The reverse mortgage industry’s biggest event is just one month away.
On Oct. 28th, more than 400 HECM professionals from 155 companies will gather in San Diego at the National Reverse Mortgage Lenders Association’s annual conference to discuss issues affecting their work.
It’s no secret that the reverse mortgage industry was dealt a difficult blow last year when the U.S. Department of Housing and Urban Development issued surprise changes that ultimately reduced the number of borrowers who could benefit from the loan.
The new guidelines battered the industry, with Reverse Market Insight reporting recently that every single lender in the space has seen their volume drop – and the lender that fared the best lost nearly a quarter of its volume.
Clearly, there’s a lot to discuss this year as originators work to find profitability in the current climate.
NRMLA Executive Vice President Steve Irwin said this year’s meeting seeks to help HECM professionals develop successful strategies for the years ahead.
“We’ll present compelling content to help attendees with the current state of the market, but we’ll really focus on insights that will help attendees develop their forward-looking strategies for the coming few years,” Irwin said. “Not only is the content strong, but the ability to network and interact and share learnings with peers in the space is a huge opportunity.”
Irwin also said the association expects a program announcement from HUD soon and will plan to address any new guidelines that might emerge.
“We are anticipating potential programmatic changes in the next week or so, and we will have subject matter experts on hand to help all of us navigate our way through that at the meeting,” Irwin said.
The conference also features a Reverse Mortgage Intensive, an afternoon course on HECM basics for those who are new to the business.
Irwin said the conference is especially important this year because the industry has reached a crossroads, and the direction it takes will determine its future success.
“We can’t continue to operate as is. We need to start looking at different ways of doing things, different types of products to offer, different solutions for seniors to access the equity in their homes so they can successfully age in place,” he said.
“We won’t succeed if we keep doing things the way we always have,” Irwin added. “Now is the time to identify new opportunities, new methodologies and new processes to leapfrog this industry forward.”
Here’s an inside look at what’s on tap during the three-day meeting:
Creating a Unique Identity and Brand for Yourself
Seasoned HECM vets share their advice on how to use podcasts, social media and other mediums to build your personal brand. Hear from US Mortgage’s Steve Sless, ARAMCO’s Darius Aram and Norcom’s John Luddy on how to leverage your network and expertise to grow your business.
Retirement Issues and Trends
Jamie Hopkins of The American College of Financial Services shares his thoughts on how the industry can better promote the HECM’s role in retirement income planning. Hopkins will discuss the proprietary market, broker/dealer policies and the perspectives of those operating in the financial planning world.
Building a Reverse Mortgage Lead Machine
Digital marketing guru Jim Berkowitz will discuss how originators can use technology and know-how to build a thriving reverse mortgage lead funnel.
State of the U.S. Economy and Housing Market
Renown economist Edward Seiler will offer an analysis of macro-economic and housing trends and discuss how these factors can shape your business strategy in the year ahead.
For more info on the meeting, visit NRMLA’s site here.