The NRMLA conference provides ‘new energy,’ expressing hope for the growth of the industry

I National Reverse Mortgage Lenders Association (NRMLA) is holding the 2024 edition of its Annual Meeting and Exhibition on Thursday afternoon. Tell those present HousingWire‘s Reverse Mortgage Daily (RMD) that the event provided ample opportunity for networking and educational content while raising hopes that the industry can grow in the coming years.

Different types of attendees – including loan originators, brokers and salespeople – walked away from the event with different messages. Vendors enjoyed engaging with current and potential business partners, while founders and vendors appreciated the educational content and the presence of real estate leaders from US Department of Housing and Urban Development (HUD).

But others, including long-time industry veterans, also say they get a boost from the event.

‘Insightful and inspiring’

“The conference here in 2024 in San Diego has a new spirit and a new energy, a kind of renewed energy to take a new place in the mortgage domain,” said George Morales, director of national sales. Mortgage Cadence. “You can hear it among the attendees and NRMLA leadership, and among the lenders represented here. It was very helpful and encouraging to be a part of this conference.”

Christina Harmes Hika, a reverse mortgage specialist based in San Diego Reverse Loan Solutionshe found himself inspired by the story of the conference.

“It’s always great to network with others in the industry,” she said. “For example, in the course we recently attended with underwriters, we were encouraged to hear how they do their work in the sense of approving files that should be approved, rather than trying to withdraw them. Coming from a progressive world, where underwriters often work in the same way, it’s refreshing to see that approach here as well. “

Harmes Hika also designated the presence of HUD, as Federal Housing Administration (FHA) Commissioner Julia Gordon and head of housing counseling David Berenbaum addressed the audience at the venue.

“It’s always important to get clarity on what HUD’s reference actually is versus other requirements,” she said. “Some people in the room might think, ‘That’s how they do it,’ but really, these are HUD guidelines that we all have to follow.”

Learning materials

Glen Smart and Robin Loomis are a husband-and-wife team of Arizona-based reverse mortgage operators who have been described by RMD. Each of them approached the event from the perspective of founders and found the value of educational content.

“We always enjoy coming here because meeting our vendors gives us valuable information,” said Smart. “Although we are veterans in this field, every time we attend, we pick up a little knowledge that we can take back and use in our daily activities.”

Loomis agreed, specifically pointing to service-related content as particularly useful for his business.

“One of my favorite things is everything related to service. I really enjoy learning how to better communicate with our customers and employees, so that we can identify and fix potential problems early, preventing problems for our customers down the road,” he said.

Communication opportunities

Megan Awalt, vice president of reverse title and escrow company Allegiant Reverse Services (ARS), took great value in communicating with business partners. This helps him a lot as work away from people has become very common.

“The conference was fun,” he said. “It’s always a good opportunity for us to reconnect with colleagues and customers in the industry, and see people face to face, especially since we no longer visit offices or travel a lot as many people work remotely. This sounds like our best chance and the only way to see everyone in person. “

Tane Cabe, former reverse mortgage leader and current owner of the educational product The HECM toolboxhe said there are few other opportunities to connect with potential listeners.

“I didn’t know what to do since this was my first NRMLA conference, and I’ve been in arrears since ’04 and in arrears since ’93,” Cabe said. “The reception has been amazing. The decision to come here, have a display table, and talk to people about what we are trying to achieve in the industry has been great.”

Room to grow

Ryan Ogata, who leads reverse mortgage operations at Measure ithe said he found the event useful but hoped it would grow in the future. He also valued what he called “collaboration” with other lenders in the space, who are partners but not providers of good information.

“Yes, we are competitors, but at the same time, even a big player like us at Rate is doing a small part of the mortgage market going forward,” he said. “So, even though we are a big player, there is still a huge market opportunity out there. The independents cooperate when they compete because they all follow the remaining 97% of the business.”

The reverse mortgage dynamic is different, however, as even longtime players understand the need for some kind of catalyst to kick the business into high gear.

“Interest rates may help in the short term, but they will not save the industry,” said Ogata. “We need to sell the product to more customers. A HECM-to-HECM refinance may generate income faster, but still target the same customer who already has a product.

“We need to expand beyond this 2% market penetration, as recycling that percentage over and over again does not move the needle on long-term growth.”

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