As we wrap up our last issue of 2012, I can’t help but reflect on all that has happened in this industry in one year’s time. While it’s evident that change is the norm around here, 2012 has certainly seen a lot of it—some of it disappointing (big bank exits, lackluster volume) and some of it exciting (lender expansions, company acquisitions, new issuers).
The road ahead in 2013 promises more change for the industry as we work with legislators and the CFPB to revise the rules and regulations guiding the program, and continue our mission to educate the public about the product. So, I thought I’d reach out to some of our leaders in the space and ask exactly what change they would like to see in 2013. Maybe if we put it down on paper, it will be more likely to happen.
“I would like to see the industry finally expand its reach beyond the needs-based borrower. In order to accomplish that objective, we need product acceptance from the financial planning community. The HECM should be a part of an overall retirement plan in order for the retiree to better manage longevity risk relative to their liquid and investable assets.”
Torrey Larson, CEO of Security One Lending
“I’d like to see the mainstream press report many more of the positive, life-changing stories from consumers that we in the industry have the
Pete Engelken, CEO of Genworth Financial Home Equity Access
“I would like to see a solution to our T&I issues and further advancements made in educating the public, lawmakers and regulators.”
Reza Jahangiri, CEO of American Advisors Group
“I would like to see more stability and clarity in the reverse mortgage industry— stability derived from new investments made and new entrants into the industry, and clarity from the regulators (including FHA) on such things as limited underwriting for HECM applicants and from the bureau on loan originator compensation issues.”
Jim Milano, Weiner Brodsky Sidman Kider