Over the past year, I have had the opportunity to travel the country and spend time with several reverse mortgage companies. I have met with executives, operations personnel and originators about the industry in general, the changes that have happened and are continuing to happen, and the challenges these changes create. At the same time, we have talked about the opportunities in our space and how to best capitalize on them.

When I take the time to comtemplate these conversations, I am reminded of my childhood growing up in the Midwest and how I dreaded the winters.

The winter season meant struggling with the most radical of weather changes. Frigid temperatures, what seemed like endless snowstorms and, of course, ice. Winter presented so many challenges to overcome just to get through it. In the midst of all this nasty weather, I always kept one primary thought in mind: Summer is coming!

Summer was my favorite season. School was out, the days were long, the weather was warm and the sky was clear. Summer in the Midwest, for a kid, was full of endless possibilities and opportunities for fun and adventure. I have this same feeling now for our industry: We just need to get through the winter.

The last couple of years have been full of changes for the reverse mortgage industry. Not only significant product changes, but also what seem like never-ending regulatory changes. If that were not enough, we are now about to manage what could be considered the largest single program change in the last decade: Financial Assessment. This change will pose significant challenges as we prepare for implementation.

Change almost always means challenge. In the case of Financial Assessment, we will be looking at the challenges of systems, processes, underwriting and training. It will mean a reassessment of our operational structure to ensure we have the necessary skill sets on staff to manage the new requirements and necessary processes. Origination software will need to be redesigned to facilitate the new needs of our originators and staffs. New training will need to be developed and implemented to ensure everyone is on board with the new program. Our marketing will need to be changed to accurately reflect what is expected of potential borrowers, and what they can expect during the process of approving their loan request.

It will essentially mean a revamp of how we conduct our business.

All of my conversations with the companies I have visited leave me feeling very good about how this change will be implemented and managed. Everyone I have spoken to seems to understand the scope of the change and appears to have prepared well for implementation. Sure, there will be some issues and it may be a bit painful at times, but this season will pass.

As I finish writing this piece I am struck by all of the opportunities the next season of our industry holds. We will have a great opportunity to look at the quality of our loan origination systems. We can ask ourselves, are we doing everything we can to ensure our customers’ data is secure? Is it time to develop a standardized borrower data file that can seamlessly move from one lender’s system (reverse or forward) to the next and thereby improve overall system efficiency and performance? Does our current marketing approach appropriately educate borrowers and other stakeholders? What will it take to have a reverse mortgage become a standard product menu item for all mortgage bankers, forward and reverse?

As I experienced growing up, getting through the winter is always tough and sometimes downright painful, but the summer… ah, the summer.