Reverse

Last Word: The Benefit of Collaboration

Written by Ed O’Connor, as originally published in The Reverse Review.

The reverse mortgage industry began as a cottage industry, but in the last decade, we have seen a number of companies enter the space. When more people get involved, word spreads about the value of the product. Mortgage professionals recognize that the HECM is a great product and has the power to continue to help thousands of retirees find financial security.

So what can help this industry grow despite the current volume downturn? Collaboration. Equal partners working together toward a common goal. People sharing their ideas and offering suggestions about how we can solve our customers’ problems.

Before I had the ability to lend nationwide, I spoke with interested borrowers in different parts of the country. Even though I was not licensed to originate their loan, I still talked with them about who in their area could help seniors explore their options further. Even now, in my conversations with a potential borrower, I sometimes determine that another originator may be able to offer help on a different level. That effort has helped me forge good friendships and solid business partners, and it has also opened up new ideas and opportunities as my partners and I work together to assist a customer. The underlying message here is that we should help each other, because in doing so we not only serve the best interests of the senior, we also help elevate the industry through an exchange of ideas and information.

The benefits of positive collaboration extend beyond our dealings with customers. It is also essential to maintain this sense of partnership in our dealings with industry colleagues. With the advent and proliferation of social media, it has become much easier for reverse professionals to share ideas and information with each other. Whether it’s through articles or comments on LinkedIn, Reverse Mortgage Daily or reversereview.com, people share their ideas about the business of selling HECM loans.

These posts are a great source of information, but keep in mind that the author is entitled to their opinion. Take it in stride, inform them if the facts are off, but avoid slamming the writer with harsh rhetoric when you do not agree. This does no one any good. Keep it positive. The point is to participate in a positive forum that allows for the exchange of ideas and information that can help all of us better our business.

The Extreme Summit is a great example of industry collaboration. I have heard from several people that they do not think this campaign will help the “little guys,” but I think this view is wrong. The effort, funded by six major lenders, is spreading positive information to boost the public’s perception of the product. Those involved are also adamant that others in the space get involved. This can only benefit the entire industry as a whole.

You serve a negative purpose if you bash the industry; help and get involved. Participate in a positive, constructive conversation about how we can work together to expand this market, for I truly believe that it is through collaboration that we shall succeed.

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please