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Rebranding the Reverse Mortgage
Happy Birthday, LESA
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The Reverse Review May 2017
2 | TRR
Meet AAG’s expert Lender Support Team Every day loan submission guidance for ALL our valued partners
Dana DaAvEis Assistant
al y profession er tr s u d in e g a n Mortg er ow former brok ge . 2 9 9 1 e c in a s verse mortg and in the re e last 6 years. th industry for
Our Focus is Your Borrower AAG’s Lender Support is a specialized team of industry experts dedicated to our wholesale partners who will guide you through the submission process.
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They receive over 100 calls per day – a clear sign that they are helping our valued partners close more loans. Call today and let us know how we can support you! American Advisors Group, NMLS #9392, headquartered at 3800 W. Chapman Ave., 3rd & 7th floors, Orange, CA 92868. For industry professionals only – not intended for distribution to the general public. This material is not from HUD or the FHA and was not approved by HUD or a government agency. reversereview . com 8 TRR |3 License information can be viewed on: http://www.nmlsconsumeraccess.org www.nmlsconsumeraccess.org or http://www.aag.com/disclosure.
The Reverse Review May 2017
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Wendy Peel sits down in our Hot Seat
The Small-Bank Opportunity
ON THE COVER What it takes to be a top-tier LO
For seven years, The Reverse Review has published articles covering the reverse mortgage industry. We’ve discussed it all—from underwriting, servicing and marketing to originating and the secondary market. In our pages, HECM experts, seasoned LOs and industry executives have shared ideas on how we can do our jobs better and make this important product available to more seniors.
Along the way, our mission has always been to serve as a resource for the thousands of reverse mortgage originators who read this magazine. We strive to bring you useful information that can help you grow your business.
Rebranding the Reverse Mortgage
MAY 2017
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review
M AY 2 017
A NOTE FROM JESSICA GUERIN
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INSIDE THIS ISSUE | A VIEW FROM THE COUNSELOR’S CHAIR
Happy Birthday, LESA PG. 23
Reza Jahangiri PUBLISHER
Erik Richard EDITOR-IN-CHIEF
Jessica Guerin
CREATIVE DIRECTOR
Traci Knight
COPY EDITOR
Kersten Deck MARKETING DIRECTOR
Alycia Greer
Printer The Ovid Bell Press Advertising Information phone : 630.207.3882 email : jessica@reversereview.com Subscriptions email : information@reversereview.com Editorial Content email : jessica@reversereview.com © 2017 Reverse Publishing LLC All rights reserved. Reproductions or distribution of any materials obtained in the publication without written permission is expressly prohibited. The views, claims and opinions expressed in articles and advertisements herein are not necessarily those of The Reverse Review, its employees, agents or directors. This publication and any references to products or services are provided “as is” without any expressed or implied warranty or term of any kind. While effort is made to ensure accuracy in the content of the information presented herein, Reverse Publishing LLC is not responsible for any errors, misprints or misinformation. Any legal information contained herein is not to be construed as legal advice and is provided for entertainment or educational purposes only.
JESSICA GUERIN Connect with me about how you can participate. Reach me at jessica@reversereview.com
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SENIOR PUBLISHER
U N D ERWRITIN G
Our cover story this month aims to do exactly that. We focus on how originators can elevate their work, sharing concrete tips from three of the industry’s leading HECM coaches on what you can do to up your game. We hope our audience of dedicated HECM originators finds these tips valuable, for as HECM trainer Lorraine Geraci points out, the truly successful never stop learning.
Feedback is very important to us here at The Reverse Review. Send us your thoughts on this issue or comment online for a chance to see your perspective in print.
Meet the Team
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table of contents 08 / STATS
18 / MARKETING
18 24
March top lenders and HECM endorsement stats through February
Rebranding the Reverse Mortgage
REVERSE MARKET INSIGHT
How we can better market the product to overcome its stigma
10 / NRMLA NEWS
TRR 5/17
TANE CABE
Read about the association’s current initiatives.
20 / TECH
Transformation May Be Hiding in Your Data
12 / ROUNDUP A collection of facts and recent surveys affecting the reverse market
13 / HOT SEAT Wendy Peel
Using technology to enhance the origination process MICHAEL JOSEPHS, STOSH JARECKI AND JACOB LEVY
23 / UNDERWRITING
President of PRC
Happy Birthday, LESA
14 / ORIGINATING
Understandable Issues, Unintended Consequences and Undeserved Bad Press
A reflection on its impact as HUD’s underwriting requirement turns 2 years old RALPH ROSYNEK
30
Some counties are converting property tax waivers for seniors to deferrals, and the HECM gets the blame.
24 / SPOTLIGHT
LAURIE MacNAUGHTON
As consumer advocates, we aim to help your clients make educated decisions.
17 / ORIGINATING
The Small-Bank Opportunity How to develop relationships with community banks JOHN SMALDONE
17
From the Counselor’s Chair
CONNIE CLINE AND CHRISTENA DUROST
30 / LAST WORD
One Job, Many Hats
20
The unconventional work of a HECM LO JOE FERRARO
FEATURE
26 / FEATURE
YOU CAN DO IT!
Training to Be the Best What it takes to be a top-tier LO JESSICA GUERIN
REACH OUT TO US ABOUT WRITING FOR TRR. INFO@REVERSEREVIEW.COM
"What does it take to master the art of HECM origination? We spoke with three of the industry’s top trainers to find out. These pros have coached thousands of loan officers across the country, teaching them how to succeed in their work, helping them train to be the industry’s best. reversereview . com
8 TRR | 5
The Reverse Review May 2017
contributors LOOKING TO CONNECT WITH THE REVERSE COMMUNITY?
John K. Lunde 8 | Stats g
John K. Lunde is president and founder of Reverse Market Insight, Inc., a performance data analysis and consulting firm specializing in the reverse mortgage industry. RMI clients include eight of the top 10 reverse mortgage lenders, plus investors, servicers and vendors to the industry. 949.429.0452 rminsight.net
Wendy Peel
13 | Hot Seat g Wendy Peel is the VP of sales and marketing for ReverseVision, where she is tasked with communicating the company’s corporate goals and value proposition to the market. A highly seasoned technology sales and marketing executive, Peel is wellversed in promoting B2B technology-driven enterprise solutions. Peel graduated from the University of West Florida with a B.A. in communications/ advertising.
Laurie MacNaughton
14 | Understandable Issues, Unintended Consequences and Undeserved Bad Press g
Laurie MacNaughton is a reverse mortgage specialist at Middleburg Bank. MacNaughton studied in Europe, graduated with honors from Villanova University and attended graduate school at George Washington University. She is a freelance writer and a frequent speaker at elder law, health care and financial planning events. lmacnaughton@ middleburgbank.com
ADVERTISE IN THE REVERSE REVIEW!
REACH A NATIONAL AUDIENCE OF RM PROFESSIONALS. CONTACT US FOR MORE INFORMATION. info@reversereview.com
6 | TRR
John Smaldone
17 | The SmallBank Opportunity g John Smaldone is the executive VP of Hanover Financial Services, a consulting firm that focuses primarily on the reverse mortgage industry. Smaldone is the founder of Taylor, Bean and Whitaker and is the former senior VP of TransLand Financial Services’ reverse mortgage division. He has been in mortgage banking for 48 years, focusing on reverses for the past 19 years. john@hanoverfinancial. com hanover-financial.com
Tane Cabe
Michael Josephs
Stosh Jarecki
Jacob Levy
Tane Cabe is manager of Churchill Mortgage’s Gig Harbor, Washington, branch. Churchill Mortgage is a prominent and financially sound leader in the mortgage industry, providing conventional, FHA, VA and USDA residential mortgages across 40 states. churchillmortgage.com @churchillmtg facebook.com/ churchillmortgage
Michael Josephs is the CIO at AAG. Before joining AAG in January 2016, Josephs served as CIO for the Insurance Workers’ Compensation Solutions and Services group at Xerox (StrataCare). Josephs has worked previously for E*Trade, Triad Financial, and has assisted in the establishment of information collection, dissemination and presentation platforms and services for agencies working in our national interest. He has a degree in computer science from the University of Maryland.
Stosh Jarecki is the vice president of software solutions at AAG. He has over 15 years of experience in the mortgage technology space, developing multiple LOS, servicing and digital content systems for the forward and reverse markets. He helped usher in the use of automated underwriting engines in the early 2000s and today is looking at the next evolution using AI and big data’s potential to minimize risk and open new opportunities.
Jacob Levy is the director of data architecture at American Advisors Group. Levy plays a leading role in making AAG a datadriven and manageably scalable enterprise. He has been with AAG for nearly seven years, working previously as AAG’s salesforce architect and as a senior financial analyst. Prior to joining AAG, Levy was an associate at two boutique investment banks and, for one last golden summer, a professional baseball player.
18 | Rebranding the Reverse Mortgage g
20 | Transformation May Be Hiding in Your Data g
18 | Transformation May Be Hiding in Your Data g
18 | Transformation May Be Hiding in Your Data g
contributors
Ralph Rosynek
Connie Cline
Christena Durost
Ralph Rosynek is the senior vice president of the Money House, Inc. – U.S. Division, responsible for sales and operations activities of the company’s HECM and forward mortgage national wholesale and correspondent business channels. Rosynek is a seasoned HECM DE underwriter and has written for The Reverse Review since the magazine’s launch as its underwriting expert. He has held many leadership roles in the reverse mortgage industry for the past 15 years. rrosynek@moneyhouseus.com
Connie Cline has worked in credit and housing counseling since 1998, and has focused solely on HECMs since 2008. She has been conducting counseling for Housing Options Provided for the Elderly (hopehecm.org) since 2009 and also works with HECM borrowers in default through a partnership with the NCOA. Cline conducts HECM counseling and senior service training courses nationwide for NeighborWorks America and other housing-related training courses for the National Council of La Raza.
Christena Durost has been a reverse mortgage counselor since 2002. She has been training other reverse mortgage counselors, and writing training materials, since 2004. Durost is based in Portland, Oregon, and works for HOPE, a HUD intermediary focusing specifically on HECM counseling.
24 | Happy Birthday, LESA g
24 | From the Counselor’s Chair g
24 | From the Counselor’s Chair g
Joe Ferraro
30 | One Job, Many Hats g Joe Ferraro is a 25-year mortgage veteran and vice president and Northeast regional manager for Retirement Funding Solutions, having previously represented Wells Fargo, MetLife and Security 1. He owned a lender/ broker firm in Connecticut for 13 years and was the treasurer of the Connecticut Association of Mortgage Brokers. Ferraro’s first exposure to the reverse mortgage program was in 1995; he made a full commitment to the reverse space in 2009.
PARTICIPATE IN THE CONVERSATION.
Share your ideas with your colleagues and be a part of the solution. Reach out to us at info@reversereview.com.
Let us help you grow your business n n n n
Training, tools and strategies to help you flourish Innovative pricing and product options A seasoned support team Advanced technology to help you spring ahead of the competition. Learn how at go.reversefunding.com/advantage
For more information, call 877.820.5314 This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency. NOT FOR CONSUMER USE ©2017 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: #1019941 (www.nmlsconsumeraccess.org). Arizona Mortgage Banker License #0927682; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Finance Lenders Law; Georgia Mortgage Lender Licensee #36793; Illinois Residential Mortgage Licensee; Massachusetts Mortgage Lender License #ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Rhode Island Licensed Lender; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905. Not intended for Hawaii and New York consumers. Not all products and options are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. L954-Exp042018
reversereview . com
8 TRR | 7
The Reverse Review May 2017
stats March 2017 Top Lenders Report
12345 American Advisors Group
Liberty Home Equity
Finance of America Reverse
Reverse Mortgage Funding
Synergy One Lending
Endorsements
Endorsements
Endorsements
Endorsements
Endorsements
1,167
536
482
363
270
Lender Endorsements
253
Lender Endorsements
NATIONWIDE EQUITIES CORPORATION
156
PEOPLES BANK
ONE REVERSE MORTGAGE LLC
VIP MORTGAGE INC
17
16
LIVE WELL FINANCIAL INC
155
MONEY HOUSE INC
HIGHTECHLENDING INC
144
LAND-HOME FINANCIAL SERVICES
15
104
INTERCONTINENTAL CAPITAL GROUP
13
FIRSTBANK 81
FRANKLIN FIRST FINANCIAL LTD
13
HOME POINT FINANCIAL CORPORATION
69
GOLDWATER BANK 11
THE MONEY SOURCE INC
64
MOUNTAIN AMERICA CREDIT UNION
11 11
REVERSE MORTGAGESCOM INC
16
ADVISORS MORTGAGE GROUP LLC
63
AMERICAN FINANCIAL NETWORK INC
RMS/SECURITY ONE LENDING
62
YADKIN VALLEY BANK AND TRUST
11
FAIRWAY INDEPENDENT MORTGAGE CORP
59
UNIVERSAL LENDING CORPORATION
10
OPEN MORTGAGE LLC
58
CALIBER HOME LOANS INC
10
45
MANN MORTGAGE LLC
10
42
GEORGETOWN MORTGAGE
9
42
HURON VALLEY FINANCIAL
9
42
HOMEBRIDGE FINANCIAL SERVICES INC
9
42
CATALYST LENDING INC
9
QUONTIC BANK FSB
PLAZA HOME MORTGAGE INC RESOLUTE BANK
BANK OF ENGLAND
LONGBRIDGE FINANCIAL LLC
UNITED NORTHERN MORTGAGE BANKERS LTD 39
SOUTHERN TRUST MORTGAGE LLC
9
BANC OF CALIFORNIA
35
PRIMARY RESIDENTIAL MORTGAGE INC
9
CHERRY CREEK MORTGAGE CO INC
33
RESIDENTIAL HOME FUNDING CORP
9
31
UNITED MORTGAGE CORP
8
31
MORTGAGE BROKERS SERVICES
8
7
MCM HOLDINGS INC
THE FEDERAL SAVINGS BANK
SUN WEST MORTGAGE CO INC
27
MCS MORTGAGE BANKERS INC
COMMUNITY FIRST NATIONAL BANK
26
AMERICAN LIBERTY MORTGAGE INC
7
25
UNIVERSAL AMERICAN MORTGAGE CO
7
24
TOWNEBANK 7
21
SIERRA PACIFIC MORTGAGE CO INC
7
21
PACIFIC RESIDENTIAL MORTGAGE LLC
7
21
NOVA FINANCIAL & INVESTMENTS CORP
7
SUN AMERICAN MORTGAGE
21
WILLOW BEND MORTGAGE CO
7
18
MORTGAGESHOP LLC
6
ALL REVERSE MORTGAGE INC BROKER SOLUTIONS INC
AMERICAN PACIFIC MORTGAGE EVOLVE BANK & TRUST M & T BANK
TOTAL MEDIA MANAGEMENT LLC 8 | TRR
stats HECM Endorsement Stats Through February 2017 { FIGURE }
01
PURCHASE
$1,200
REFI STANDARD
$800 $600 $400 $200
2/1/17
1/1/17
12/1/16
11/1/16
02
10/1/16
8/1/16
{ FIGURE }
9/1/16
7/1/16
6/1/16
5/1/16
4/1/16
3/1/16
$0 2/1/16
DOLLARS IN MILLIONS
HECM ENDORSEMENT INITIAL PRINCIPAL LIMITS
$1,000
HECM ORIGINATORS (FHA & NON-FHA)
INDUSTRY SUMMARY
TRAILING TWELVE MONTH ENDORSEMENTS 5,000
3,000
3
2,669
0.91%
1,857 -3.88%
4,526
-1.11%
Retail Endorsement Growth
4
2,465
-7.64%
1,775 -4.42%
4,240
-6.32%
5
2,034 -17.48%
1,605 -9.58%
3,639 -14.17%
6
2,190
7.67%
1,573 -1.99%
3,763
3.41%
7
2,033
-7.17%
1,497 -4.83%
3,530
-6.19%
8
2,440 20.02%
1,938 29.46%
4,378 24.02%
9
2,219
-9.06%
1,519 -21.62%
3,738 -14.62%
10
2,159
-2.7%
1,753
15.4%
3,912
4.65%
11
2,067
-4.26%
1,817
3.65%
3,884
-0.72%
12
2,532
22.5%
2,124
16.9%
4,656 19.88%
1
2,594
2.45%
1,984 -6.59%
4,578
-1.68%
2
2,327 -10.29%
5.44%
4,419
-3.47%
Wholesale Endorsement Growth
5.44%
2,000 1,000
Total Endorsement Growth
3 4 5 6 7 8 9 10 11 12 1 2 Retail
MO.
-10.29%
4,000
0
INDUSTRY SUMMARY
Wholesale *Numbers Represent Months
-3.47%
* Figures Above Reflect Change from Prior Month
RETAIL UNITS CHG%
TOT
27,729
WHOLESALE UNITS CHG%
2,092
21,534
TOTAL UNITS CHG%
49,263
%%%%% LOOKING FOR MORE STATISTICS? Go to rmsinsight.net for all of the industry’s latest stats and rankings. Brought to you by Reverse Market Insight reversereview . com
8 TRR | 9
The Reverse Review May 2017
nrmla news BROUGHT TO YOU BY NRMLA STAFF
NRMLA Celebrates Reverse Mortgage Education Week To help raise public awareness about the versatility of reverse mortgages and how they have helped more than 1 million homeowners age in place, NRMLA hosted six webinars during the week of April 24 for Reverse Mortgage Education Week. NRMLA organized events with the American Society on Aging and Mortgage Bankers Association, while NRMLA members generated a buzz for the events within their own professional networks of in-home care providers, real estate agents, financial planners and others who work with older adults. During a live web interview on April 25, Next Avenue Managing Editor Richard Eisenberg posed reader questions to NRMLA leaders and industry experts who have earned the Certified Reverse Mortgage Professional (CRMP) designation. Next Avenue, which has served more than 40 million people on its site and millions more through other platforms and partnerships, invited its readers and social media followers to submit questions ahead of time on their site. F I N D M O R E I N F O R M AT I O N ABOUT THESE EVENTS. W AT C H T H E M O N NRMLAONLINE.ORG.
10 | TRR
NRMLA Explains Home Equity in Advance of Financial Literacy Month To help commemorate Financial Literacy Month in April, NRMLA released “An Introduction to Housing Wealth: What is home equity and how can it be used?" It’s a three-part article that explains home equity and its uses, methods for tapping it, and the special home equity options available for homeowners aged 62 and older.
The article and accompanying infographic can be downloaded from NRMLA's consumer education website reversemortgage.org. Members are encouraged to share this information with clients and their family members.
"Financial Literacy Month is an opportunity for consumers of all ages to evaluate and elevate their understanding of the concepts essential for responsible money management, such as savings, credit, interest and debt," said NRMLA President and CEO Peter Bell. "From planning a household budget to developing a comprehensive retirement funding strategy, financial literacy is crucial to our ability to plan for the future.”
NRMLA Partners with LexisNexis A partnership agreement was formally announced between NRMLA and LexisNexis at the Eastern Regional Meeting in New York on April 3 that entitles member companies to a discounted enrollment to the Mortgage Industry Data Exchange. Nick Larson, manager of market planning for LexisNexis Risk Solutions, called the MIDEX system “the mortgage industry’s Better Business Bureau.” NRMLA’s Executive Vice President Steve Irwin encouraged members to subscribe to MIDEX and use it to report fraudulent and misrepresentative practices in the reverse mortgage space. “This arrangement will help bring MIDEX benefits to our industry and add to the range of remedies available to NRMLA through active DO YOU HAVE A enforcement of its Code of Ethics and Professional Responsibility,” said Irwin. .
QUESTION
NRMLA members who have questions about the MIDEX subscription discount can contact Darryl Hicks at dhicks@dworbell.com for more information.
Home Equity Grows by $170.7 Billion
billion, boosting their total housing wealth to $6.2 trillion.
Home equity levels for homeowners aged 62 and older increased by 2.8 percent in the fourth quarter of 2016 to $170.7
The growth in home equity, coupled with a 2.4 percent increase in home values for the same age group, drove the NRMLA/ RiskSpan Reverse
Mortgage Market Index to a new all-time high of 221.75. The RMMI is a quarterly measure that analyzes trends in home values, home equity and mortgage debt held by homeowners aged 62 and older dating back to 2000.
nrmla news Draft HECM Handbook Soon to Be Published While addressing NRMLA’s Eastern Regional Meeting in New York on April 3, FHA officials said they hope to publish a draft copy of the new HECM Handbook by the second or third quarter of 2017, at which time members and other industry participants will be invited to submit feedback. Assuming there are no delays, a final version of the HECM Handbook will be published later this fall. Existing HECM regulations contained in Handbook 4235.1, along with new program changes contained in the recently published final rule, are being transitioned to FHA’s Single Family Handbook 4000.1.
2.6% > 11% > 12.9% 2012
2016
2017
FHA Monitoring Refi Activity FHA continues to monitor refinance activity, which has steadily increased from 2.6 percent of all originations in 2012 to 11 percent in 2016, and 12.9 percent so far in 2017. “We continue to have concerns about churning, whether the refinance provides a meaningful benefit to the borrower, and the quality of appraisals,” said FHA Senior Policy Advisor Karin Hill, while speaking at the Eastern Regional Meeting. As a reminder, in October 2015, NRMLA published Ethics Advisory 2015-2, which includes requirements for ethical refinancing of HECM reverse mortgage loans and anti-churning considerations.
Building Acceptance of Reverse Mortgages Improving reverse mortgage financial literacy, reducing borrowing costs and expanding product options are among a list of recommendations put forth by the Washington, D.C.based Urban Institute to help ease barriers to home
FHA's Loan Review System to Go Live on May 15
15 FHA announced in Mortgagee Letter 2017-08 that the implementation date for its Loan Review System will be May 15, 2017. LRS will be used to manage Title II Single Family Loan Reviews, Title II Single Family Mortgagee Monitoring Reviews, and Mortgagee selfreporting of fraud, misrepresentation and other material findings. The HECM statute, section 255 of the National Housing Act (codified at 12 USC 1715z-20), falls within Title II. FHA has conducted webinars and created a landing page on the hud. gov website for people who want more information.
equity extraction in a new study titled “What’s stopping seniors from accessing the wealth stored in their home equity?” “Seniors are sitting on a mountain of housing wealth. Homeowners ages 65 and older could access more than $3 trillion in extractable primary residence home equity, but only six percent of senior homeowners are
Helping Clients Who Are in Default HUD’s Office of Housing Counseling provided NRMLA with a list of housing counseling organizations that have been specially trained to provide default counseling services. The next time one of your past clients calls you in need of assistance because their loan is in technical default for nonpayment of property taxes or insurance, please refer them to this list. GREENPATH
888.860.4167 MONEY MANAGEMENT INTERNATIONAL
866.765.3328
NATIONAL FOUNDATION FOR CREDIT COUNSELING
866.363.2227
NRMLA CONGRATULATES Barbara McIntyre, a reverse mortgage loan originator with Reverse Mortgage Funding LLC, based in Melbourne, Florida, for earning her CRMP.
McIntyre has originated reverse mortgages exclusively since 2007 when she joined Bank of America. She worked for Wells Fargo, FirstBank and Security 1 Lending before joining RMF two years ago.
NEIGHBORWORKS AMERICA
888.990.4326
HOUSING OPTION PROVIDED FOR THE ELDERLY
773.262.7801
interested in tapping into their home equity to help meet retirement financial needs,” according to the study’s authors, Karan Kaul and Laurie Goodman, who discussed some of her initial findings at NRMLA’s 2016 Annual Meeting in Chicago. “At the same time, nearly 37 percent of senior homeowners are concerned about their financial situation in retirement.”
Aversion to debt and continued improvements to health and medicine are allowing more seniors to work and earn well into old age, reducing the need to depend on home equity extraction, the authors added. To help reverse the trend, the Urban Institute proposed improving reverse mortgage financial literacy by introducing the product to people at a younger age. reversereview . com
8 TRR | 11
The Reverse Review May 2017
SENIOR FACTS
THIS MONTH
The homeownership rate for seniors aged 65 and older was 79% in the third quarter of 2016.
A LOOK AT THE NEWS AND STATS AFFECTING THE MARKET
The U.S. Census Bureau
GET UP-TO-DATE retirement facts, home price stats, senior trends and HECM market developments in The Reverse Review’s monthly Roundup.
THE SENIOR AGENDA
A report on trends in real estate by the National Association of Realtors revealed several interesting facts about senior homebuyers.
HOME EQUITY FACTS
A desire to live near friends and family motivated home purchases among those 62-70
Of the buyers in the 62-70 category, 27% said they planned to remain in their home for 16 or more years
12% of homebuyers aged 52-61 had student loan debt
Source: National Association of Realtors’ “Home Buyer and Seller Generational Trends Report”
Study sheds light on senior finances. When asked what housing-related decisions they would make in order to live a more financially secure retirement, 75 percent of respondents in a new Merrill Lynch/Age Wave study chose downsizing first.
The median income of older persons in 2015: $31,372 for males $18,250 for females
The major sources of income as reported by older persons in 2014 were:
Social Security
Income from assets Private pensions Earnings
Government employee pensions 12 | TRR
The National Council on Aging
NUMBER CRUNCH 31.2m
MONEY MATTERS
Source: “A Profile of Older Americans: 2016,” The Administration on Community Living
One in five retirees would be willing to use their home equity to generate income.
84% 62% 37% 29% 16%
By 2035, the number of older households
with a disability will increase by 76 percent to reach 31.2 million.
Joint Center for Housing Studies of Harvard University
WENDY PEEL
From her favorite book and her first car to her thoughts about the reverse mortgage space, we get the scoop from Wendy Peel, VP of sales and marketing at ReverseVision, in this month’s edition of the Hot Seat.
VP of sales and marketing >
My favorite vacation was visiting Orcas
Island, where we kayaked with the orcas, hiked and stayed at Rosario Spa. It was heaven on earth.
>
football quarterback.
My first car was a Mazda 323 hatchback.
>
My favorite website is ted.com, where you
>
I never miss an episode of Grey’s Anatomy or
>
The best purchase I've ever made was my
>
My favorite book is The Four Agreements: A
If I were a professional athlete, I would be a
>
>
>
can watch TED Talks.
television director.
For success I have sacrificed time with
>
The most important things financial
interconnect company.
Every morning I drink coffee.
>
>
My iPod go-to depends on my
mood—I like everything from ’80s dance to country.
>
I've never gone skydiving.
>
I always do my best.
>
The best lesson I've ever learned was learn
advisors can learn about reverse
to leverage a HECM, not the myths or preconceived ideas. >
The most important influence technology will have on reverse mortgages is giving traditional lenders the tools to normalize a
HECM as part of a Generational Lending™ business strategy. >
My favorite time of day is sunset.
family.
mortgages are the facts about how best
My parents taught me how to run a business; they owned an
Practical Guide to Personal Freedom by Don
>
My first job was at Burger King. >
home in San Diego in 2008.
Miguel Ruiz.
House of Cards.
When I was younger I wanted to be a
M Y FAV O R I T E MOVIE IS F O R R E S T G U M P.
The most important thing seniors should
understand about reverse mortgages is that you still own your home.
>
I would encourage a family member to
consider a reverse mortgage because it can be a wise financial product in an overall retirement strategy.
from your mistakes. They happen to everyone,
WHAT WENDY THINKS
so just learn something. >
The worst purchase I've ever made was a beach condo under development in 2006.
By the time it was finished in 2008, it was only worth about half the price.
Industry growth is dependent upon lenders embracing and adopting HECMs as a strategy for Generational Lending™. reversereview . com
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The Reverse Review May 2017
Originating
GET INFORMED
Understandable Issues, Unintended Consequences and Undeserved Bad Press By Laurie MacNaughton
Some counties are converting property tax waivers for seniors to tax deferrals, and the HECM gets the blame.
Due to federal guidelines on deferrals, if a HECM holder’s tax waiver is turned into a deferral, the homeowner is subject to a clawback of the full amount of back taxes. If they cannot come up with the clawback and their property taxes report late, their HECM is in default.
The call seemed like an outlier: The elder law attorney
said her widowed, wheelchairbound client had lost her home due to foreclosure of a HECM after the homeowner failed to pay property taxes. Weird thing was, the homeowner had a full property tax waiver. A conference call with the homeowner, the attorney, the servicer and me proved worthless, as the servicer could only report there were not enough funds in the homeowner’s HECM line of credit to pay back taxes. The fact that there was a full tax waiver seemed lost on the servicer.
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But then came three more calls regarding a foreclosure, all within a couple of weeks. All borrowers involved had had property tax waivers. I called the county treasurer’s office: Had anything in the tax code changed regarding property tax waivers for senior homeowners? Bingo. A few months earlier tax waivers for the elderly had been changed to tax deferrals—and that’s a big deal. Here’s why: The Code of Federal Regulations (CFR) reference addressing tax deferrals reads: The mortgagor shall not participate
in a real estate tax deferral program or permit any liens to be recorded against the property, unless such liens are subordinate to the insured mortgage and any second mortgage held by the Secretary (24 C.F.R. PART 206, § 206.27 (B)(3)) [Emphasis added]. Tax deferrals are also addressed in the HUD Handbook: The mortgagor is prohibited from participating in any real estate tax deferral program unless the lien created by this program is subordinate to the insured mortgage held by the mortgagee (HUD Handbook, 4330.1, chapter 13, section 12) [Emphasis added].
A real-life example is in order here. I live in an area where property taxes can be staggering. At a recent public hearing, an elderly reverse mortgage holder told me she must pay her back-tax liability due to a deferral issue. She has had a HECM for nine years, and her property taxes are $8,400 per year, which comes to a $75,600 payback. Furthermore, she has to pay future property taxes out of pocket. She simply does not have the money. It’s easy to jump to conclusions here. Why did this homeowner buy such a pricey home? But here’s the deal: She did not buy more home than she can pay for. She bought her home in 1966 for $27,000. Now that same home carries a price tag of some $900,000. She’s done nothing wrong. It’s simply longevity that placed her taxes out of reach. She was successfully aging in place until the waiver issue popped up. Now her only
Originating TERMS TO KNOW
The story gets worse. Williams continues:
“My client, a participant in a senior homeowner tax relief program, has a reverse mortgage. Per county requirement, my client filed his annual application for tax relief and it was accepted.
Again, this homeowner did nothing wrong. The rules changed and he would have lost his home had he not died earlier this month. And here’s the thing: It’s the reverse mortgage that stands to get the blame for this tragic situation. Few people outside the reverse mortgage industry
One additional twist here bears mentioning: If the senior homeowner had Medicaid home-based care (also called an EDCD Waiver), and now has no home in which to receive care, are there enough Medicaidapproved nursing home beds to house these Medicaid recipients?
The takeaway for those of us in the reverse mortgage industry is the following: Be informed, be aware and be ready to act in the event that talk of property tax deferrals begins to surface in your counties of influence. As author Eckhart Tolle says, “Awareness is the greatest agent for change.” ‘Tis indeed, my friend, ‘tis indeed. n reversereview . com
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SPOTLIGHT
Virginia elder law attorney Veronica E. Williams cites an example of her own:
The reverse mortgage servicer paid my client’s real estate taxes and then sent notice he would be subject to foreclosure and eviction if he did not reimburse them for paying back real estate taxes.”
UNDERWRITING
option is to sell and relocate—or face losing her home.
Regrettably, HUD did not approve the payment plan. This lack of approval was not based upon any fault on the part of my client, but instead was based upon the fact my client's reverse mortgage didn’t contain funds enough to pay the back taxes.
"The takeaway for those of us in the reverse From a county mortgage industry is the following: Be or municipality informed, be aware and be ready to act in the viewpoint, the event that talk of property tax deferrals begins tax issues are to surface in your counties of influence." understandable. County boards concede the point that payment of property taxes crisis, they don’t foot the bill; can be a crushing burden in rather, the burden falls to the the retirement years. However, state and federal governments. many counties are facing declining revenues, have yet No county would dare say, to recover financially from “We are a senior-unfriendly the recession and are cashcommunity, and our goal is to starved. For this reason, they disenfranchise the neediest of feel they cannot forfeit taxes our older homeowners.” And outright, and instead recover yet, this can be precisely one back taxes after the property unintended consequence if has been vacated by the senior counties move forward with tax homeowner. deferrals in a manner that does not take HECM guidelines into But here the math becomes account. complex. If seniors who were successfully aging in place and There are examples of states on track to being self-sufficient successfully addressing the through the end of life suddenly waiver/deferral issue. NRMLA lose their homes, solutions can Executive Vice President potentially carry a price tag that Steve Irwin says California, far exceeds the tax revenue the Oregon, Massachusetts and county recovered. For instance, New Hampshire record tax is there affordable housing liens subordinate to HECMs, sufficient to accommodate the thus fulfilling both the CFR and newly displaced senior? And HUD Handbook requirements. does the county want to foot the According to Irwin, Oregon bill for homeowners who cannot is taking this a step further, qualify for reverse mortgages in namely, it is working on the future due to property tax legislation that accommodates deferral policies? the tax subordination mandate.
TECH
A tax deferral: Absolves homeowners of their property tax burden during the time they reside in the home. However, when the last homeowner vacates the property, the full amount of the back taxes is due—and in some states, due with interest.
“My client advised the servicer he was unable to pay the taxes all at once because he was on a fixed income. The servicer offered to put the homeowner on an affordable installment plan, and he agreed to the terms of the plan. However, the servicer also advised that HUD would have to approve the payment plan.
Medicaid is a cooperative between states and the federal government. If counties inadvertently cause a Medicaid
MARKETING
A tax waiver: Absolves homeowners of their property tax burden. Many counties have a graduated scale whereby age-eligible, incomequalified homeowners receive either a reduction in taxes or a full tax waiver. In effect, the county permanently forgoes this revenue.
know to look beyond the HECM to see the underlying issues. It creates fodder for yet another sensationalistic “HECMs are the devil” story.
ORIGINATING
The difference between senior citizen tax waivers and tax deferrals:
My client’s reverse mortgage servicer became aware of the fact he now has tax deferral status due to a municipal change from tax waivers to tax deferrals. As a result, the servicer advised that the homeowner had to withdraw his application for tax relief. When my client withdrew the application, all deferred taxes became due and payable. The reverse mortgage servicer then notified him he had to pay all back real estate taxes.”
The Reverse Review May 2017
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Originating
The Small-Bank Opportunity By John Smaldone
How to develop relationships with community banks In the past several years, small community banks have been hit hard. The passage of Dodd-Frank
UNDERWRITING
Here are some ideas
to help you build partnerships with community banks:
Remember this: It is very important to visit the main office rather than a local branch and arrange a meeting with the president, CEO or another executive in the bank’s loan department. Don’t waste your time with lower management—they are not the decision makers.
One way to locate small community banks in your area is to buy the Accuity Bank & Credit Union Directory for your state. The directory will give you a ton of valuable information, such as the asset size, main office address, names of officers, etc.
Visit accuitysolutions.com for more information.
Be prepared to explain the HECM and its value clearly and succinctly. Present statistics to make your case, and don’t get too bogged down in the detail. Remember that just because they are in finance, doesn’t mean they aren’t susceptible to myths about the product. You are there to talk about their customers and the value you bring to their bank by helping them grow their customer base!
Emphasize your credibility and experience. Show that you are trustworthy and respected in your community. Most importantly, focus on how you will bring attention to their bank and their branches, all because they will now have reverse mortgages available to their customer base, through you!
Do your research. Know what other banks in the area offer reverse mortgages. Are their competitor’s one step ahead?
Be clear about your value proposition. Explain how you can help them retain senior clients and grow their customer base by offering this increasingly important financial tool.
reversereview . com
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SPOTLIGHT
Look up the community banks in your area. Focus on calling on community banks that range in size between $100,000 and $450,000 million.
TECH
For reverse mortgage originators, there is a great opportunity to partner with small community banks. We can show them how to retain and grow their customer base. n
MARKETING
Most small community banks do not want to be involved in the origination or processing of reverse mortgages. Between their own portfolio loans, consumer and commercial loans, and those that are sent off to other FNMA
But most community banks have a sizable number of senior customers, in part because the personalized service they offer appeals to an older generation. Some may have had customers inquire about reverse mortgages, but they’ve had to turn them away because it is not part of their product offerings. Seniors who approach other banks about a reverse mortgage may be tempted to move their business to a bank that can meet all of their needs.
ORIGINATING
and the subsequent formation of the CFPB put many of these banks smack-dab in the middle of a compliance nightmare. Many simply do not have sufficient staff to keep up with new regulatory requirements. As a result, some have failed and others have been forced to merge. Those that are hanging on are looking for any way to grow their customer base. This is where we come into the picture!
lenders, they have their hands full.
The Reverse Review May 2017
Marketing
PROMOTE
Rebranding the Reverse Mortgage By Tane Cabe
Honestly. People thought a third of a pound was less than a quarter of a pound. After all, three is less than four!” Like A&W, the industry hasn’t done the best job of communicating the true value of the reverse mortgage.
How we can better market the product to overcome its stigma There’s a lot to be said for effectively communicating the value of a product or service to the public. If done correctly,
a company can reap the benefits for years to come. If done poorly, however, a company stands to alienate its prospective and existing customers and limit its ability to interact with them for years to come. So what does this have to do with reverse mortgages? Perception, while not always aligned with reality, is a very powerful thing; it influences consumer behavior and decisions. An infinite number of factors create perception, some of which can be controlled. When it comes to reverse mortgages, the existing perception is the product of some mistakes made by the industry and poor communication about the value
18 | TRR
of the product. This isn’t a
problem that is exclusive to lenders. For instance:
business and profits, even by a handful of individuals, created a negative perception.
Just like Sony’s Betamax and A&W’s Third Pounder, the reverse mortgage is inherently good. It was conceived in 1961 by Nelson Haynes, a creative mortgage broker at Deering Savings & Loan, who was trying to help a widow keep her home following the death of her husband (who also happened to be Haynes’ high school football coach). In the decades since, the reverse mortgage has evolved and matured; but in its adoption by the industry as a practical tool to help homeowners remain in their homes while also enjoying the equity they have earned, it has garnered a negative reputation.
Seeing the success of In 1975, Sony launched McDonald’s Quarter its Betamax home video Pounder hamburger, A&W cassette recording (VCR) system Restaurants began offering its and experienced early success. Third Pounder, which was less What happened next is an The stigma surrounding reverse expensive, had more meat and incredible story that is still the mortgages is nothing new. In the was preferred in blind taste focus of marketing case studies: days before the FHA insured the tests. So what went wrong? Sony wanted the Betamax to loan, there were instances where Alfred Taubman, then-owner of be the industry standard for unscrupulous banks and private A&W, explains the situation in cassette formats. This created lenders would take advantage of his book, Threshold Resistance: a negative perception of Sony borrowers, launching a library “More than half of the among other developers and of horror stories that have participants in the Yankelovich led to the launch of the Video been passed down. In those focus groups questioned the Home System (VHS) in 1977. days, the mortgage industry price of our burger. ‘Why,’ they With an open standard, VHS had moments of disingenuity asked, ‘should we pay the same won the video format wars and miscommunication with amount for a third of a pound and became ubiquitous. Sony’s the public, both of which have of meat as we do for a quarterill-advised go-to-market damaged the perception of the pound of meat at McDonald's? strategy is comparable to the reverse mortgage. Now, it’s time You're overcharging us.” unethical practices used by to rebrand the HECM product. lenders—in both "Perception, while not always aligned with reality, is a very powerful thing; it cases, the priority influences consumer behavior and decisions. An infinite number of factors create that was placed perception, some of which can be controlled. When it comes to reverse mortgages, on maximizing the existing perception is the product of some mistakes made by the industry and poor communication about the value of the product."
Marketing
Here are three steps we can take to overcome the stigma: 1. Stop Calling it a “Reverse Mortgage”
We’re not taking a bad thing and making it sound good for a different group; we’re taking something that is good and repackaging it to give it the appropriate appearance. We need to be more strategic in targeting borrowers. For example, consider the value a HECM has for high-networth individuals; this type of borrower can complement his or her retirement plans and support long-term financial goals. Alternatively, consider someone who may be trying to get by with a Social Security stipend while sitting on a substantial amount of home equity. A HECM could provide the retiree with adequate financial support for many more years of comfort. If the industry can focus on being more precise in its delivery, we’ll see the growth of portfolios that everyone’s been talking about.
TECH
Many regulatory changes have been made and laws are now in place to protect HECM recipients. This type of loan isn’t as dangerous as some think; if it were, it wouldn’t be insured by the FHA. We are very far removed from the days where a borrower could just walk in and get a HECM with no qualifications. Over the years, credit standards have gotten tighter and lenders will turn a borrower away if they are unable to meet today’s stricter requirements. This is something that has impacted volume, but also improved the quality of the loans provided—which is certainly worth noting to borrowers.
MARKETING
3. Market More Effectively
ORIGINATING
This makes it seem as if the borrower is going backward. They put all of this equity into their home and now they’ve got to give it back—it simply doesn’t sound good and usually elicits many questions at first mention. Simply changing what we call it is a small but powerful step. (Other countries have similar products with much better names. For example, lenders in the U.K. refer to their loan as an “equity release.”) As an industry, I think we should standardize the term “Home Equity Conversion Mortgage.” It’s more accurate because it conveys that we’re converting the equity to help the borrower, not reversing the mortgage process.
2. Communicate Better
Unlike Sony or A&W, the mortgage industry doesn’t have to deal with the issue of a competing entity’s offer of a similar product. However, that means that the onus is entirely on the industry to do a better job of marketing and positioning the HECM so that it becomes recognized as a productive member of the financial ecosystem—because just like every mortgage product, it has a specific purpose. And at a time when about 10,000 people are turning 62 every day, we must establish a healthier perception and give it the opportunity to serve that purpose. n
UNDERWRITING SPOTLIGHT
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The Reverse Review May 2017
Tech
ADVANCE
Transformation May Be Hiding in Your Data By Michael Josephs, Stosh Jarecki and Jacob Levy
Using technology to enhance the origination process Providing a continuously improving customer experience and loan affordability are two paramount objectives for all service providers focused on helping seniors age in place. At American Advisors Group (AAG) this is our principal focus, and we are always looking for transformative capabilities to better serve our customers. More and more often we are locating the seeds of those capabilities nestled securely within our data assets. Additionally, emerging “big data”-related technologies, techniques and standards are providing avenues for maximizing the utility of our people and for simplifying channels of interaction with our clients. A key avenue for transformation is the efficiency of those people working toward completing the origination of loans for our seniors. This is a key focus area of AAG’s Enterprise Data Management initiatives—namely, the transformation of how our people work through progressively sophisticated analytical approaches and the optimization of their time and efforts. Transformation of Effort Most business reports fall in to the general class of analytical products called “Descriptive Analytics.” These are reports that merely recount what has actually happened, offering few or difficult-to-locate queues to exceptions and causality. For example, while monitoring the funding rate for reverse mortgages, we want to know how 20 | TRR
many of the loans we originate get funded (or the KPI “Fund Rate”). We can easily construct tabular or graphical depictions of Fund Rate performance over time, however, it is left to analysts or management to sift through the detail to identify the actionable insights hiding within those results.
for all files submitted in the next 30 days. Predictive analysis can combine awareness of this with awareness of all files with a Loan to Value (LTV) sensitivity less than or equal to the amount of the promotional credit, thus allowing for the reordering of call lists according to real-time sensitivity.
More useful are the interpretive results associated with “Diagnostic Analytics,” which serve to answer “why,” not just “what.” Insights into the cause of change (positive or negative) can accelerate the opportunity for corrective action or expansion. Using the Fund Rate example, insights can be gained into Fund Rate by reviewing the “Fallout Rate,” or the exit disposition segments. In this way, we have a clear diagnostic view into Fund Rate. The progression from descriptive to diagnostic analytical products positively transforms the utility of the data and impact of those seeking to take action from it.
Analytics aimed at achieving specific outcomes based on existing conditions are often called “prescriptive analytics,” as they fundamentally prescribe actions for obtaining specific results. An example of this would be services that monitor each incremental change to the state of a loan file, setting the next steps in the file’s task flow based on the rules evaluated (developed in alignment with enterprise metrics) and thus optimizing the file’s path to completion. Clearly, this is the most sophisticated of the four types of analytics described, and the most expensive to develop and maintain. It requires not only data awareness but also the translation of experience into smart algorithms.
Analytical tools that provide a view into likely future outcomes are commonly called “predictive analytics” and offer the possibility of taking action before the negative impact of an event, or the increased investment into something likely to have positive results. For example, suppose a preferred wholesaler is offering a certain promotional credit
As these analytical approaches become more complex, they become more costly, either in terms of the tools or skills of the practitioners necessary to leverage them; however, each level of sophistication
Tech
Emerging solutions based upon principles of machine learning and adaptive reasoning provide a fifth level of data-driven utility, which can obviate the need for human assets all together. “Consumable analytics” is essentially prescriptive analytics without the need for human intervention, and delivers its directive results to another component of automaton for taking action.
In order to most efficiently utilize IoT, it will likely be necessary for the enterprise to adopt what is called a Micro Service architecture. Instead of the traditional means of interaction via a single platform, be it a Web portal or origination system, the platform is broken down into small, consumable parts. These parts (or services) can then be consumed by the user application in a way that makes sense for them. “Hey Siri, turn on the lights and play some music.” The consumer isn’t concerned with opening a smart home app or interacting with their sound system. The enterprise isn’t concerned with the necessary integration with every possible combination of smart home product. The micro service is simply developed and the creative minds of the end users engage with it in a manner that benefits them.
Progression of Analytical Maturity Consumable analytics solutions have long been employed in medical applications (e.g., insulin regulators, cardio defibrillators) and in aeronautics (e.g., autopilot functionality to maintain or change the trajectory of a plane without human intervention). However, it is somewhat more difficult to locate examples of prescriptive analytics in business applications. That is all changing now.
Savvy users can even employ conditional rules for further customization of their engagement. Suppose you complete the funding of a loan for your borrower who has integrated your service, such that when notified of the funding, it automatically sends a dinner reservation to Open Table, a text alert to their spouse and an Uber to pick them up for a celebratory dinner at 8:00 p.m. They are consuming your enterprise service for their own level of engagement. Compare this to traditional methods of notifying customers of origination status and we see improved utilization of origination resources and a dramatically improved customer experience. Better leverage of emerging data analysis and notification models can substantively improve the leverage of your most critical (and expensive) assets: your people. The result is an improved customer experience in terms of the length, transparency and cost of the reverse mortgage origination process. n
UNDERWRITING
By adding an “Internet of Things (IoT) layer,” a broad suite of possibilities can be realized for transformation within business operations and customer engagement. “Digital
The smart home example is a very easyto-understand model for IoT. Applying this model to your business takes a bit of ingenuity. For example, take a very traditional notification system. Something happens in your Loan Origination Platform (LOS) and you want to send out a notification to impacted stakeholders (maybe perspective borrowers) who subscribe to it.
Take this process and turn it into an IoT micro service that provides hundreds of key data points, and your stakeholders are now free to consume a broad range of events as they see fit.
TECH
Transformation of Engagement
These stakeholders can only “know” what you have programmed for them to be alerted about, restricting flexibility.
MARKETING
Engagement,” as it’s now being popularly called, is providing more than just a means for your customer to interact via a prebuilt channel. IoT enables your customer to engage with you on their own terms.
ORIGINATING
increases the value of the workforce leveraging their results, offering the opportunity to deliver solutions and service quicker, with a more optimal utilization of human assets.
SPOTLIGHT
reversereview . com
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The Reverse Review May 2017
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Underwriting
ACKNOWLEDGE
Happy Birthday, LESA By Ralph Rosynek
A reflection on its impact as HUD’s underwriting requirement turns 2 years old.
SOMETHING ON YOUR
MIND?
Perhaps we should first look at a term that greatly influences those working in the industry
today: sustainability. Historical research indicates that many of the early underwriting guidelines do not appear to meet today’s definition of sustainability. Examples would include the mitigation of the impact of tax and insurance default by making them “current” at closing; the failure to provide for future property charge payments; and the failure to consider credit history as an indication of ability and willingness. One might say that early HECM underwriting guidelines failed the sustainability test—in many
Need to get something off your chest? Hate something we do? Love something we do? Letters to the editor may be emailed to JESSICA@REVERSEREVIEW.COM.
While LESA may have complicated the work of a HECM underwriter, it does provide for a more comprehensive, upfront picture of borrower qualification through documentation and verified/allowable resources. And by utilizing the enhanced compensating factors and assists provided by LESA requirements, we can help more borrowers with tricky files gain approval, bringing them one step closer to financial security. n
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SPOTLIGHT
Early HECM underwriting standards involved a series of factual, black-and-white checklist responses, which
basically produced a pass-or-fail result with regard to borrower and property eligibility. In essence, early checklists required an underwriter to affirm compliance with program guidelines using limited tools and resources aside from the printed matrix. Assessing a borrower’s ability and willingness to meet the program’s terms and conditions was much easier and certainly less burdensome. But was the old method really better?
New guidelines also granted the ability to dissipate borrower assets not already allocated for required needs to close the transaction, a compensation for those borrowers who meet some but not all of the eligibility guidelines.
UNDERWRITING
Although perceived by some as another factor further limiting a senior’s ability to access HECM proceeds, LESA was designed to help sustain the MMI Fund and ensure the program’s longevity. Its enactment has had a significant impact on the underwriting checklists of old. Underwriting tools now include a more defined methodology to assess ability and willingness, with added resources to assist in determining borrower qualification.
"While LESA may have complicated the work of a HECM underwriter, it does provide for a more comprehensive, upfront picture of borrower qualification through documentation and verified/allowable resources."
TECH
Life Expectancy Set-Aside requirement that was a product of Financial Assessment guidelines, turned 2 on April 27. With LESA came the introduction of terms like “sustainable,” “theoretical” and “dissipation,” which are now used to describe a new set of factors that must be weighed by HECM underwriters.
MARKETING
Further refinements to LESA requirements in October 2016 led to the introduction of the term “theoretical,” which added a checklist matrix to help underwriters answer the question “Would the remaining proceeds available be able to address a shortfall in qualification due to other outstanding debts?”
ORIGINATING
ways—for HECM program preservation.
The role of the HECM underwriter continues to require flexibility as the program evolves into a more mainstream resource for today’s seniors. LESA, HUD’s
The Reverse Review May 2017
Spotlight IN THIS MONTH’S EDITION
TWO HECM COUNSELORS TALK ABOUT THEIR WORK.
From the Counselor’s Chair
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As consumer advocates, we aim to help your clients make educated decisions. By Connie Cline and Christena Durost inform
educate
assist
solve problems advocate
May
2017
WANT TO SEE MORE ARTICLES LIKE THIS?
See them at reversereview.com.
erry is a smart, successful businessman who came to me only because he had to. He
J
didn’t really feel the need for counseling, having talked with a loan officer at length and done some research on his own. When we talked about his reasons for considering
a HECM, he mentioned that he was expecting to be able to pay off the loan within the year, using proceeds from a business deal. I mentioned the revolving nature of the credit line, and the fact that he could pay his balance down but not completely off and have access to the credit to use later. He looked surprised and said that he
"The restrictions that HUD has placed on communication between counselors and lenders, while well intended, sometimes get in the way of our ability to learn from each other. The truth is that counselors and loan officers both play vital roles in the HECM lending process." 24 | TRR
hadn’t realized this before. As the session progressed, we reviewed an amortization schedule. As we discussed the compounding growth of the HECM credit line, he stopped, looked at me with sudden understanding and said, “That’s powerful!” He was astounded to see that the credit line is projected to double in about 12 years given today’s expected rate, and the value of keeping his credit line open suddenly became real for him. Counselors love moments like that. Clients come to us with widely varying levels
of knowledge and financial sophistication. If we meet them where they are, they often have one of those “Aha!” moments, when something comes into clear focus for the first time. I’m sure loan officers also have these moments with clients and enjoy them as we do. Every day, I get to see the benefits of the HECM counseling requirement. Clients arrive with some level of understanding—and often a variety of misconceptions, doubts and fears. If they have a loan officer who has put in some time with them
Spotlight and is skilled at explaining complex concepts in ordinary language, they probably have a solid foundation. That’s not always the case; some know what they learned from the commercials on TV and very little else. But no matter where they are, the counseling experience can be valuable.
Use the “counselor access” sites and remind clients to provide the access code to the counselor so that counselors can review and speak knowledgeably about the loan proposal that has been developed for the client.
In the end, when loan officers and counselors work toward the same goal of helping consumers make educated decisions, we mitigate the fallout of failed loans to our homeowners, our communities, our industry’s reputation, investors and HUD. Please feel free to provide constructive comments to counselors on how we might improve. We are listening. n
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NEW HIRES
SPOTLIGHT
Direct clients who are concerned about the cost of counseling to the counselor to discuss options for waiving or financing the fee, and help them understand that counseling, just like the appraisal and the closing, is a necessary and valuable part of the process.
REVERSE review
UNDERWRITING
To conclude, let us highlight some of the things that loan officers do that make our job easier and enhance the value of counseling.
Explain that thorough counseling is highly individualized and will usually take an hour to an hour and a half.
THE
DEVELOPMENTS
ACQUISITIONS
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TECH
There are also times when we look at the client’s situation and see something that suggests that a HECM might not turn
Present the required counseling session as a valuable opportunity to gather information from a neutral third-party.
MARKETING
Other times, as with Jerry, we are able to highlight a feature of the HECM that had not yet come up in their meetings with the loan officer. That can add a new dimension to their interest in the product and be a starting point for more conversation with the loan officer.
Sometimes the counselor’s consumer advocacy role can create the impression that counselors and loan officers are adversaries. The restrictions that HUD has placed on communication between counselors and lenders, while well intended, sometimes get in the way of our ability to learn from each other. The truth is that counselors and loan officers both play vital roles in the HECM lending process. When both focus on understanding the potential borrower’s situation and putting their needs first, the result can be a better outcome for all.
We love it when loan officers:
ORIGINATING
If the foundation is there, counseling fills in gaps and highlights important details. Even if they’ve heard the basics before, almost everybody benefits from hearing information more than once. We frequently hear comments like, “The loan officer said that, but I didn’t really get it until now.” When our information reinforces what clients have heard from the lending side, their confidence in the program grows. Knowing that we are independent of the lender and that we are not selling anything makes this effect even more powerful. Sessions often end with the client saying, “I feel so much better now. I was afraid before but now I’m not."
out to be a viable option for them. As counselors, our mandate is to help the client look at all the options available to them so we can not only explain the HECM, but also take the time to think with the client about other approaches to meeting their needs. We can dig deeper in terms of budgeting, provide information about other ways of dealing with credit card debt and lift up options, such as other types of financing; selling and moving; public benefits; and home repair grants. And we’re free to talk to the client about the tradeoffs of the HECM and the ways in which it might not meet their needs. Loan officers may not feel as free to do this, even when they see the problem.
R E V E R S E R E V I E W. C O M
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The Reverse Review May 2017
By Je ssica Guerin
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REVERSE MORTGAGES ARE NOT YOUR AVERAGE MORTGAGE PRODUCT. Helping these clients is not just another impersonal, straightforward financial transaction. It’s not about the money, or the numbers, or closing as many deals as you can. True top-tier LOs know that finding success in this business requires more than product knowledge and refined salesmanship. What does it take to master the art of HECM origination? We spoke with three of the industry’s top trainers to find out. These pros have coached thousands of loan officers across the country, teaching them how to succeed in their work and helping them train to be the industry’s best. Here are their tips on how to become a top-tier HECM LO: BUILD A RAPPORT When meeting with a potential client, it is essential that LOs take the time to connect and build a sense of trust from the onset. Hold off on the sale and get to know the person you are speaking to. Lorraine Geraci, VP of learning and development at Finance of America Reverse, says this is key. “You’ve got to make sure that you establish trust and a relationship with a person before you throw up all your information on them,” she says. Geraci says successful LOs work at improving their communication skills. “You have to have patience, empathy and understanding. You have to know how to talk to an older adult borrower. That doesn’t come naturally to everyone.” “Some of the greatest loan officers I have met are people who recognize how important it is to practice their relationship-building skills and improve their communication with their prospective borrowers,” Geraci says. “If you can do that, people will trust you and look to you as a resource, as someone who can help them achieve their goals.” Dan Hultquist, director of learning and development at ReverseVision, says LOs can work to build this trust by asking the right questions. “There are certain
questions that develop a rapport, and one of the biggest ones is asking about their family. Do they want to be involved in the transaction? It’s a great rapportbuilding question, but it also helps you find out if somebody else is pulling the strings here. Is somebody else going to sabotage this loan? If so, you need to know upfront so you can communicate with that individual,” Hultquist says. “There are surveys out there about what baby boomers like to talk about. No. 1 is their family. We’re building rapport by asking them questions about things they want to talk about. By the way, No. 2 is their home.” ASK THE RIGHT QUESTIONS Successful LOs know not to dominate the conversation, instead taking the time to ask important questions. One tip from the pros for those wanting to up their game: Stop talking and start listening. “Salespeople in general spend too much time pitching and not enough time asking the right questions,” Hultquist says. “It’s not uncommon for salespeople to just talk and talk and talk.” “If you can ask the right questions, you can very quickly discover a client’s objections or their emotional hot buttons. Really good salespeople know how to get people curious with fewer words.” Hultquist says a great place to start is by asking them their opinion of the loan. “Ask, ‘What are your objections to reverse mortgages?’ If you just tell them everything you can about a reverse mortgage, you are not getting to the heart of the problem. The heart of the problem may be that they think the bank is going to get their home. Well, that could be handled very quickly. Ask, ‘What about the reverse mortgage appeals to you? What is it that doesn’t appeal to you?’ And then you’ll know where they’re coming from.” Another key question according to Hultquist: Have you applied for a reverse mortgage before? “Most people don’t think to ask that question; I think loan originators just assume they have not. But you’re going
to find that if they’ve been turned down by someone else, there is usually a reason why.” Geraci also stresses the need to engage a client with the right questions to obtain pertinent information. “Ask what they want, what their needs are, what’s the issue here. Why do they need money? Then you can structure a program that is going to be specific to them and their needs.” Other essential questions, according to Geraci, are those that might reveal the influence of other decision makers. “Ask the right questions to ensure that all of the decision makers are present or available. It might be that there’s a husband-and-wife situation, and not everyone wants their kids involved, but you can at least ask.” Geraci says uncovering this information early in the process will keep your loan from going off the rails as you head toward closing. SLOW DOWN Seasoned reverse originators take their time. Rushing through the process because you’re too focused on closing the deal can lead to crucial errors. “A common mistake I see is people not getting enough information at the beginning because you were moving too fast through the process. If you rush in the beginning, moving too quickly and forgetting something, you may have to go back to the borrower later on for more information. That can annoy the living hell out of them,” Geraci says. “There can be a lot of frustration if the loan officer doesn’t do their due diligence from the beginning. It can snowball into problems down the road, which makes the experience for the borrower negative.” Hultquist also says it’s important to take your time early on in the process. “In our haste to take the application, we often forget to ask the questions that could get us in trouble later.” USE TECHNOLOGY Great loan officers take advantage of technology. Craig Barnes, a CRMP and education leader at Reverse Mortgage Funding, says the most successful LOs use tech programs to stay organized. 8
"Some of the greatest loan officers I have met are people who recognize how important it is to practice their relationshipbuilding skills and improve their communication with their prospective borrowers."
reversereview . com
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The Reverse Review May 2017
“You have to have a comfort level with technology,” Barnes says. “A successful loan officer not only has to use their loan origination system, but also uses contact management system to stay on top of things.” Hultquist says a HECM’s lengthy turn-time requires the use of a contact management platform to stay organized. “Originating reverse mortgage loans is not like selling other items where the client comes through your door expecting to complete a transaction immediately. The process can be long, and you may have a large number of leads and prospects to manage before closing a handful of loans. Without a system to manage those contacts, you are likely to let opportunities slip through the cracks,” he says. “Most successful loan originators rely on technology to increase their efficiency.” Hultquist points out that tech platforms can be useful to help model the loan’s line-of-credit feature to financial professionals. “Without the technology to model financial planning options, selling the merits of the reverse mortgage to CPAs, financial planners and other financial services professionals is very difficult.” NEVER STOP LEARNING Top-tier LOs are always looking to learn new ways to do their job better. They take advantage of all the resources the industry has to offer, continually advancing their product knowledge and elevating their sales strategy.
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“The best LOs are committed to their own education,” Geraci says. “There are so many resources out there— through the lenders, HUD, NRMLA.” The most successful LOs track down educational materials so they can learn on their own. Barnes agrees. “The good loan officers are always looking to educate themselves. They are always looking to equip themselves so they can provide this benefit in multiple ways and work with multiple people in different professional networks,” he says. “The good ones continually educate themselves on new products and new markets.” LOVE THE LESA The HECM may have changed in recent years, but the product still has tremendous value. It’s important not to focus on what could have been. Hultquist says not to forget this fact when telling a client that they may have a life-expectancy set-aside (LESA). “It’s important to talk about the LESA in a very positive tone upfront. I think one of the mistakes that loan originators are making right now is that they sell it as a negative. The LESA is a very positive thing to many clients.” Hultquist says some originators may go through Financial Assessment and then apologize to the client because it’s been determined that a LESA will be imposed, and this will diminish the principal limit. “That’s not the way to present the LESA,” he says. “The LESA is a very positive enhancement to the program that gives
somebody peace of mind that their bills are going to be paid.” PROBLEM-SOLVE The best LOs tackle their client’s situation from the perspective of a problemsolver. A reverse mortgage can be structured in several different ways, and it’s important to figure out what structure will best suit your borrower’s needs. Geraci says creative problem-solving is a critical skill for those who want to learn to be the best. “You have to understand how to structure a program for a borrower based on their needs by listening to what their issues are. We have some flexibility on what we can offer to a borrower in some cases, and what’s good for one person may be completely horrible for another. You have to listen to what their needs are.”
OVERCOMING OBSTACLES We asked the pros for tips on how to handle some of originating’s most common challenges.
CRAIG BARNES Education Leader Reverse Mortgage Funding
BE AN ADVOCATE Those who are truly successful in this line of work are not only loan originators, but also advocates for their clients. Barnes says this is a hallmark of a top-tier LO. “The good loan officers not only know the product, but they also know what support services are available to older Americans in their area, whether that be Meals on Wheels or programs that help pay for their heating,” he says. “They are aware of all of the social programs in their market because they really are advocates for the senior.” n
DAN HULTQUIST Director of Learning and Development ReverseVision
LORRAINE GERACI VP of Learning and Development Finance of America Reverse
THE CLIENT’S FAMILY HAS CONCERNS. BARNES: Educate the family members as well as (or with) the clients about the program’s benefits. Focus especially on the non-recourse aspect. HULTQUIST: The primary objection from the heirs is that the loan “eats up home equity.” Since initial disbursement limits were established in 2013, that is often not the case. In fact, home appreciation at only 3-4 percent often outpaces interest and MIP accruals because the loan balances are much lower now. Explain the amortization schedule and show them models of future projections. GERACI: The family should be asked if they can provide other resources and contribute to the financial needs of the borrower. Talk about what it would cost the borrower not to use a HECM in their financial planning. If the family is concerned about the lack of equity at the end of a loan, a life insurance policy may be an option to supplement in case there is no equity remaining at the end of the loan. Most family members just want to help their loved ones be comfortable in retirement.
THE CLIENT HAS A PROFESSIONAL ADVISOR WHO DISAPPROVES.
THE CLIENT HAS UNREALISTIC EXPECTATIONS ABOUT THEIR HOME VALUE.
BARNES: Offer to meet with them to explain the product and its features. Chances are the advisor has common misconceptions about the loan.
BARNES: Refer them to online sources like realtor.com, Zillow or Trulia for a neutral opinion.
HULTQUIST: The negativity comes from a lack of understanding. The best way to empower financial services professionals is with education. If they don’t know what a good HECM candidate looks like, they won’t have the ability to assist their clients properly. GERACI: Always asking the borrower who their centers of influence are is key. Other professionals are often unaware of the details of a HECM, so it’s a great opportunity for you to include the borrower’s advisor, attorney or CPA in the discussion.
"The question of costs needs to be addressed upfront. Borrowers already feel this is too good to be true, so we can’t dodge this issue without causing additional mistrust." -Dan Hultquist
THE CLIENT IS CONCERNED ABOUT THE COST OF THE LOAN. BARNES: The cost of a HECM and a traditional mortgage or HELOC are similar. Additional costs are usually related to upfront MIP, which can now be as low as 0.5 percent. That MIP allows you the peace of mind offered by that non-recourse provision. Traditional mortgages and HELOCs require monthly payments and have no such provision. HULTQUIST: The question of costs needs to be addressed upfront. Borrowers already feel this is too good to be true, so we can’t dodge this issue without causing additional mistrust. Remember that no conversation about costs is complete without also discussing the incremental benefits of the product. It’s also sometimes helpful to segment the costs by out-of-pocket costs, like appraisal and counseling, closing costs and ongoing costs. GERACI: The mortgage insurance premium, which is either .5 or 2.5 percent of the home value, is a safeguard for the borrower in case anything happens to the lender or if the increasing loan balance exceeds the property value at the time of repayment. Point out that this is quite different than PMI on the forward mortgage side, which is put in place to protect the lender.
HULTQUIST: Homeowners are biased regarding their home and subsequently its value. Emotional attachment to the home may come into play. It’s important to express that the “appraised value” of the home and its “true value” may indeed be two different things. But home appraisals are designed to look at recent sales, which may or may not be true comparable sales. GERACI: Providing borrowers with comparables from other home sales in their area by using sites such as Zillow will set expectations, especially if the borrower has a large lien to pay off. There needs to be enough equity in the property to satisfy mandatory obligations, so homework on the home value is key.
Confron cost t concern s
THE CLIENT HAS BEEN INFLUENCED BY NEGATIVE PRESS. BARNES: A good loan officer can offset that with links (or maybe copies) of all of the recent positive press. There has been a lot out there recently. HULTQUIST: While this is becoming less frequent, it is important to inform the client of the real issues. Most reverse mortgage foreclosures that were discussed in the media were a result of property tax defaults. But this risk is not unique to reverse mortgage borrowers; this is true whether they have a forward mortgage, reverse mortgage or no mortgage at all. Failure to pay property taxes will result in the loss of the home, but the reverse mortgage should make this occurrence less likely, not more. Financial Assessment has been implemented to address the sustainability of every loan. GERACI: Asking a prospective client what they know, what they have heard and what they have seen will allow you to determine what concerns they might have. The best way to combat negative press? With positive press. There are many articles on the benefits of reverse mortgages that can be used to showcase success stories.
reversereview . com
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The Reverse Review May 2017
Last Word
CONSIDER
One Job, Many Hats By Joe Ferraro
"Mr. and Mrs. Smith, I have reviewed the income information you provided
and looked at your current obligations and, quite honestly, I'm confused as to why you want to pursue a reverse mortgage." Silence filled the room and they both looked down for a moment. With an illuminated Christmas tree in the background, the moment got slightly awkward as we sat quietly, coffee cups in hand, around the platter of Italian pastries I had brought. They told me in our initial meeting that they needed extra money to meet obligations. Mr. Smith worked part time at a car rental company. He had a small pension and they both received Social Security. Compared with most of my borrowers, they were quite well off. "You are not obligated to tell me if there's a special need that's confidential, but since you've asked for my help, the only way I can do that is if I understand what your needs are. I have had several customers in the past with profiles like yours, and they needed the loan to help their children, and that's perfectly acceptable." Mrs. Smith started to cry and Mr. Smith struggled not to. "Our daughter and her husband have both lost their jobs, they're living in California, and they have a 1-year-old child,” Mrs. Smith said. “We've been giving
them money and as a result, we’ve been running short ourselves.” And they were indeed. They had been late on their mortgage four months earlier and had not been paying their association fees in a timely fashion. "I am a father and I would be doing the same thing for my kids," I said, in an attempt to comfort them. Sure enough, when the time came, underwriting had no choice but to impose a full LESA, which would consume most, but not all, of the available principal limit. They were quite upset about that until I showed them the math and explained how much money would be freed up on a monthly basis so that they could continue to provide assistance to their daughter and her family. At the closing there were hugs, handshakes and words of gratitude. They boarded a plane the next day to visit their daughter. We are professional loan officers who arrange reverse mortgage loans for our customers, but many of us have to wear other hats as we do our job, acting as a therapist, counselor, social worker or friend—and that's been OK with me. I am certain that every reverse mortgage loan officer can tell a story similar to the Smiths’.
"It is our job as reverse professionals to work in the best interests of or clients, sometimes going above and beyond the loan officer role to advocate for their needs. The work is unconventional to be sure, but its reward is beyond measure." 30 | TRR
The unconventional work of a HECM LO
I have been in the mortgage business for more than 25 years, but I never really experienced true satisfaction in my work until I dedicated my focus to the clients of the reverse mortgage program. Whether we are aiding a customer who has financial problems and is using the program as a means of last resort, or working with the clients of a financial advisor so that we can assist them with integrating the reverse mortgage as a critical retirement planning component, there is a wholesomely rewarding aspect to our roles.
who always appeared to be pursuing goals that were mostly unrelated to customer service.
What is even more fulfilling, however, is that I am surrounded by other loan officers who seem to have the same compassion and mission to serve seniors. That is so different from my former colleagues in the forward world,
It is our job as reverse professionals to work in the best interests of or clients, sometimes going above and beyond the loan officer role to advocate for their needs. The work is unconventional to be sure, but its reward is beyond measure. n
I also have the honor of serving as a manager for a team of loan officers that I could not be more proud of. When they contact me for assistance in trying to move a loan forward, each and every one of them exhibits a sensitivity and caring for their customers that is undeniable. Yes, they are getting paid for doing the work that they do, but the talk is never about how much money they can make on a loan.
reversereview . com
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The Reverse Review May 2017
The Training You Need to Succeed. Powered by ReverseVision
RV University (RVU) is perfect for banks, forward originators, brokers, and new hires at existing reverse mortgage firms looking for quality reverse mortgage education and training. Whether you wish to originate reverse mortgages, or wish to manage loan originators that sell the HECM products, this program will accelerate the process and ensure you hit the ground running.
LIVE 3-DAY TRAINING • Day 1: Multiple training modules around loan structure, regulatory guidelines, and more to establish foundation. • Day 2: Hands-on practical origination scenarios using live technology to best originate reverse mortgages. Topics include proposals, disclosures and more. • Day 3: Focuses on loan sales process. Learn compliant methods for describing loan product to clients, discover methods to apply the loan to a range of borrower scenarios and cultivate referral sources.
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Live and online education and training for the mortgage professional.
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CONNECTING THE REVERSE MORTGAGE INDUSTRY SINCE 2007.
Reverse Loans | One Platform | All Connected rvu.reversevision.com 32 | TRR