The reverse mortgage industry is full of a variety of lenders, brokers (both big and small) and third-party originators. When you consider HUD, FHA, the CFPB and state regulators, as well as interested organizations that can influence change, the number of moving parts within the industry can be mind-boggling.In addition, there are the subtle and not-so-subtle product differences between forward and reverse mortgages. Given all of these components, how do you stay up-to-date on everything that impacts your profession and your ability to earn a living? The answer: your industry trainers.
Many reverse mortgage lenders have dedicated training teams to help originators stay on top of an evolving product and market landscape. These teams focus on helping their originating partners grow their businesses by expanding their knowledge and expertise of the product, educating both seasoned reverse professionals and those new to the industry.
As a HECM trainer, I typically find myself directing people “where to go” (talking about how the product works and what changes are about to be implemented) and “how to get there” (how to work within the system to be successful).
When I speak to originators about their work, a common thread in every conversation is how we can help them grow their business. This is when my job becomes truly enjoyable. While
each of the trainers I know follows a similar path when it comes to teaching LOs about the product and the market, lessons designed to help LOs grow their business are open to interpretation, imagination and creativity. Each trainer has his or her own lesson plan when it comes to maximizing profitability, and this is where I believe LOs get the biggest bang for their buck. Furthermore, most, if not all, reverse mortgage training is free, supported by lenders who recognize the value in supporting the continuing education of their staff. Trainers also know that your time is valuable, so many design classes around relevant topics that can be beneficial right away.
At Urban Financial of America, Training Division VP Lorraine Geraci and her team offer classes on working with older adults, working with other professionals, sales skills and effective communication of client concerns. Her classes, which also cover the history and intent of the HECM program, are offered in both webinar and classroom formats. “We pride ourselves in offering catered training programs based on the needs of our clients to better assist the needs of older adults nationwide,” Geraci says. “The training division at UFA is proud to partner with other trainers in the industry who are dedicated to the enhancement and expansion of knowledge for all reverse mortgage professionals.”
If you are looking for new suggestions on how to communicate the strategic use of home equity to a broader audience, Dan Hultquist at Generation Mortgage Company holds weekly product demonstration classes of the lender’s nu62 software. Generation promotes nu62 as “a new look at funding the future,” asserting that the product will demonstrate the expected performance of a client’s HECM over time and display projections in simple graphs. “Our nu62 software is unlike anything else in the industry marketplace, so it’s essential that our partners understand the details of its functionality,” Hultquist says. “Once participants have completed nu62 training, they should feel comfortable explaining how a HECM could affect a senior’s long-term financial planning goals.”
Tabatha Addison, the director of performance, training and development at AAG, teaches
classes on purchasing a home with a reverse mortgage, explaining key terms, features and benefits as she outlines the basic guidelines of the HECM for Purchase product. At AAG University, originators can learn about a wide range of topics, including courses on professional development and a class called Trading Ages, which offers sensitivity training in partnership with SCAN health care to help originators better understand common issues facing many of their reverse mortgage clients. “Our goal in the wholesale division is not just to be the No. 1 reverse mortgage company in the wholesale space, but to also be No. 1 with the training and learning resources we offer our partners,” Addison says. “We appreciate that the more successful our partners are, the more successful we will be. By providing trainings that will strengthen the knowledge of our partners/brokers in all areas of their business, we create a win-win for everyone.”
At Liberty Home Equity Solutions, I focus on referral networks. I spent part of my career in the financial industry, so I have a solid understanding of financial planners and how they work. I utilize my knowledge and background to tell my partners where to go and how to get there when it comes to connecting with the financial planning community. My information on financial advisors is delivered in two stages. First, I go over the basics of a financial planner—who they are, how they work with their clients and how to differentiate yourself from other vendors vying for their time. Second, I focus on how to present reverse mortgages to financial planners. I review product basics and then discuss four case studies designed to show how the product can complement the retirement plan an advisor has created. Once an individual completes the class and passes an exam, they receive a copy of my presentation and a sample script guiding them through an initial conversation with a financial planner.
To help spread the benefits of reverse mortgages to larger audiences, both AAG and Liberty offer financial planners the ability to earn CFP continuing education credits. The classes show financial planners how the product can complement their current retirement plans and further secure a client’s financial future.
When it comes to helping everyone understand upcoming industry changes, the trainer’s challenge is to explain “how to get there” in a way each person will understand. There is no one right way to teach someone, which means we have to create multiple ways to reach our audience. With all the recent changes to the HECM program, trainers across the industry have had their plates full as they figure out how to educate their colleagues about new program mandates. From the elimination of the HECM Standard fixed product to the change in the PLF table, the one constant in the reverse space seems to be change. As a trainer, 8 I not only need to comprehend these changes myself, but I need to know how to best package and deliver the information so that my colleagues can understand the information and how it will impact their origination methods.
The program updates released September 3 of last year are a perfect example of how essential the trainer’s role can be. Generation’s Hultquist leaped into action as soon as ML 2013-27 landed on his desk. By the beginning of October he had a live class prepared and an online video that his partners could view at their convenience. Online stats reveal that his video was viewed more than 2,000 times by the time the changes were implemented. “With so many changes taking place within the industry, it’s a trainer’s job to stay ahead of the curve and ensure that partners and sales staff are up-to-date regarding the latest announcements,” Hultquist says.
Several other lenders also offered both live and on-demand training resources to help their staff learn the details of the program revisions released in that mortgagee letter. Offering partners multiple training options to learn the material is a key component to effective training, enabling the partner to select what is most convenient for them and what best suits their learning needs. Live, webinar-style events are interactive and offer the ability to ask questions, while the on-demand videos give individuals the ability to learn the information when it’s convenient.
A key ingredient to the longevity of the reverse mortgage industry is the addition of new originators. Whether those originators are hired by existing brokers or lenders, or come on board with new companies entering the market, a trainer’s job is to help bring new LOs up to speed as quickly as possible. This situation may require more showing than telling them where to go, but the goal is still the same. Most lenders offer introductory courses designed for this purpose. At AAG, Addison’s wholesale group teaches the World of Reverse Mortgages, a course designed to provide a solid foundation about what a reverse mortgage is, who can qualify, etc. Urban’s Geraci runs a wholesale academy offering instructor-led courses in a classroom setting, allowing those new to the industry to learn the basics from an industry and product expert with the benefit of asking questions face to face.
At Liberty, we offer a self-directed option to learn the business. Our Training Academy provides a list of more than 20 two- to six-minute on-demand videos with topics including why to get into reverse mortgages, how to get started, product basics and how to market to your existing database. The courses are organized in a way that makes it easy to follow the suggested path but still allow the learner to choose a course they want if a particular topic is of great interest. The videos are available online for convenience. For those individuals who prefer a more interactive model, our lender support team and account managers lead live, webinar-style classes.
Regardless of the number of years you have been in the reverse mortgage industry or the number of loans you have closed, the industry’s constant evolution requires that each and every one of us participates in continued education. Your industry trainers understand what it takes to learn new content and apply it to everyday professional life. We are knowledgeable and dedicated to helping you succeed. Just ask us; we are more than happy to tell you where to go and how to get there.
