It’s the first day of this year National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Exposition in San Diego ended with an announcement marking the end of an era.
The organization honored two of its outstanding past and present members with distinguished service awards. These were presented by Peter Bell, NRMLA’s current CEO and former president, and Scott Norman, NRMLA’s former chairman and current CEO. Texas Mortgage Bankers Association (TMBA).
Notably, Bell has also announced that he will withdraw from the association, although he will continue to work on issues affecting affordable housing.
NRMLA will be parting ways with the management company Bell Corporation, Company Dworbell Inc.as part of the transition and will continue to operate independently.
Four NRMLA employees will be employees of the law firm Weiner Brodsky Kiderwhich will continue to serve as the organization’s general external counsel and will now provide management support services. NRMLA will continue to function under the guidance and direction of its board of directors.
Bell, who has been in or near housing policy since 1976, has been involved in reverse mortgages in some capacity since the inception of the Home Equity Conversion Mortgage (HECM) program. In a 2020 interview, Bell said HousingWire‘s Reverse Mortgage Daily (RMD) was in the house “on the day in 1987 the bill that created the HECM program was signed.”
He was instrumental in founding NRMLA in the 1990s, and has served in the dual role of president and CEO for most of the organization’s existence. He was in the Oval Office with President Barack Obama and then-US Department of Housing and Urban Development (HUD) Secretary Shaun Donovan when the president signed the Reverse Mortgage Stabilization Act of 2013 into law.
In 2019, Bell resigned as president of NRMLA, handing it over to Steve Irwin. He has continued as CEO since then but will step down from September 30.
Bell made the announcement on the event stage next door Federal Housing Administration (FHA) Commissioner Julia Gordon, with whom he recently spoke.
“After 28 years representing the mortgage industry and being involved in all aspects of the industry, I have decided to step down as CEO to focus my time on the other side of my business, which is the affordable housing industry,” Bell told RMD in San Diego.
“I’ve only been in the real estate industry for 28 years, but I’ve been in the affordable housing industry for 48 years, and I felt it was time for that to be my focus for the rest of my career. .”
During the organization’s business meeting, Bell was honored with a distinguished service award for his significant role in founding and serving NRMLA. Another distinguished service award was given to Norman, who has served NRMLA in various capacities over the years, most recently as co-chairman of its board of directors.
Norman stepped down from his position in reverse lending American Finance and NRMLA earlier this year when he was hired as the Chief Executive Officer of the TMBA.
Asked about the honor he received, Norman said he was humbled.
“My first reverse mortgage conference was about 25 years ago to the day,” Norman said. “And I had great mentors and I had great friends. It’s been a real part of my life for 25 years, and I was very fortunate to start with Jim Mahoney and end with Kristen Sieffert.
“Being on the road, I got to know the Peter Bells and the Steve Irwins, the Joe DeMarkeys and the Mike Kents. So much of my personal and professional life is associated with NRMLA, and the recognition was incredibly humbling and emotional.”
Norman also weighed in on Bell’s retirement, calling him a top adviser in the space.
“He invited me to my very first conference 25 years ago – in Naples, Florida, in November of 1999,” Norman said. “It’s sad because I know how much time and effort he’s put into this industry, and the idea of protecting seniors while allowing them to use their home equity for retirement.”
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