there is cutting the origination fee." If you are of the mindset that you are always going to have to be the cheapest guy in town, let me remind you, how did you handle this in the forward world?
That's what I thought-you positioned yourself as the local expert in your market and you thrived. Prospects were seeking you out because of your professionalism and reputation. You did not compete solely on price and you did not fall victim to the "head of lettuce" syndrome. If you're not sure about that one, send me a note at
Now let's get back to basics. If you are working on a seminar series, stick with it. Continue your social media and other virtual outreach. I have several Reverse Mortgage Success members who are in the middle of a series of continuing education classes to Realtors on the Reverse for Purchase program. I am doing a class myself this weekend.
We are not deviating from our plan because of these market changes. In fact, we are doing quite the opposite. We are simply incorporating these changes into our communication. Don't let this development sidetrack you. Do you have an effective CRM? How is your website? Is it a lead generator or does it need some sprucing up? Work on the projects that will benefit you in the long run, and continue to be the local reverse mortgage expert.
If you have thought about hiring a coach, now is the time. Don't let yourself get caught up in the frenzy. Keep the senior and their best interest in the forefront, always recommend the best program for him/her, and continue to position yourself as the local expert. Create your own "blue ocean." If you want to know more about that, e-mail me.
Sue Haviland is a reverse mortgage consultant in Baltimore and the founder of Reverse Mortgage Success, a leader in the training and education for originators around the country in the rapidly growing reverse mortgage arena. Ms. Haviland has worked in the lending industry since 1981. She has been originating reverse mortgages for the last six years and still originates loans every day. She has helped hundreds of families all over the country in the last several years. Sue also shares her knowledge of this market in presentations before the Women's Council of Realtors, Mortgage Bankers Association, National Association of Professional Mortgage Women, and SRES - Senior Real Estate Specialists, Brian Sacks' Insider Seminars, as well as the public. Sue is a Certified Senior Advisor and is active in many professional organizations. Sign up for her free seven-part mini-course at
