One of the events I most look forward to each year is the annual meeting and conference of the National Reverse Mortgage Lenders Association. NRMLA is perhaps the most professional and client-focused trade association of which I have been a member during my rather long career in residential lending.
NRMLA is the national voice for reverse mortgage lenders, reverse mortgage loan servicers and investors engaged in the reverse mortgage industry. The primary missions of NRMLA are to educate consumers about the pros and cons of reverse mortgages, train lenders to be sensitive to the needs and expectations of senior homeowners and to aggressively enforce the Association’s Code of Conduct. It is the Association’s last focus that I most appreciate. I advocate that ethics is everything. The recent conference in San Diego emphasized this value very clearly.
As I reflect back on those three days in that beautiful city, some points continue to resonate in my head.
Based on the highly supportive comments of HUD’s Meg Burns and Michael Stolworthy, HUD considers NRMLA to be an ally, not an adversary. Working together we have forged new laws and procedures to protect seniors while building an industry that can remain healthy during these trying times.
Meg Burns, who was one of the conference’s keynote speakers, is the Director of the Office of Single Family Program Development at FHA. In her position, she is responsible for the development and implementation of all FHA single family loan programs, including HUD’s reverse mortgage program.
Michael Stolworthy, who also delivered a major address at the conference, has been a special agent with the US Department of Housing and Urban Development (HUD) since 1999. Mr. Stolworthy is currently a member of the National Mortgage Fraud Team.
Both Ms. Burns and Mr. Stolworthy are big supporters of the HUD reverse mortgage program. During their presentations, both HUD representatives complimented NRMLA for their efforts to help seniors make smart choices through education. Mr. Stolworthy remained at the conference for the entire event, attending most educational sessions. I thought that this said a lot about the man and the nature of his relationship with NRMLA.
This annual event is, for me, a must attend conference and it is likewise a must attend for all professionals who are serious about this business. For me it is also a great opportunity to meet new colleagues and to renew longstanding relationships. However, I attend every year in order to learn and to grow in my profession.
All of the educational sessions were outstanding. However, here is a list of those I most enjoyed and those from which I received the most useful insights.
Ethical Issues and Business Practices for Reverse Mortgage Lenders – This informative class was conducted by NRMLA President Peter Bell and General Counsel James Brodsky. The emphasis was doing what is right and in the best interests of the senior homeowner.
Strategies for Persuading a Bank to Accept a Short Pay-off – This is a sad commentary regarding the times in which we live. Nevertheless, reverse mortgage professionals can play a role in helping seniors retain their home when their efforts fail.
Coping with Change – What is Waiting in the Wings? – Much is occurring right now in the reverse mortgage sector and some of it is not so good. This session discussed legislative and regulatory trends, the secondary market for reverse mortgages, public perception of the program and NRMLA’s position and responses.
Spotting Elder Financial Abuse – Most cases of elder financial abuse are not perpetrated by businesses but by family members. This session was a panel discussion consisting of gerontologists who helped the attendees recognize when a client is being victimized.
A Reverse Mortgage That’s Closed is Not Yet Finished – This session dealt with what happens after a reverse mortgage is funded. The session focused on post-closing responsibilities that are ours and our clients. The emphasis was on remaining current with taxes and property insurance. It also covered disbursements and loan termination.
A Reverse Mortgage is Just a Piece of the Financial Pie – This workshop focused on the merits of incorporating a reverse mortgage into a senior homeowner’s comprehensive financial plan. The panel consisted of financial planners and geriatric care managers. NRMLA’s Peter Bell provided his thoughts on the circumstances in which a reverse mortgage is an appropriate piece of a financial planning strategy and how it should be integrated into an existing financial plan.
What You Need to Know About Counseling – Counseling is a critical component of every reverse mortgage. This presentation was a discussion among several experienced counselors. The session highlighted HECM protocols and demonstrated what occurs during the typical counseling session.
Moving Along – Aging in Place – This session talked about the advantages of a senior support network. Seniors need to know where to seek answers to their problems. NRMLA members are encouraged to see this as one of their “obligations.”
These were my conference high points but there were many other high points as well. Therefore, this blog is but a sample of what occurs at our annual conference and at the four regional sessions each year.
What is taught and emphasized at these meetings underscores why I am so committed to NRMLA and why I believe that those who are considering a reverse mortgage consult only with NRMLA members. NRMLA members originate almost 90% of all reverse mortgages so membership is the litmus test that separates the professionals from the pretenders.
