the reverse review january 2013
DESCRIPTION
A magaze for professionals in the reverse mortgage businessTRANSCRIPT
THE REV
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spotlight ON COUNSELING
INSIDEthis issue
THE INDUSTRY BRACES FOR CHANGE IN THE WAKE OF THE FHA AUDIT PG. 32
DEMAND SPIKES FOR HECM SECURITIES ON WALL STREET PG. 37
+ DARREN STUMBERGER SITS DOWN IN OUR HOT SEAT PG. 14
J A N U A R Y 2 0 1 3
THE
reviewREVERSE
HOW MOUNTING ISSUES IN THE APPRAISAL SECTOR COULD SPELL TROUBLE FOR REVERSE MORTGAGE LENDERS{ {
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The ReveRse Review
January 2013
The software that ...... won’t leave you
in the rain
Rev
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Vis
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teReverseVision
www.reversevision.com z (919) 834 0070 z [email protected] Inc. z 3310 Pollock Place z Raleigh, NC 27607-7006
ReverseVision is supported by more reverse mortgage lenders than any other software.
In these uncertain times, Freedom of Action can determine a company’s survival.
Strategically thinking companies choose ReverseVision because ReverseVision combines the highest independence with maximum compatibility.
ReverseVision protects its customers by giving them the maximum freedom of action.
REVERSEREVIEW.COM � TRR | 3
At our core, each of us finds what truly matters. At Urban Financial Group, our path to success boils down to six unwavering principles: Client Focus, Integrity, Teamwork, Respect for Each Individual, Innovation and Responsible Citizenship. These values are woven into the DNA of our entire staff and embedded in our culture. These six principles guide our behavior and set the bar higher for each of us every day.
So in a world where people and businesses are faced with and tempted by shortcuts, we at Urban resolve to take the right path – every time. It’s this determination to do the right thing that has made us a leader in Reverse Mortgage lending. When you let your values guide you, the right path becomes clear. Goals are reached. Business grows. Find out how we can partner with you. Email us today.
* According to RMI measuring number of endorsed wholesale units January – December 2011
CLIENT FOCUS INTEGRITY TEAMWORK INNOVATION
RESPECT FOR EACH INDIVIDUAL RESPONSIBLE CITIZENSHIP
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The ReveRse Review
January 2013
z
Meet the Team
Senior PublisherREZA JAHANGIRI
PublisherERIK RICHARD
Editor-in-ChiefJESSICA GUERIN
Creative DirectorTRACI KNIGHT
Copy EditorKERSTEN WEHDE
Marketing DirectorALYCIA COLACION
Advertising Sales Rep.BRIANNA CONLON
Printer The Ovid Bell Press
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and advertisement 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
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Senior Publisher
{ Re z a Ja h a n g i R i }
A NOTE FROMREZA JAHANGIRI
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REVERSEREVIEW.COM � TRR | 5
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08 | MOVERS & SHAKERS7KH�ODWHVW�GHYHORSPHQWV�DW�FRPSDQLHV�DFURVV�WKH�UHYHUVH�VSDFH
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“In the appraisal world, it’s no secret that the industry
is facing a drastic decline in its workforce, and as the
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44 | THE APPRAISAL PROBLEM+RZ�PRXQWLQJ�LVVXHV�LQ�WKH�DSSUDLVDO�VHFWRU�FRXOG�VSHOO�WURXEOH�IRU�UHYHUVH�PRUWJDJH�OHQGHUVeRik RichaRD
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Table of Contents
Want the online version?
reversereview.com/magazine
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IN THIS ISSUE...
32JIM MILANO/HJDO
35RYAN LAROSE6HUYLFLQJ
50MEHRAN ARAM/DVW�:RUG
14 | HOT SEATDarren Stumberger0DQDJLQJ�GLUHFWRU�DW�.QLJKW�&DSLWDO�Group
16 | ORIGINATINGMaximizing Web Lead Conversion7LSV�IRU�WXUQLQJ�,QWHUQHW�OHDGV�LQWR�ORDQVchRistopheR Russow
18 | ORIGINATINGPlease Prove It to Me/HQGHUV�IRFXV�RQ�WUDLQLQJ�DQG�HGXFDWLRQ�DV�DXGLWRUV�DQG�H[DPLQHUV�KRPH�LQ�RQ�LQGXVWU\�SUDFWLFHV�kenneth l. kanaDy
shannon hicks
20 | ORIGINATINGMisperception Versus Fact$�FORVHU�ORRN�DW�+8'·V�ERUURZHU�GDWD�DQG�ZKDW�LW�UHDOO\�VD\V�DERXW�WKH�SURGXFWjaMes e. veale
24 | MARKETINGThe Power of Testimonials:K\�ZKDW�SHRSOH�VD\�DERXW�\RX�LV�IDU�PRUH�SRZHUIXO�WKDQ�DQ\WKLQJ�\RX�FRXOG�VD\�DERXW�\RXUVHOI�kevin DelgauDio
26 | TECHPreventing a Cyberattack6WHSV�\RX�FDQ�WDNH�WR�HQVXUH�\RXU�EXVLQHVV�DFFRXQWV�DUH�VHFXUHalexanDeR j. chauDhRy
28 | UNDERWRITINGHow’s the Weather?:KDW�\RX�VKRXOG�NQRZ�WR�EH�SUHSDUHG�WKH�QH[W�WLPH�D�ZHDWKHU�GLVDVWHU�VWULNHVRalph Rosynek
31 | APPRAISINGCompassion Is Key7LSV�IRU�HIIHFWLYHO\�ZRUNLQJ�ZLWK�VHQLRU�ERUURZHUV�RogeR Beane
37 | SECONDARY MARKETSupply and Demand(YHU�UHVLOLHQW��WKH�VHFRQGDU\�PDUNHW�VROGLHUV�RQ�MaRk acchione
38 | SPOTLIGHTCounseling Concerns)URP�IXQGLQJ�SUREOHPV�WR�DVVHVVPHQW�WRROV�DQG�FODLPV�DERXW�ELDVHG�DGYLVRUV��ZH�WDNH�DQ�LQVLGH�ORRN�DW�WKH�FRXQVHOLQJ�ZRUOG�IURP�WKUHH�YHU\�GLIIHUHQW�SHUVSHFWLYHV�anthony lopes
Matt MaRovich
jeReMy shaDRick
FEATURE
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The ReveRse Review
January 2013
MARTY BELL13 | NRMLA NEWS J�Marty Bell is NRMLA’s senior vice president of communications and marketing. This is Bell’s professional Act III after careers in books, journalism and the Broadway theater. Bell is the author of two novels HUK�MV\Y�UVUÄJ[PVU�IVVRZ��HUK�his writing has appeared in publications including Playboy and New York magazine. Bell wrote and produced the award-^PUUPUN�KVJ\TLU[HY`�ÄST�The Boys of Summer and produced 15 Broadway shows (including Ragtime, Fosse and Dirty Rotten Scoundrels) that won 27 Tony Awards.
DARREN STUMBERGER14 | HOT SEAT J�Darren Stumberger, managing director at Knight Capital Group, heads Agency MBS trading and is responsible for HMBS/ HREMIC trading, distribution and risk management. Prior to Knight, Stumberger held TVY[NHNL�[YHKPUN�HUK�ÄUHUJL�positions at Goldman Sachs, Morgan Stanley, Merrill Lynch, Standard & Poor’s and KBC Group [email protected]
CHRISTOPHER RUSSOW 16 | MAXIMIZING WEB LEAD CONVERSION J�Christopher Russow is vice president of sales for Urban Financial Group and is involved in retail sales management, online marketing and lead generation. He previously held management positions at EquiPoint Financial and One Reverse Mortgage, and also worked in wholesale for Financial Freedom. Russow has a B.S. in business/economics from Cal Poly San Luis Obispo and is currently working toward his MBA at the University of California San Diego.
Contributors
KENNETH L. KANADY18 | PLEASE PROVE IT TO ME J�Kenneth L. Kanady is the director of Learning & Development for Wendover Consulting, Inc. Kanady created and managed the Wells Fargo Home Mortgage National Loan 6MÄJLY�:HSLZ�;YHPUPUN�HUK�*LY[PÄJH[PVU�WYVNYHT�PU�������He is the author of Reverse Credibility, a text on credibility-based engagements with seniors (Jawbone Publishing, 2009), and numerous articles onreverse sales professionalismand development. Kanadyserves as a member of NRMLA’s0UKLWLUKLU[�*LY[PÄJH[PVUCommittee.
SHANNON HICKS18 | PLEASE PROVE IT TO ME J�Shannon Hicks is the vice president of product development at Reverse Focus (formerly Reverse Fortunes), a training and technology company for the reverse mortgage industry. Hicks was instrumental in the development VM�[OL�ÄYZ[�Z[HUKHYK�*94�VMMLYLK�ZWLJPÄJHSS`�MVY�YL]LYZL�TVY[NHNL�originators and for Reverse )HZPJZ��[OL�ÄYZ[�L�SLHYUPUN�[VVS�for the industry. He also hosts the nation’s only weekly podcast “Reverse Focus Weekly.”
JAMES E. VEALE20 | MISPERCEPTION VERSUS FACT JJames E. Veale, CPA, MBT, has been originating reverse mortgages since early 2005. In2007, Veale joined Security One Lending as a senior vice president shortly after it started its reverse mortgage operations. Veale has more than 40 years of experience in the tax industry and has been a California real estate broker for two decades. He and his wife, Marilu, operate the S1L branch in Lakewood, California.
KEVIN DELGAUDIO24 | THE POWER OF TESTIMONIALS JKevin DelGaudio is marketing director at the Senior Reverse Network, division of Jet Direct Mortgage, based in Long Island, New York. He is a graduate of Long Island University with a degree in marketing. DelGaudio started his mortgage career in 2002 and is still an active MLO, licensed in New York and New Jersey. DelGaudio is working VU�OPZ�ÄYZ[�IVVR��H�JVUZ\TLY»Z�guide to reverse mortgages.
ALEXANDER J. CHAUDHRY26 | PREVENTING A CYBERATTACK J�Alexander J. Chaudhry is general counsel of FNC Title Services. Chaudhry works on areas of real estate law that impact title insurance agencies with a ZWLJPÄJ�MVJ\Z�VU�/,*4Z��/L�PZ�responsible for corporate and transactional matters, licensing, and regulatory and litigation concerns. He recently worked with insurance enforcement VMÄJLYZ�VU�J`ILY[OYLH[�PZZ\LZ�facing the title insurance industry.
RALPH ROSYNEK28 | HOW’S THE WEATHER? J�Ralph Rosynek is the vice president for National Correspondent Production at Reverse Mortgage Solutions. RMS is a premier provider of reverse mortgage servicing, a Ginnie Mae seller/servicer and offers mortgage banking support to the reverse mortgage industry. Rosynek is currently a member of the NRMLA board, co-chair of the Professional Development Committee and holds HUD HECM Direct Endorsement [email protected]
Christopher
Russow
Marty Bell
Darren
Stumberger
Kenneth L.
Kanady
James E. Veale
Kevin
DelGaudio
Shannon Hicks
Alexander J.
Chaudhry
Ralph Rosynek
REVERSEREVIEW.COM � TRR | 7
ContributorsDENNIS SWIT29 | INSURANCE TIP J�Dennis Swit has more than 20 years of insurance industryexperience and is currently managing partner of LoanProtector Insurance Services in Cleveland, Ohio. Loan Protectoris a leading national provider of lender-placed insurance andinsurance tracking services for both the forward and reversemortgage industries. Swit is responsible for overseeing thecompany’s growth and client retention strategy and is actively involved in new businessdevelopment, insurance trackingneeds, analysis and programdesign.
ROGER BEANE31 | COMPASSION IS KEY J�Roger Beane is the founder and CEO of Orange County, California-based LRES, a national provider of commercial and residential valuations and asset management for the mortgage, banking, credit union and real estate industries. He leads a dedicated team of professionals committed to bringing real-world solutions PTWHJ[PUN�VWLYH[PVUHS�LMÄJPLUJ`�HUK�PUZ[P[\[PVUHS�WYVÄ[HIPSP[`�[V�LRES client organizations.
JIM MILANO32 | THE WAITING IS THE HARDEST PART J�Jim Milano is a partner with [OL�SH^�ÄYT�VM�>LPULY�)YVKZR`�Sidman Kider. Milano’s practice focuses on regulatory JVTWSPHUJL�MVY�[OL�ÄUHUJPHS�services industry, particularly with respect to reverse mortgage issues. Milano is nationally recognized as one of the leading lawyers in the area of reverse mortgage law, and is a frequent speaker on topics of interest to industry members at various trade association conferences and webinars.
Roger Beane
Dennis Swit
Jim Milano
Ryan LaRose
Mark Acchione
Anthony Lopes
RYAN LAROSE35 | AT YOUR SERVICE J�Ryan LaRose is president andCOO of Celink, an independentreverse mortgage subservicer.LaRose has more than 12 yearsof servicing experience and hasworked exclusively in reversemortgage servicing since 2005.In addition, he is an activemember of the NRMLA servicing and technology committees.celink.com517.321.5491
MARK ACCHIONE37 | SUPPLY AND DEMAND J�Mark Acchione is managing director of capital markets at One Reverse Mortgage, the nation’s largest retail-only provider of reverse mortgages. Acchione is responsible for capital market operations located in Detroit, Michigan.
ANTHONY LOPES38 | A COUNSELOR’S PERSPECTIVE J�Anthony Lopes is the housing director of Cambridge Credit Counseling Corp., H�UVUWYVÄ[�OV\ZPUN��JYLKP[�and bankruptcy counseling agency. Lopes is an AFCPE-JLY[PÄLK�JYLKP[�JV\UZLSVY�HUK�a NeighborWorks America-JLY[PÄLK�OV\ZPUN�HUK�/,*4�counselor, with more than 12 years of experience in the ÄUHUJPHS�JV\UZLSPUN�PUK\Z[Y �̀�Lopes has a B.A. in criminal justice and sociology from William Patterson University in New Jersey.
MATT MAROVICH40 | SQUASHING THE MYTHS JMatt Marovich is a branch manager for Genworth Financial Home Equity Access and one of the top reverse mortgage consultants in the nation. He has been in the ÄUHUJL�PUK\Z[Y`�MVY�LPNO[�years and has published more than 20 books and articles that range in topic from social media, environmental sustainability, global poverty, entrepreneurship and management education. Marovich earned a master’s degree from Rutgers University.
JEREMY SHADRICK43 | THE COUNSELING FUNDING FRENZY J�Jeremy Shadrick is the president and founder of 8\PJR*LY[��H�UVUWYVÄ[��/<+�approved housing counseling agency based in Tulsa, Oklahoma. QuickCert offers HECM counseling exclusively and assists more than 1,000 senior clients a month. Previously, Shadrick worked for Pricewaterhouse Coopers, CountryWide and Reverse It! He is a graduate of the University of Tennessee, where he received a full football scholarship, and attended graduate school at the University of South Florida.
ERIK RICHARD47 | THE APPRAISAL PROBLEM J�Erik Richard is the CEO of Landmark Network, an appraisal management and compliance company serving the reverse mortgage industry. Richard is also co-publisher of The Reverse Review. Prior to founding Landmark, Richard accumulated more than 10 years of industry experience within the lender services and real estate valuation sectors. Richard most recently served as CFO for One Reverse Mortgage.
Jeremy
Shadrick
Matt Marovich
Erik Richard
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The ReveRse Review
January 2013
Movers & Shakers
Landmark Network Acquires Hamilton Appraisal Management ServicesLos Angeles-based AMC Landmark Network has acquired Hamilton Appraisal Management Services (HAMS). Launched in 2010, New Jersey-based HAMS entered the space on the heels of HVCC and experienced tremendous growth. Under the new deal, Landmark will retain HAMS’ ,HZ[�*VHZ[�VMÄJLZ�HUK�THUHNLTLU[�[LHT�
TVC Capital Purchases Majority Stake in ReverseVision Inc.:HU�+PLNV�IHZLK�NYV^[O�LX\P[`�ÄYT�TVC Capital has purchased a majority stake in loan origination software provider ReverseVision Inc. The deal includes an equivalent equity purchase in the interrelated company Reverse Documents Inc. John Button has been appointed president and founder Thomas Martignoni will continue to work with both companies.
Texas Celebrates 50,000 Reverse Mortgage LoansThe 50,000th reverse mortgage was issued this November in Texas. “Over the next decade, as more Texans are forced to deal ^P[O�Z[VJR�THYRL[�Å\J[\H[PVUZ��[H_�
increases and expanding health care costs, reverse mortgages will continue to take VU�H�NYLH[LY�ZPNUPÄJHUJL�PU�[OLPY�ÄUHUJPHS�planning,” said Scott Norman, VP of Sente Mortgage’s HECM division.
Moneyhouse Launches U.S. Operations7\LY[V�9PJV�SLUKLY�4VUL`OV\ZL�PZ�VMÄJPHSS`�making its move stateside. The company PZ�VWLUPUN�P[Z�YL[HPS�VMÄJL�PU�6YSHUKV��Florida, on January 15 and was just licensed in Texas. The company is also planning to launch wholesale operations and is currently collecting applications from lenders in Texas, Oklahoma and Florida.
Mortgage Cadence Promotes Seth Hooper to Director of Reverse LendingReverse mortgage technology provider Mortgage Cadence announced the promotion of Seth Hooper to director of reverse lending. Hooper joined the Denver-based company in 2010 after seven years in the industry, focusing on reverse lending, mortgage production and document services.
2012 Marks a Year of Growth for Open MortgageTexas-based Open Mortgage experienced unprecedented growth in 2012, opening ���IYHUJO�VMÄJLZ�HUK�IYPUNPUN�UL^�[LHT�members Joe Morris (SVP) and Diane Creasy (director of marketing) on board.
Premier Reverse Closings Approaches Milestone Premier Reverse Closings (PRC), an industry leader in reverse mortgage title and settlement, will close its 150,000th reverse mortgage transaction this month. The Rocklin, California-based company works with every major lender in the reverse mortgage industry and attributes its success to the expertise and dedication of each member of its 60-person team.
Celink Wins Integrity Award from Regional BBBReverse mortgage servicer Celink was one of three companies that received the annual Integrity Award from the Better Business Bureau of Western Michigan. Ryan LaRose, Celink president and COO, said the award was a validation of the Celink Code of Ethics, which was ÄYZ[�KYHM[LK�I`�OPZ�MH[OLY�HUK�*,6�1VOU�LaRose.
HAVE A COMPANY UPDATE YOU WOULD LIKE TO SEE PUBLISHED?
in companies across the reverse space.READ ABOUT THE LATEST DEVELOPMENTS
EMAIL IT TO [email protected].
ContributorsJESSICA GUERIN47 | THE APPRAISAL PROBLEM J�Jessica Guerin is the editor-in-chief of The Reverse Review. She has worked on the editorial teams of Chicago Home & Garden, Chicago magazine and Time Out Chicago. Prior to joining the magazine, Guerin managed the marketing efforts MVY�H�JVTTVKP[`�IYVRLYHNL�ÄYT�in the Chicago Board of Trade. She has a master’s degree in magazine publishing from Northwestern University and a B.S. in journalism from Boston University.
MEHRAN ARAM54 | GIVE AND YOU SHALL RECEIVE J�Mehran Aram is president and CEO of The Aramco Group. A 1984 graduate of the University of San Diego School of Business, he founded Aramco 4VY[NHNL�PU�� ��HM[LY�Ä]L�years in the industry. Aram is H�*LY[PÄLK�9L]LYZL�4VY[NHNL�Professional with more than 20 years of industry experience and serves as a mortgage analyst for several San Diego radio stations.
Jessica Guerin
Mehran Aram
Want to write for this magazine?
Email [email protected] for more information.
�
REVERSEREVIEW.COM � TRR | 9
January Edition
NEWS DIRECT TO YOU: ;OL�PUK\Z[Y`»Z�OLHKSPUPUN�Z[VYPLZ�H[�`V\Y�ÄUNLY[PWZ
WANT EVEN MORE UP-TO-THE-MINUTE NEWS? Visit reversemortgagedaily.com.
AN UPDATE OF THIS PAST MONTH’S BREAKING NEWS
headlining news1. FHA AUDIT SHOWS $16 BILLION DEFICIT, HECM PORTFOLIO NEGATIVE $2.8 BILLION7KH�)+$·V�DQQXDO�DXGLW�ZDV�UHOHDVHG�LQ�PLG�1RYHPEHU��LQGLFDWLQJ�WKDW�WKH�DJHQF\·V�FDSLWDO�UHVHUYHV�KDYH�IDOOHQ�WR�QHJDWLYH�����ELOOLRQ��7KH�DXGLW�VKRZHG�WKDW�WKH�)+$·V�+(&0�SRUWIROLR�FRQWULEXWHG��������ELOOLRQ�WR�WKDW�GHÀFLW��$�VWDWHPHQW�UHOHDVHG�DW�WKH�WLPH�RI�WKH�DXGLW�VDLG�WKDW�WKH�ÀQGLQJV�ZLOO�GLUHFW�FKDQJH�DFURVV�WKH�)+$·V�KRXVLQJ�SURJUDPV��LQFOXGLQJ�WKH�+(&0�SURJUDP��6KRUWO\�DIWHU��+8'�DQQRXQFHG�WKDW�LW�ZLOO�VHOO��������ORDQV�WR�ERRVW�WKH�0XWXDO�0RUWJDJH�,QVXUDQFH�)XQG�DQG�WKDW�PRUH�FKDQJHV�DUH�RQ�WKH�KRUL]RQ��// November 16, 2012
2. THE NEW YORK TIMES: FHA RELYING ON NEWEST LOANS TO DRIVE FINANCIAL RECOVERY$IWHU�WKH�UHFHQW�DXGLW�UHYHDOLQJ�WKH�)+$·V�QHJDWLYH�FDSLWDO�SRVLWLRQ��D New York
Times DUWLFOH�VDLG�UHFRYHU\�HIIRUWV�PLJKW�OLH�LQ�WKH�SHUIRUPDQFH�RI�PRUH�UHFHQW�ORDQV��7KH�DUWLFOH�FLWHG�´WR[LF�ORDQVµ�LQVXUHG�EHWZHHQ������DQG������DV�WKH�VRXUFH�RI�WKH�DJHQF\·V�GHÀFLW��DQG�VDLG�WKDW�)+$�RIÀFLDOV�H[SUHVVHG�FRQÀGHQFH�WKDW�WKH�VWURQJ�SHUIRUPDQFH�RI�ORDQV�LQVXUHG�VLQFH������ZRXOG�KHOS�UHPHG\�WKH�VLWXDWLRQ��7KH�DUWLFOH�TXRWHG�)+$�$FWLQJ�&RPPLVVLRQHU�&DURO�*DODQWH��ZKR�VDLG�WKDW�UHFHQW�ORDQV�DUH�VKRZLQJ�IDU�VXSHULRU�UHVXOWV�RYHU�ROGHU�ORDQV��´:H�VHH�GUDPDWLF�LPSURYHPHQW�WKDW�JLYHV�XV�VRPH�OHYHO�RI�FRQÀGHQFH�WKDW�WKH\�DUH�FHUWDLQO\�SHUIRUPLQJ�PXFK��PXFK�EHWWHU�WKDQ�WKH�ROGHU�ERRNV�RI�EXVLQHVV�µ�*DODQWH�VDLG��7KDW�DUWLFOH�GLG�QRWH��KRZHYHU��WKDW�LW�PD\�WDNH�WKUHH�WR�ÀYH�\HDUV�IRU�ORDQV�WR�´VHDVRQµ�DQG�IRU�ORVV�SDWWHUQV�WR�HPHUJH�// December 4, 2012
3. HUD SECRETARY ASKS CONGRESS FOR AUTHORITY TO MANAGE HECM PROGRAM TO PREVENT SWEEPING CHANGES+8'�6HFUHWDU\�6KDXQ�'RQRYDQ�DVNHG�PHPEHUV�RI�&RQJUHVV�IRU�PRUH�DXWKRULW\�WR�PDQDJH�WKH�)+$·V�UHYHUVH�PRUWJDJH�SURJUDP�WR�DYRLG�PDNLQJ�EOXQW�FKDQJHV�WR�LW��'RQRYDQ�VDLG�WKDW�GHVSLWH�WKH�+(&0�SRUWIROLR·V�QHJDWLYH������ELOOLRQ�VWDWXV��WKH�DJHQF\�KDV�QR�LQWHQWLRQ�RI�VXVSHQGLQJ�WKH�SURJUDP�WR�VKRUH�XS�IXQGV��7KRXJK�SUHVVHG�E\�VRPH�PHPEHUV�RI�&RQJUHVV�FRQFHUQHG�WKDW�WKH�SURJUDP�ZDV�FRVWLQJ�WD[SD\HUV�PRQH\��'RQRYDQ�VWDWHG�WKDW�D�PRUDWRULXP�RQ�UHYHUVH�PRUWJDJHV�ZRXOG�KHLJKWHQ�WKH�HFRQRPLF�FULVLV�IRU�VHQLRUV�ZKR�FDQ�EHQHÀW�IURP�WKH�SURJUDP��'RQRYDQ�VDLG�WKDW�UDWKHU�WKDQ�LPSRVH�D�PRUDWRULXP��WKH�DJHQF\�SUHIHUV�WR�PRGLI\�WKH�VWUXFWXUH�RI�WKH�SURJUDP��KRSHIXOO\�PDNLQJ�FKDQJHV�LQ�WKH�XSFRPLQJ�VHVVLRQ�RI�&RQJUHVV��6HQDWRU�%RE�&RUNHU��5�71��UHVSRQGHG�WKDW�JDLQLQJ�VXFK�DXWKRULW\�VHHPHG�SRVVLEOH��´0RVW�ZRXOG�VXSSRUW�WKDW�µ�KH�VDLG�// December 6, 2012
4. REVERSE MORTGAGE VOLUME UP 19% IN NOVEMBER, EAST COAST LEADS CHARGE+(&0�HQGRUVHPHQWV�URVH������SHUFHQW�LQ�1RYHPEHU��PDNLQJ�LW�WKH�EHVW�PRQWKO\�YROXPH�WKH�LQGXVWU\�KDV�VHHQ�VLQFH�-XQH��DFFRUGLQJ�WR�5HYHUVH�0DUNHW�,QVLJKW��1RYHPEHU·V�WRWDO�HQGRUVHPHQWV�HTXDOHG��������D�QRWDEOH�LQFUHDVH�IURP�2FWREHU·V��������'DWD�IURP�WKDW�PRQWK�DOVR�LQGLFDWHG�DQ�LQFUHDVH�LQ�+(&0�YROXPH�RQ�WKH�(DVW�FRDVW��ZLWK�1HZ�<RUN�1HZ�-HUVH\��0LG�$WODQWLF�DQG�1HZ�(QJODQG�UHJLRQV�SRVWLQJ�JDLQV�VLQFH�2FWREHU�RI��������DQG����SHUFHQW�UHVSHFWLYHO\��$GGLWLRQDOO\��WKH�WRS�WKUHH�UHJLRQV�RI�6RXWKHDVW�&DULEEHDQ��3DFLÀF�+DZDLL�DQG�6RXWKZHVW�DOO�LQFUHDVHG�PRUH�WKDQ����SHUFHQW�// December 10, 2012
5. FHA EXTENDS HECM LOAN LIMITS THROUGH 2013)+$�VDLG�WKH�QDWLRQDO�OHQGLQJ�OLPLW�IRU�ORDQV��LQFOXGLQJ�UHYHUVH�PRUWJDJHV��ZLOO�UHPDLQ�XQFKDQJHG�WKURXJK�WKH�FDOHQGDU�\HDU�RI�������,Q�0RUWJDJHH�/HWWHU��������+8'�VDLG�WKDW��ORDQ�OLPLWV�IRU�+(&0V�ZLOO�UHPDLQ�DW�����������RU�����SHUFHQW�RI�WKH�QDWLRQDO�FRQÀUPLQJ�OLPLW�RI�����������HIIHFWLYH�-DQXDU\���WKURXJK�'HFHPEHU����������// December 7, 2012
6. BLOOMBERG NEWS: REVERSE MORTGAGE INVESTOR DEMAND GROWS7KH�LQYHVWRU�PDUNHW�IRU�UHYHUVH�PRUWJDJH�VHFXULWLHV�KDV�EHFRPH�PRUH�GHVLUDEOH�WKDQNV�WR�WKH�JRYHUQPHQW�JXDUDQWHH�DVVRFLDWHG�ZLWK�WKH�SURGXFW��ZKLFK�SRVLWLRQV�LW�DERYH�RWKHU�LQYHVWPHQWV��VDLG�D�UHSRUW�UHOHDVHG�E\�%ORRPEHUJ�1HZV��7KH�DUWLFOH�VWDWHG�WKDW�DOWKRXJK�WKH�PDUNHW�LV�QRW�ZLWKRXW�LWV�FRPSOLFDWLRQV�DV�D�UHVXOW�RI�WKH�)+$·V�VWUXJJOLQJ�LQVXUDQFH�IXQG��LQYHVWRUV�DUH�VWLOO�WDUJHWLQJ�WKH�����ELOOLRQ�PDUNHW�IRU�ERQGV�WLHG�WR�UHYHUVH�PRUWJDJHV�EHFDXVH��DV�RQH�LQYHVWRU�QRWHV��´7KH�FDVK�ÁRZ�LV�UHOLDEOH�µ�// December 10, 2012
7. GINNIE MAE REPORTS CONTINUED PROFITS, BUT EARNINGS FALL 48%*LQQLH�0DH�UHSRUWHG�D�QHW�LQFRPH�RI��������PLOOLRQ�LQ�ÀVFDO�\HDU�������GRZQ����SHUFHQW�IURP�WKH�SUHYLRXV�\HDU��5HYHQXHV��KRZHYHU��LQFUHDVHG����SHUFHQW�WR��������ELOOLRQ��7KH�DJHQF\�DOVR�FRXQWHG����+0%6�LVVXHUV�LQ�LWV�DQQXDO�UHSRUW�ZLWK�������ELOOLRQ�LQ�UHPDLQLQJ�SULQFLSDO�EDODQFH�LQ�LWV�+0%6�SRUWIROLR��*LQQLH�0DH�H[HFXWLYHV�VDLG�WKH�KRXVLQJ�PDUNHW�FRQWLQXHV�WR�EHQHÀW�IURP�*LQQLH·V�SUHVHQFH�LQ�WKH�PDUNHW��DV�LW�KDV�SURYLGHG�PRUH�WKDQ����WULOOLRQ�LQ�OLTXLGLW\�VLQFH�WKH�KRXVLQJ�FULVLV��// November 15, 2012
Brought to you by:
Industry Update
| TRR10
The ReveRse Review
January 2013
To Move Forward,Work In ReverseJoin a winning team in a growing industry
To learn more about becoming a reverse
mortgage advisor, scan the image below
or visit
www.genworth.com
REVERSEREVIEW.COM � TRR | 11
Roundup
MARKET TRENDS
Home Prices Up
+RPH�SULFHV�LQFUHDVHG���SHUFHQW�\HDU�RYHU�\HDU�LQ�6HSWHPEHU��DFFRUGLQJ�WR�&RUH/RJLF·V�+RPH�3ULFH�,QGH[�GDWD��7KH�MXPS�PDUNV�WKH�VHYHQWK�FRQVHFXWLYH�LQFUHDVH�RQ�D�\HDU�RYHU�\HDU�EDVLV�DQG�
SURPSWHG�&RUH/RJLF�WR�VWDWH�WKDW�WKH�KRXVLQJ�
PDUNHW�LV�VWHDGLO\�UHFRYHULQJ��´6R�IDU�WKLV�\HDU��ZH·UH�VHHLQJ�FOHDU�VLJQV�RI�VWDELOL]DWLRQ�DQG�LPSURYHPHQW�WKDW�VKRZ�SURPLVH�IRU�D�JUDGXDO�UHFRYHU\�LQ�WKH�UHVLGHQWLDO�KRXVLQJ�PDUNHW�µ�WKH�FRPSDQ\·V�&(2�VDLG�
DEMOGRAPHICS
Top HECM Cities
5HYHUVH�0DUNHW�,QVLJKW�SXEOLVKHG�D�OLVW�RI�WKH�WRS�ÀYH�PHWURSROLWDQ�VWDWLVWLFDO�DUHDV�ZLWK�DW�OHDVW�����+(&0V�HQGRUVHG�IURP�-DQXDU\�WKURXJK�6HSWHPEHU��UDQNHG�E\�SHUFHQWDJH�RI�$50��´1R�PDWWHU�ZKDW�QH[W�\HDU�KDV�LQ�VWRUH�IRU�WKH�)+$��+(&0�DQG�RXU�UHYHUVH�PRUWJDJH�LQGXVWU\��LW·V�DOZD\V�D�JRRG�LGHD�WR�WDUJHW�\RXU�PDUNHWLQJ�LQVWHDG�RI�EODVWLQJ�DZD\�ZLWK�WKH�VKRWJXQ�DSSURDFK�µ�WKH�FRPSDQ\�VWDWHG��
New Have!- Milfor", Con!.
Bridgepor#-Stamfor"-Norwal$, Con!.
Cambridg%-Newto!-Framingha&, Mas'.
Providenc%-New Bedfor"-Fal( River, R.I.-Mas'.
Chicag)-Napervill%-Jolie#, Il(.
THE SENIOR CONSENSUS
Top Retirement Cities
&11�0RQH\�UHOHDVHG�D�OLVW�RI�WKH�WRS�UHWLUHPHQW�GHVWLQDWLRQV�LQ�WKH�8�6��EDVHG�RQ�IDFWRUV�OLNH�PHGLDQ�KRPH�SULFH��LQFRPH�WD[��DFWLYLWLHV�DQG�DWWUDFWLRQV��FOLPDWH�DQG�
DFFHVV�WR�KHDOWK�FDUH�
AT THE LATEST N E W S A N D S T A T S
AFFECTING THE MARKET.
HERE’S A LOOK
1. albuquerque, n.M.
2. portland, ore.
3. louisville, ky.
4. tucson, ariz.
5. austin, tex.
6. winston-salem, n.c.
7. st. george, utah
8. traverse city, Mich.
9. coeur d’alene, ida.
10. st. augustine, Fla.
RETIREMENT RISK
Financial Instability on the Horizon
%RVWRQ�&ROOHJH·V�&HQWHU�IRU�5HWLUHPHQW�5HVHDUFK�UHOHDVHG�D�VWXG\�LQGLFDWLQJ�WKDW�UHWLUHPHQW�ULVN�LV�RQ�WKH�ULVH��7KH�FHQWHU·V�1DWLRQDO�5HWLUHPHQW�5LVN�,QGH[�FDOFXODWHG�WKDW����SHUFHQW�RI�$PHULFDQ�KRXVHKROGV�ZLOO�IDFH�D�GHFOLQH�LQ�WKHLU�VWDQGDUG�RI�OLYLQJ�RQFH�WKH\�UHWLUH��D�ÀJXUH�WKDW�LV�XS���SHUFHQW�IURP�D������VXUYH\��´7KH�155,�VKRZV�WKDW��DV�RI�������PRUH�WKDQ�KDOI�RI�WRGD\·V�KRXVHKROGV�ZLOO�QRW�KDYH�HQRXJK�UHWLUHPHQW�LQFRPH�WR�PDLQWDLQ�WKHLU�SUH�UHWLUHPHQW�VWDQGDUG�RI�OLYLQJ��HYHQ�LI�WKH\�ZRUN�WR�DJH���³ZKLFK�LV�DERYH�WKH�FXUUHQW�DYHUDJH�UHWLUHPHQW�DJH³DQG�DQQXLWL]H�DOO�RI�WKHLU�ÀQDQFLDO�DVVHWV��LQFOXGLQJ�WKH�UHFHLSWV�IURP�D�UHYHUVH�PRUWJDJH�RQ�WKHLU�KRPHV�µ�WKH�VWXG\�FRQFOXGHG�
Number
HERE ARE SOME INTERESTING FACTS DERXW�DJLQJ�LQ�$PHULFD
A! unprecedente" number OF AGING AMERICANS WILL HAVE A MAJOR IMPACT ON
WHAT IT MEANS TO BE A SENIOR CITIZEN IN THIS COUNTRY. ACCORDING TO A PANEL OF
EXPERTS AT AN APRIL CONFERENCE ON AGING IN
AMERICA, A “NEW MODEL OF LIFE IS EMERGING” IN
WHICH SENIORS WILL SEEK TO REINVENT THEMSELVES
AND LIVE ACTIVE, INDEPENDENT LIVES. HERE’S A LOOK
AT HOW DRASTICALLY THE SENIOR DEMOGRAPHIC
HAS CHANGED:American Society on Aging J
1940�� Life expectancy was 63.5 years �� About 9 million Americans
received Social Security benefits �� The ratio of workers to
beneficiaries was 159 to 1
2010�� Life expectancy was 78.3 years�� Nearly 39 million Americans
received Social Security benefits�� The ratio of workers to retirees
was 2.9 to 1
53% the number of american households that will face a decline in their standard of living once they retire
| TRR12
The ReveRse Review
January 2013
REVERSEREVIEW.COM � TRR | 13
NRMLA News
NEW
S FRO
M N
RMLA
BROUGHT TO YOU BY MARTY BELL :
NATIONAL REVERSE MORTGAGE
LENDERS ASSOCIATION
NEW MEMBERS�� Impac Mortgage Irvine, CA
�� Lexington Investment Mortgage Company, LLC, Lexington, KY
�� Senior Savings Reverse Inc., Lake Forest, CA
�� Coastway Community Bank, Cranston, RI
NEW CRMPs�� Lance R. Canada, TowneBank Mortgage,
Raleigh, NC
�� Mace Kochenderfer, Stearns Lending, Inc., Albuquerque, NM
�� Colleen Moore, Golden Equity Mortgage, San Diego, CA
ON BOARD:
FOLLOW-UP TO THE FHA INSURANCE FUND AUDITHUD’s response to the 2012 audit of the FHA Mortgage Mutual
,QVXUDQFH�)XQG�LV�ÁXLG�DV�ZH�ZULWH�DQG�\RX�ZLOO�SUREDEO\�KHDU�RI�later developments before you read this. The audit showed a gap of
$2.8 billion, largely due to pre-Saver, pre-MIP increase, pre-housing
recovery books of business, but HUD has made it clear policy actions
will be taken in order to protect the future of the fund.
Even prior to the audit, Deputy Assistant Secretary Charles Coulter
made it clear at NRMLA’s Annual Meeting in San Antonio that
KLV�GHSDUWPHQW�ZDV�FRQFHUQHG�DERXW�WKH�KLJK�UDWLR�RI�À[HG�UDWH��full-draw loans to other products. Ever since Coulter’s presentation,
and immediately following the audit’s release, NRMLA’s board of
directors has been meeting frequently to discuss proposals to HUD
that might adjust the market while still protecting the existence of
the product.
2Q�WKH�'RFNHWThe misinformation spreads virally. A consumer advocate hears a complaint from a disgruntled reverse mortgage borrower. The consumer advocate is interviewed by a CFPB staffer for a reverse mortgage report and repeats the complaint, which has now become an anecdote. The CFPB, trying to deliver a report without compiling any data, draws conclusions from the anecdote. A New York Times reporter picks up the conclusion based on the anecdote and reports it as fact. (After all, it came from the CFPB!) Reporters in Jacksonville and Houston repeat the conclusion. (After all, it was in The New York Times!) And then local television stations in Jacksonville and Houston quote the local paper. It’s like the old game of telephone, except a valuable product’s reputation is on the line, and we all feel lousy. We live in a time of shrinking news staffs. Original source research, once a staple of papers, has been replaced by Googling another newspaper’s story on your iPhone. Data compilation is something you let other places spring for. /V^�KV�^L�Z[VW�[OL�ÅV^�VM�TPZPUMVYTH[PVU&�How do we prevent anecdotal evidence from T\ZOYVVTPUN�PU[V�JVUJS\ZPVUZ�[OH[�PUÅ\LUJL�WVSPJ`&�/V^�KV�^L�IYLHR�[OL�JOHPU�VM�MVVSPZOULZZ& Well, we can take the Stephanopoulos/Carville War Room approach and correct every bad story, as we have done with the support of Rasky Baerlein Strategic Relations. (In the past two weeks alone, we responded to stories in the Chicago Tribune, Florida Times Union and the Houston Chronicle.) We can try to divert attention from the criticism with alternative stories, the preferred tool of this year’s political campaigns. We can ignore the bad press and talk directly to consumers, which means substantial advertising expenditures. Or we can tackle the issues that continue to show up in the WYLZZ��Ä_LK�YH[L��M\SS�KYH^Z"�HNNYLZZP]L�HK]LY[PZPUN"�etc.) and try to eliminate them so they can no longer be criticized. There are arguments to be made for each approach—and maybe for all three approaches. To help us choose which road (or roads) to take, NRMLA has formed a Public Relations Committee comprising some of the best marketing minds in the industry. Chaired by Jean Noble of Urban Financial, it includes Teague McGrath of AAG, Mary Smith of Genworth, Mary Katherine Quasarano of Celink, Rick Peters of Security One and Dave Hickey of Nationstar. As of this writing, the committee has convened just a few times and is beginning to dig its way through the various options. We’ll continue to discuss its progress in future issues.
IN COMMITTEES: CFPB MANUAL ADDRESSES RISK AND COMPLIANCE COMMITTEE CONCERNS(DUOLHU�WKLV�\HDU��ZH�UHSRUWHG�WKDW�WKH�5LVN�DQG�&RPSOLDQFH�&RPPLWWHH�VXEPLWWHG�FRPPHQWV�DQG�FRQFHUQV�UHJDUGLQJ�WKH�RULJLQDO�YHUVLRQ�RI�WKH�&)3%·V�6XSHUYLVLRQ�DQG�([DPLQDWLRQ�PDQXDO��WKH�JXLGH�&)3%�H[DPLQHUV�XVH�LQ�RYHUVHHLQJ�FRPSDQLHV�WKDW�SURYLGH�FRQVXPHU�ÀQDQFLDO�SURGXFWV�DQG�VHUYLFHV�WKDW�ZDV�UHOHDVHG�LQ�2FWREHU��150/$�H[HFXWLYH�VWDII�DQG�JHQHUDO�FRXQVHO�PHW�LQ�SHUVRQ�ZLWK�WKH�&)3%�UHJDUGLQJ�WKRVH�VDPH�FRQFHUQV��
,Q�WKH�QHZ��XSGDWHG�YHUVLRQ��WKH�&)3%�GLG�LQGHHG�KHHG�VRPH�RI�150/$·V�FRQFHUQV��QRWHZRUWK\�DUH�WKH�UHYLVHG�GHÀQLWLRQ�RI�WKH�WHUP�´UHYHUVH�PRUWJDJHµ��WKH�VSHFLÀF�H[HPSWLRQV�RI�UHYHUVH�PRUWJDJHV�IURP�VXFK�FDWHJRULHV�DV�KLJK�FRVW�ORDQV��DQG�WKH�SURYLVLRQ�RI�VSHFLDO�LQIRUPDWLRQ�ERRNOHWV��0RVW�LPSRUWDQWO\��KRZHYHU��LV�RXU�VXFFHVV�LQ�JHWWLQJ�WKH�IROORZLQJ�ODQJXDJH�LQFRUSRUDWHG�LQWR�WKH�PDQXDO��´%HFDXVH�RI�WKH�XQLTXH�IHDWXUHV�RI�UHYHUVH�PRUWJDJHV��H[DPLQHUV�VKRXOG�IROORZ�WKH�SURFHGXUHV�WKDW�DUH�VSHFLÀF�WR�UHYHUVH�PRUWJDJHV�DQG�EH�DZDUH�WKDW�RWKHU�H[DPLQDWLRQ�SURFHGXUHV�PD\�QRW�DSSO\�WR�UHYHUVH�PRUWJDJHV�µ��8QGHU�´([DPLQDWLRQ�3URFHGXUHV�0RUWJDJH�2ULJLQDWLRQ��´3URFHGXUHV�µ�SDJH���
This month at reversemortgage.org, we had 13,246 unique YLVLWRUV��D����SHUFHQW�LQFUHDVH�LQ�WUDIÀF�IURP�WKH�SUHYLRXV�PRQWK�
| TRR14
The ReveRse Review
January 2013
THEHOTSEATthings you need to know or may have been wonderingJANUARY 2013
the hot seat
From his former career in baseball to his thoughts about the reverse mortgage market, we get
the personal and professional facts from Darren Stumberger, managing director at Knight Capital
Group, in our monthly edition of The Hot Seat.
REVERSEREVIEW.COM � TRR | 15
KNIGHT CAPITAL GROUP
0$1$*,1*�',5(&725
darren P E R S O N A L
> You can’t always be... Yes, you can!
> Ten years from now I’d better be coaching kids’ baseball and football.
> Nobody knows that I skipped kindergarten.
> If I had three wishes they would be that all children could be happy, healthy and
given a chance to succeed.
> 4`�ÄYZ[�JHY�^HZ�H�1988 used Ford Escort GT.
> If I could meet anyone past or present it would be Ronald Reagan.
> My favorite movie is The Karate Kid.
> My favorite website is drudgereport.com.
> When it comes to TV, I never miss a Miami Hurricane football game.
> I’ll never forget the home run I hit against Florida State in the 1993 NCAA
Championships.
> 4`�ÄYZ[�QVI�^HZ as a busboy in a French bistro.
> My parents taught me how to drive when I was 13.
> My iPod go-to is anything produced between 1982 and 1987.
> I never can sleep in on the weekends.
> I always have trouble getting out of bed during the week.
> The most memorable moment in my life was being named All-American and
getting drafted by the Cubs and Indians in 1990 and 1994.
> The worst purchase I’ve ever made was a minivan.
> The best purchase I’ve ever made was a minivan.
> My favorite book is Hamlet.
> The craziest thing I’ve ever done was put hot sauce in my oatmeal.
P R O F E S S I O N A L
> The biggest challenge in the reverse mortgage industry is the prospect of
lower volumes and lingering accounting issues.
> The greatest setback for our industry was�HSSV^PUN�Ä_LK�YH[L�Z[HUKHYK�[V�
become 70 percent-plus of originations.
> Ten years from now the reverse mortgage industry will be�ÄYPUN�VU�HSS�
cylinders.
> Before I entered the reverse mortgage industry I was trading forward whole
loans, working as a securitization banker.
THE MOST MEMORABLE MOMENT IN MY LIFE WAS BEING NAMED ALL-AMERICAN AND GETTING DRAFTED
BY THE CUBS AND INDIANS IN 1990 AND
1994.
my favorite movie is
the karate kid.
THE WORST PURCHASE I’VE EVER MADE WAS A MINIVAN.
THE BEST PURCHASE I’VE EVER MADE WAS A MINIVAN.
| TRR16
The ReveRse Review
January 2013
ORIGINATINGCONNECT
DUNHWLQJ�LQ�WKH�UHYHUVH�PRUWJDJH�EXVLQHVV�LV�FRQVWDQWO\�FKDQJLQJ�DQG�
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THERE’S NO SUCH THING AS AN “EXCLUSIVE” WEB LEAD.
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Maximizing Web Lead ConversionCHRISTOPHER RUSSOW
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GOING TO THE SOURCE
The most important metric when dealing with Web leads is how long it took between receiving that lead and making contact with your client. The shorter this time is, the more likely you are to close that client’s loan, period.
REVERSEREVIEW.COM � TRR | 17
ORIGINATING
THE FIRST THING YOU NEED TO DO IS MAKE SURE THEY KNOW WHO YOU ARE AND WHO YOU WORK FOR. ONCE YOU’VE ESTABLISHED AN IDENTITY WITH THE CLIENT, SPEND TIME REALLY UNDERSTANDING WHY THEY ARE LOOKING INTO THE REVERSE MORTGAGE PROGRAM. WHEN THEY SAY, “I WANT TO GET RID OF MY MONTHLY MORTGAGE PAYMENT,” DON’T LET THE CONVERSATION STOP THERE. IT IS IMPORTANT TO UNDERSTAND WHY THEY WANT TO GET RID OF THAT PAYMENT.
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CONTACT IS KEY!
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DIFFERENTIATE YOURSELF!
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| TRR18
The ReveRse Review
January 2013
ORIGINATING
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Please PROVE IT to me!
REVERSEREVIEW.COM � TRR | 19
ORIGINATING
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THE REVERSE BASICS PROGRAM
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EXPERIENCE THE
DIFFERENCE!
MIS can handle your title, settlement and valuation needs.
Mortgage Information Services expertly handles title
insurance, loan settlement services and valuations
nationwide under one roof! MIS offers a unique,
streamlined approach to compliment our hands-on
customer service.
mtginfo.com800.877.7557 ext 1222
Valuations
Settlement
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The ReveRse Review
January 2013
ORIGINATING
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���“The age of HECM borrowers has WS\TTL[LK�PU�[OL�SHZ[�MV\Y�ÄZJHS�years.”
�� “Thousands of seniors have been helped by HECMs.”
�� “Case number assignments have been doing so well in the last few months, endorsements are bound to get better”
�� “About half of all HECMs have terminated by now.”
�� “The average lifespan of a HECM is Ä]L�`LHYZ�¹�
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IS THE AGE OF HECM BORROWERS REALLY “PLUMMETING”?
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Misperception
Versus Fact JAMES E. VEALE
REVERSEREVIEW.COM � TRR | 21
ORIGINATING
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FISCAL YEAR
AVERAGE AGE OF
YOUNGESTBORROWER
CHANGE IN AGE FROM
FOUR YEARS BEFORE
CHANGE IN AGE BY
FISCAL YEAR
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| TRR22
The ReveRse Review
January 2013
ORIGINATING
Put Your Career on Track
“At Security One Lending our Success is Measured by your Success.”
REVERSEREVIEW.COM � TRR | 23
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HAS THE HECM PROGRAM HELPED JUST THOUSANDS OF SENIORS?
7KH�LQGXVWU\�KDV�HQGRUVHG�PRUH�WKDQ���������+(&0V�VLQFH�WKH�VWDUW�RI�WKH�SURJUDP��DFFRUGLQJ�WR�WKH�6HSWHPEHU�+(&0�&KDUDFWHULVWLFV�5HSRUW��7KDW�PHDQV�ZH�KDYH�QRW�MXVW�KHOSHG�WKRXVDQGV�EXW�hundreds of thousands RI�VHQLRUV�DJH����DQG�ROGHU��3HUKDSV�E\�WKH�HQG�RI�ÀVFDO�\HDU�������ZH�FDQ�WDON�DERXW�KHOSLQJ�PRUH�WKDQ�RQH�PLOOLRQ�
DO CURRENT CASE NUMBER ASSIGNMENTS MEAN INCREASED ENDORSEMENT NUMBERS THIS YEAR?
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HAVE MORE THAN 50 PERCENT OF ALL HECMS BEEN TERMINATED?
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IS THE AVERAGE LIFESPAN OF A HECM JUST FIVE YEARS?
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CONCLUSION
7KLV�DUWLFOH�FRXOG�RQO\�WRXFK�RQ�VRPH�RI�WKH�LQIRUPDWLRQ�WKDW�FDQ�EH�GHULYHG�IURP�RQOLQH�+(&0�UHSRUWV��$�FRPPDQG�RI�WKH�GDWD�DYDLODEOH�WR�XV�LV�DQ�H[FHOOHQW�ZD\�WR�REWDLQ�D�FOHDU�SLFWXUH�RI�WKH�VWDWH�RI�RXU�LQGXVWU\��,�KRSH�WKDW�+8'�ZLOO�H[SDQG�WKH�LQIRUPDWLRQ�LW�SURYLGHV�WKH�SXEOLF��LQFOXGLQJ�GDWD�RQ�+(&0V�LQ�GHIDXOW�DQG�WKRVH�LQ�DVVLJQPHQW��VR�WKDW�ZH�FDQ�OHDUQ�PRUH�DERXW�WKH�SURGXFW�ZH�SURPRWH��x
So why does everyone seem to be promoting the idea that the average age of
the youngest borrower has plummeted in the past four years?... There is no
question that the average age of the youngest borrower has been dropping,
SDUWLFXODUO\�VLQFH�¿VFDO�\HDU�������EXW�³SOXPPHWLQJ´�LQ�DQ\�VLQJOH�\HDU�RU�any four-year period just has no basis in fact.
| TRR24
The ReveRse Review
January 2013
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The Power of TestimonialsKEVIN DELGAUDIO
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MARKETINGPROMOTE
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WHO DO YOU ASK FOR A TESTIMONIAL?�(YHU\RQH��1RW�HYHU\�FOLHQW�LV�JRLQJ�WR�JLYH�\RX�D�JORZLQJ�UHYLHZ��VR�LI�\RX�DVN�HYHU\RQH��\RX·OO�EH�VXUH�WR�JHW�D�IHZ�JRRG�RQHV��7KH�FOLHQW�LV�DQ�REYLRXV�FKRLFH��EXW�SHUKDSV�\RX�VKRXOG�FRQVLGHU�WKLQNLQJ�EH\RQG�WKDW��:KDW�DERXW�WKH�VRQ�RU�GDXJKWHU�RI�D�FOLHQW�ZKR�ZDV�FORVHO\�LQYROYHG�LQ�WKH�SURFHVV"�3HUKDSV�WKH�ERUURZHU·V�FKLOGUHQ�HQFRXUDJHG�WKHLU�SDUHQWV�WR�WDNH�RXW�D�UHYHUVH�PRUWJDJH��LQ�WKDW�FDVH��WKH\�PD\�JLYH�\RX�D�EHWWHU��PRUH�LQVLJKWIXO�UHYLHZ�RI�WKHLU�H[SHULHQFH�ZLWK�WKH�ORDQ��<RX�QHHG�WR�EH�DJJUHVVLYH�DQG�WKLQN�RXW�RI�WKH�ER[��+RZ�DERXW�D�WHVWLPRQLDO�IURP�D�VHQLRU�ZKR�GHFLGHG�DJDLQVW�XVLQJ�WKH�SURGXFW"�7KLV�LVQ·W�H[DFWO\�ZKDW�\RX·UH�DLPLQJ�IRU��EXW�,�DVVXUH�\RX��,·P�QRW�QXWV��+RZ�SRZHUIXO�ZRXOG�WKH�IROORZLQJ�WHVWLPRQLDO�EH�LI�LW�DSSHDUHG�LQ�\RXU�OLWHUDWXUH�RU�RQ�\RXU�ZHEVLWH"�
“Jim was very polite and patient with us
since we really didn’t know much about
how a reverse mortgage worked. After
almost two hours of explanation, and
then a lot of questions and answers from
my husband, Jim told us that he really
didn’t think that a reverse mortgage was
in our best interest, based on our current
ÀQDQFLDO�VLWXDWLRQ��,�WKLQN�WKDW�ZDV�WKH�ÀUVW�WLPH�LQ����\HDUV�WKDW�D�VDOHVPDQ�HYHU�told me his product was not for me. Jim is
one of the most honest salespeople I have
ever met and I cannot say enough about
this man’s integrity.”
REVERSEREVIEW.COM � TRR | 25
MARKETING
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Have a marketing question or a product you’d
like us to investigate?
Please email your comments and
suggestions to Kevin at
WHAT OTHER PEOPLE SAY ABOUT YOU IS INFINITELY
MORE POWERFUL AND
BELIEVABLE THAN ANYTHING
YOU COULD SAY ABOUT YOURSELF.
Testimonials are a lot like referrals in
that most loan VMÄJLYZ�HYL�
hesitant to ask for one.
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| TRR26
The ReveRse Review
January 2013
TECHPROTECT
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Preventing a CyberattackALEXANDER J. CHAUDHRY
s
GOING TO THE SOURCE To verify the strength of your password, use the Microsoft Password Strength Checker at: microsoft.com/en-gb/security/pc-security/password-checker.aspx
AN EASY AND RELATIVELY COST-
EFFECTIVE SOLUTION FOR COMPANIES
LOOKING TO ENSURE PROTECTION
FROM CYBERFRAUD IS TO CEASE
THE USE OF MICROSOFT WINDOWS
WHEN ACCESSING COMPANY BANK
ACCOUNTS ONLINE. NEARLY ALL
MALWARE IN CIRCULATION TODAY
IS DESIGNED TO INFILTRATE AND
STEAL DATA FROM WINDOWS-BASED
COMPUTERS.
ACCORDING TO ALEXANDER
REVERSEREVIEW.COM � TRR | 27
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$OWKRXJK�FRPSDQLHV�PD\�EH�IRFXVHG�RQ�LQYHVWLQJ�FRUSRUDWH�DVVHWV�LQWR�SURMHFWV�WKDW�JHQHUDWH�UHYHQXH��UHVRXUFHV�VKRXOG�DOVR�EH�XVHG�WR�SURWHFW�WKH�FRPSDQ\·V�DVVHWV��$Q����LQFK�0DF%RRN�$LU�UHWDLOV�IRU�����³LQ�WKH�ORQJ�UXQ��WKDW�PLJKW�EH�D�ZRUWKZKLOH�LQYHVWPHQW��,I�\RXU�FRPSDQ\�LV�DWWDFNHG��WKH�ORVV�FRXOG�EH�PDQ\�WLPHV�PRUH�WKDQ�WKH�FRVW�RI�D�GHGLFDWHG�ODSWRS��x
TECH
+
A nationwide title and settlement company servicing
the reverse mortgage industry.
Our dedicated team of professionals has the experience and knowledge to smoothly close reverse transactions.
Through years of experience, FNC has gained valuable knowledge by building strong relationships with reverse
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240-864-4844 fnctitle.com
A BEttEr choicE!
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The ReveRse Review
January 2013
UNDERWRITINGPREPARE
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FOR PROPERTIES WITH LOANS NOT YET CLOSED THAT WERE APPRAISED
PRIOR TO THE DISASTER:
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FOR CLOSED LOANS THAT WERE NOT ENDORSED AT THE TIME OF THE
DISASTER:
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How’s the Weather? RALPH ROSYNEK
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+XUULFDQH�6DQG\�ZDVQ¶W�WKH�¿UVW�ZHDWKHU�GLVDVWHU�RXU�LQGXVWU\�H[SHULHQFHG�DQG�unfortunately, it won’t be the last. What happened to the time when idle chatter about
WKH�ZHDWKHU�ZDV�FRQVLGHUHG�D�¿OOHU�WRSLF�WR�EULGJH�D�SDXVH�LQ�FRQYHUVDWLRQ"�1RZ�LW¶V�an agenda item on the company’s property risk mitigation and audit checklist.
REVERSEREVIEW.COM � TRR | 29
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UNDERWRITING
With record-breaking losses in the wake of Hurricane Sandy, mortgage servicers have been inundated with hazard and ÅVVK�JSHPTZ�MYVT�IVYYV^LYZ��Your customer service team is VM[LU�[OL�ÄYZ[�WVPU[�VM�JVU[HJ[�with a borrower who has L_WLYPLUJLK�H�ZPNUPÄJHU[�SVZZ�of personal property. It’s an
emotional time, but the advice provided by your customer service team can assist your borrowers with getting their insurance claims adjusted and paid quickly.
7KHUH�DUH�ðYH�NH\�obligations that your insured borrowers must adhere to after experiencing a loss:
1) Your borrowers must notify their insurance carrier as soon as possible after the SVZZ�VJJ\YZ��0M�UV[PÄJH[PVU�is delayed, any additional damage to the property that could have been avoided if the carrier was UV[PÄLK�WYVTW[S`�TH`�UV[�be fully insured.
2)��(M[LY�UV[PÄJH[PVU��`V\Y�borrowers should protect their property from further damage. For example, if there is a hole in the roof, your borrower is responsible for covering the hole and protecting the property from further damage. Your borrower should not worry about the cost associated with protecting the property as the expenses will most likely be covered by the insurer.
3) Your borrowers should take a detailed inventory of the damage and photograph it. They should then compare their notes with
the claim adjustor after his inspection.
4) Your borrowers should separate the damaged property from the property that is not damaged. Attempts to salvage damaged property may be made by the insurance carrier.
5) Lastly, your borrowers must fully cooperate in the investigation.
Following these simple steps will assist your borrowers in getting insured claims adjusted and paid in a timely manner.
Have a question for this column?
Email [email protected].
SANDY LEAVES INSURANCE CLAIMS
IN HER WAKEDennis Swit
For properties contiguous to the declared disaster
area, some lenders may require a non-disaster
JLY[PÄJH[PVU�MVYT�or document from
the borrowers at the time of
closing or prior to endorsement
wherein the borrowers indicate that there has been
no damage or loss sustained to
their property even though it is located
near a federally declared disaster
area.
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| TRR30
The ReveRse Review
January 2013
For more information contact: Laura TroyWholesale Division CoordinatorToll-Free [email protected]
Generation Mortgage:
Proud member of:
© 2013 Generation Mortgage Company, 3565 Piedmont Road NE, 3 Piedmont Center, Suite 300, Atlanta, GA 30305 — 866-733-6090.NMLS #1319. For our state(s) legalese, visit: www.generationmortgage.com/statelegalese.
Opportunity is knocking.
REVERSEREVIEW.COM � TRR | 31
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Compassion Is KeyROGER BEANE
APPRAISINGVALUE
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An effective appraiser must be sensitive to the needs of senior borrowers and work especially hard to accommodate them. It is PTWLYH[P]L�[OH[�`V\Y�[LHT�TV]LZ�LMÄJPLU[S`�[OYV\NO�[OL�HWWYHPZHS�process in a way that displays the utmost compassion for your senior borrowers.
GOING TO THE SOURCE
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The ReveRse Review
January 2013
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“The waiting is the hardest part,
Every day you see one more card,
You take it on faith, you take it to the heart,
The waiting is the hardest part.”
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The Waiting Is the
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PERCEPTION IS REALITY, BUT IS IT REAL?
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7R�GDWH��WKH�+(&0�SURJUDP�KDV�FUHDWHG�ZKDW�LV�FDOOHG�D�³QHJDWLYH�FUHGLW�VXEVLG\�´�What does that mean? In short, it means the HECM program, although designed to
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The ReveRse Review
January 2013
LEGAL
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CONCLUSION
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,Q�WKH�ZRUGV�RI�&DUO\�6LPRQ��LQ�KHU�VRQJ�´$QWLFLSDWLRQµ�“We can never know about the days to come, But we think about them anyway, And I wonder if I’m really with you now, 6Y�Q\Z[�JOHZPUN�HM[LY�ZVTL�ÄULY��day...Anticipation, Anticipation,Is making me late,
Is keeping me waiting.”
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This article is based on the personal views of Jim
Milano and does not represent the views or opinions of
WKH�ODZ�ÀUP�RI�:HLQHU�%URGVN\�.LGHU�3&��LWV�FOLHQWV��Tom Petty, the Heartbreakers or Carly Simon.
REVERSEREVIEW.COM � TRR | 35
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in MiD-2008 we expeRienceD a teMpoRaRy shutDown in capital MaRkets, the loss oF the pRoDuct’s sole investoR, two RounDs oF pRincipal liMit FactoR cuts, a Big Bank exoDus anD a constant stReaM oF eRRoneous negative pRess. yet we solDieR on. in Fact, as i aM wRiting this, the DeManD FoR hMBs on wall stReet is at its peak. DealeRs claiM theRe is an aBunDance oF ReveRse inquiRy FoR BonDs.
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The ReveRse Review
January 2013
tRR takes an insiDe look at the counseling
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REVERSEREVIEW.COM � TRR | 39
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Squashing the MythsMATT MAROVICH$OO�SURVSHFWLYH�ERUURZHUV�DUH�UHTXLUHG�E\�ODZ�WR�DWWHQG�D�FRXQVHOLQJ�VHVVLRQ�EHIRUH�WDNLQJ�RXW�D�+(&0�ORDQ��1R�QHZV�ÁDVK�WKHUH³WKH�FRXQVHOLQJ�FRPSRQHQW�RI�WKH�UHYHUVH�PRUWJDJH�ORDQ�SURFHVV�LV�LQWHQGHG�WR�EH�D�QHFHVVDU\�IDLOVDIH�LQVWLWXWHG�E\�+8'�WR�KHOS�HQVXUH�FOHYHU�ORDQ�RIÀFHUV�DQG�WKHLU�UHVSHFWLYH�OHQGHUV�DUH�QRW�DEXVLQJ�WKHLU�VXSHULRU�H[SHUWLVH�WR�WUDS�VHQLRUV�LQWR�ORDQV�WKDW�DUH�QRW�LQ�WKHLU�EHVW�LQWHUHVW��7KHUH�PXVW�EH�DQ�LGHQWLÀDEOH�QHW�WDQJLEOH�EHQHÀW��)RU�DOO�LQWHQWV�DQG�SXUSRVHV��WKLV�VWHS�LQ�WKH�SURFHVV�FDQ�EH�LQWHUSUHWHG�DV�D�EHQHYROHQW�JHVWXUH�WR�SURWHFW�DQ\�SRWHQWLDO�YLFWLPV�RI�HOGHU�DEXVH��$QG�LW·V�QRW�JRLQJ�DZD\��LW·V�KHUH�WR�VWD\�
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Over the years I’ve met many HECM counselors and can honestly say that the majority of us genuinely believe in the product and the positive difference it can make for seniors. Our primary mission
is to educate senior borrowers and ensure that they’re making informed decisions. To that end, we do our best to answer questions factually, to discuss the positives and negatives of various hecM loan features and to function as an impartial resource for information.
WHAT ANTHONY HAS TO SAY
The counseling
component
of the reverse
mortgage loan
process is often
misunderstood,
and that lack of
understanding
between
counselors and
lenders can
easily lead to
mistrust on the
part of senior
borrowers.
That shouldn’t
happen.
| TRR40
The ReveRse Review
January 2013
Contact us today!855-4-FHA-Work - FHAWORK.netI N F O @ F H A W O R K . N E T
Fidelity Homestead Associates provides a contractor membership registry to
expedite professional home improvement and repair estimates and provide
quality workmanship to your clients nationwide.
Spend your time working on loans. Let us handle the repair issues.
Most estimates within 48 hours.
CALL US FOR REPAIRS LARGE AND SMALL! We also handle INSPECTIONS, ELEVATION CERTIFICATES and more as a
CONTRACTOR MANAGEMENT GROUP serving the REVERSE MORTGAGE INDUSTRY.
ATTENTION/RDQ�2IÀ�FHUV�
FHA Full Page.indd 2 12/13/12 2:12 PM
REVERSEREVIEW.COM � TRR | 41
SPOTLIGHT ARTICLE
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So I decided to do some primary research, to visit the other side and get to the bottom once and for all! I recently sat through three counseling sessions with three different, well-known and respected counseling agencies. What I discovered may astonish you.�/HW�PH�SUHIDFH�ZKDW�,�DP�DERXW�WR�VD\�YHU\�FDUHIXOO\��,�XQGHUVWDQG�WKDW�FRXQVHORUV�DUH�QRW�SHUIHFW��%XW�QHLWKHU�DUH�ORDQ�RIÀFHUV��%\�VLWWLQJ�WKURXJK�PXOWLSOH�VHVVLRQV��P\�DLP�ZDV�WR�JHW�DQ�DFFXUDWH�FURVV�VDPSOLQJ�RI�ZKDW�PRVW�ERUURZHUV�H[SHULHQFH��7KHVH�REVHUYDWLRQV�DUH�EDVHG�RQ�P\�H[SHULHQFH�RQ�WKHVH�WKUHH�VHSDUDWH�RFFDVLRQV��
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In a perfect world, if both parties are doing their jobs properly with the needs and best interests of the clients in mind and at heart, the entire counseling process should feel like one hand washing the other. That’s fair and impartial. Both sides should avoid lies and errors, and both sides should act honestly, ethically and professionally. No matter how you slice it, if a reverse mortgage is the right option for the senior, and he or she understands the product and P[Z�ILULÄ[Z��[OLU�unbiased counseling is only going to give them some much-needed peace of mind about their decision. That should bring some peace of mind [V�[OL�SVHU�VMÄJLY�[VV��
WHAT MATT HAS TO SAY
Counseling Funding FrenzyJEREMY SHADRICK)XQGLQJ�IRU�+(&0�FRXQVHOLQJ�LV�D�KRW�WRSLF�JHQHUDWLQJ�EX]]�LQ�RXU�LQGXVWU\�ULJKW�QRZ��,QGXVWU\�OHDGHUV�VHHP�WR�EH�LQ�DJUHHPHQW�WKDW�FKDQJHV�QHHG�WR�EH�PDGH�WR�FRPSOHWHO\�IXQG�FRXQVHOLQJ�IRU�WKH�JRRG�RI�WKH�+(&0�SURJUDP��EXW�ZKDW�FKDQJHV��LI�DQ\��DUH�FRPLQJ�GRZQ�WKH�SLNH�IRU�DJHQFLHV�DUH�\HW�WR�EH�VHHQ���
Contact us today!855-4-FHA-Work - FHAWORK.netI N F O @ F H A W O R K . N E T
Fidelity Homestead Associates provides a contractor membership registry to
expedite professional home improvement and repair estimates and provide
quality workmanship to your clients nationwide.
Spend your time working on loans. Let us handle the repair issues.
Most estimates within 48 hours.
CALL US FOR REPAIRS LARGE AND SMALL! We also handle INSPECTIONS, ELEVATION CERTIFICATES and more as a
CONTRACTOR MANAGEMENT GROUP serving the REVERSE MORTGAGE INDUSTRY.
ATTENTION/RDQ�2IÀ�FHUV�
FHA Full Page.indd 2 12/13/12 2:12 PM
| TRR42
The ReveRse Review
January 2013
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Introducing a powerful pre-quali! cation tool o" ering six expert-selected comps and photos, providing you with the data you need to qualify your borrowers and close more loans.
���Get more accurate sales data with hand-selected MLS comparables and photos.
���Understand neighborhood and overall market conditions.
���Increase borrower satisfaction by providing the answers they need with a product that is cost e" ective.
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Jan TRR ad.indd 1 12/11/12 3:58 PM
REVERSEREVIEW.COM � TRR | 43
SPOTLIGHT ARTICLE
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If we were to raise the price of counseling sessions and establish a pool to disburse surplus funds from sessions that do not lead to loans,
we could prevent agencies from having to request money from the seniors upfront. In both of these steps, the federal government is also taken out of the equation in terms of subsidies. I think this is a must if
HECM counseling is going to continue in the long term.
WHAT JEREMY HAS TO SAY
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Some Ideas
possible problem solvers
1A LENDER-FUNDED
POOL. THIS IDEA WOULD REQUIRE
LENDERS TO CONTRIBUTE TO A POOL BASED ON THE VOLUME OF
LOANS THEY CLOSE ON A QUARTERLY
OR ANNUAL BASIS, AND THAT FUNDING WOULD BE PASSED DOWN TO COUNSELING
AGENCIES. READ MORE UP HERE
2INCREASING THE
OVERALL COST OF EACH COUNSELING SESSION TO $350...
THIS WOULD ALLEVIATE THE
BURDEN CREATED BY 45 TO 50 PERCENT OF SESSIONS THAT
CURRENTLY GO UNPAID FOR SOME
AGENCIES... READ MORE UP HERE
| TRR44
The ReveRse Review
January 2013
HOW MOUNTING ISSUES IN THE APPRAISAL SECTOR COULD SPELL TROUBLE FOR REVERSE MORTGAGE LENDERS{ {
ERIK RICHARD & JESSICA GUERIN
REVERSEREVIEW.COM � TRR | 45
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a shrinking workforce
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IN THE APPRAISAL WORLD, it’s no secret
THAT THE INDUSTRY IS FACING A DRASTIC DECLINE IN ITS WORKFORCE, AND AS THE NUMBER OF CERTIFIED RESIDENTIAL APPRAISERS CONTINUES TO DWINDLE,
HECM LENDERS ARE FEELING THE PRESSURE.
TOTAL NUMBER OF LICENSED AND CERTIFIED APPRAISERS
$
125k120k115k110k105k100k
95k90k85k80k75k
‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ’12112,050 121,100, 117,600 113,400 109,950 106,100 104,10093,575 98,450 95,750 92,750 90,500 86,800 85,050
ACTUAL NUMBER OF APPRAISERSACTIVE LICENSES/CERTIFICATIONS
The Appraisal Institute
| TRR46
The ReveRse Review
January 2013
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a Multitude of concerns
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THE APPRAISAL INDUSTRY: BY THE NUMBERS
28%L
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8�6��DV�RI�'HFHPEHU����������&RPSDUHG�ZLWKWKH��������DSSUDLVHUVOLVWHG�LQ�6HSWHPEHU������WKH�LQGXVWU\�KDV�
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THE AVERAGE AGE OF A REAL ESTATE APPRAISER IS ESTIMATED TO BE
BETWEEN 52 AND 55.
20 PERCENTRI�������VXUYH\HG�DSSUDLVHUV�ZKR�WROG�:RUNLQJ�5(�PDJD]LQH�WKDW�WKH\�SODQ�
WR�UHWLUH�LQ�WKH�QHDU�IXWXUH�
�R E Q U I R E M E N T S TO B E C O M E A C E R T I F I E D A P P R A I S E R
minimum
hours of
coursework210 hours of apprenticeship
to be completed in no
less than 24 months2,500
Industry experts point to myriad factors that have contributed to
this decline in the appraiser workforce.
Some assert that it all began when a number of longtime appraisers left the industry after the housing bubble burst. The business, once booming and
lucrative, saw volume tank with the collapse of the housing market,
prompting the departure of industry veterans who never
returned.
The bottom line is that the appraisal sector has
undergone a drastic decline and as a result, lenders are not going
to get the same service for the same price anymore... Perhaps
instead of being reactive to what is
clearly at the end of this path, both industries should work together
and be proactive about instituting change.
REVERSEREVIEW.COM � TRR | 47
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the iMpact on hecM lenders
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THE APPRAISAL INDUSTRY: BY THE NUMBERS
$200 to $800 the estimated range
of appraisal fees,
which can vary
widely depending on
a variety of factors52%of surveyed
appraisers told Working RE
they made more in 2012 than in
2011.O F S U R V E Y E D A P P R A I S E R S TO L D W O R K I N G R E T H E Y W O R K W I T H A M C s
77 PERCENT$
| TRR48
The ReveRse Review
January 2013
REVERSEREVIEW.COM � TRR | 49
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| TRR50
The ReveRse Review
January 2013
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Give and You Shall ReceiveMEHRAN ARAM
LAST WORDGUIDE
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THERE IS A LOT TO
BE EXCITED ABOUT IN
THE UPCOMING YEAR.
INCREASED PUBLIC
AWARENESS, RISING
HOME VALUES AND AGING
DEMOGRAPHICS SHOULD
CONTINUE TO FUEL THE
GROWTH OF REVERSE
MORTGAGES. WHILE
GOVERNMENT CHANGES
WILL LIKELY REMAIN A
CONSTANT CONCERN, WE
MUST REALIZE THAT THERE
ARE SOME ASPECTS OF THIS
BUSINESS WE CAN CONTROL,
AND OTHER ASPECTS WE
SIMPLY CANNOT.
ACCORDINGTO MEHRAN
REVERSEREVIEW.COM � TRR | 51
RMPath.com
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RMS FAMILY OF COMPANIES
Largest Issuer of HMBS in 2012
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Technology Leader
REO Management and Leasing Services
Forward/Specialty Mortgage Servicing
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| TRR52
The ReveRse Review
January 2013
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