In the reverse mortgage industry, one thing you can count on is change. The most recent shift occurred when MetLife revealed its plans to exit the business. Industry players braced themselves for impact, but the news hit the marketplace with mild effect. The dust settled, people brushed off their suits and everyone
In the wake of the financial crisis, Fortune 100 companies have had to refocus on their primary business and leave behind non-core lending ventures. Even though all three banks had healthy reverse operations, in the end the business was too small a revenue generator to offset the risk and regulation. Big bank departures have created a great opportunity for specialty lenders to play a more dominate role in the space. It will be exciting to watch these companies grow and thrive as they pick up the volume left behind.
The fact that the industry continues to evolve only reaffirms the need for its participants to remain united in their common mission: to provide financial security for seniors in retirement. No matter how the industry expands and contracts, this collective goal will not waver. It’s important that we stand by that objective and that we do so with integrity.
To reinforce this need, NRMLA has called upon its members to sign a pledge to consumers, one that promises that they will act responsibly and in the best interest of the seniors they serve. The “Borrow with Confidence” campaign stresses our commitment to transparency, reassuring consumers that they can comfortably move through the lending process knowing that we are working for them.
Read more about NRMLA and its mission in our special spotlight section, and visit nrmla.org to sign the pledge and reaffirm your commitment to helping seniors age in place.
Until next time,
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