Have you noticed it? There are several changes occurring in our industry as I write this piece. While it is sometimes cumbersome to stay on top of new regulations, programs, etc, I say change is good. Read on and tell me if you agree.
The new counseling protocol went into effect just a short time ago. I heard stories of counseling agencies with longer wait times, and loan officers who were unsure of the effect this new protocol would have on their business. Others embraced it as a positive step that would ensure that our senior borrowers are better informed than ever. What do you think?
Just yesterday, we saw the release of Mortgagee Letter 2010-34. The HECM Saver is here. We now have a new program that addresses the closing cost concerns raised by many seniors and their families.
New principal limit factors are set to take effect soon. The impact this will have on our business remains to be seen. We continue to evolve. And as I said before, I view change as a positive. These new developments give me yet another reason to reach out and educate my audience. You have an opportunity here, do not overlook it. Make sure you are in contact with your prospects and previous clients as well, to make them aware of the changes that have already occurred and those that are coming. Be seen as the expert you are. Post a video to your website. Provide a series of webinars or in person informative meetings. Offer to educate your professional network, and don’t forget your REALTORS®.
I’d like to know what you are doing to stay on top of these developments and how you think they will affect your business as a reverse mortgage originator. Send an email to me at:
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. Sue 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
