Longtime reverse mortgage industry professional, advocate and leader Scott Norman has been appointed as the new CEO of the Texas Mortgage Bankers Association (TMBA).

Norman is currently serving his fifth consecutive term as co-chair of the National Reverse Mortgage Lenders Association (NRMLA). He also works as vice president of field retail and director of government relations at Finance of America Reverse (FAR).

Leadership at TMBA unanimously approved Norman’s appointment on April 24, and he is expected to begin serving in his new role on May 2, when he will cease to be an active employee of FAR.

Appointment to TMBA

Norman previously served as president of TMBA in 2011. He was selected from a pool of candidates submitted to the association by a search advisory committee.

“Scott Norman brings industry knowledge and experience along with a passion for our association and its members to his new role as CEO,” TMBA President Matt Kiker said. “We are grateful for the leadership and stability that the association has enjoyed over the past 25 years under Lisa Vercher and with Scott Norman, we are excited about our future. We appreciate the dedication and diligence of our search advisory committee throughout this process.”

Norman has been a longtime fixture of the reverse mortgage industry, FAR and NRMLA. He remains a fierce advocate for the wider adoption of reverse mortgages and served an influential role in amending the Texas Constitution in 1999 to allow for reverse mortgages. Norman also originated the state’s first reverse mortgage soon afterward in late 2000.

Reflections on a reverse career

When reached by RMD, Norman expressed appreciation for his time in the reverse mortgage industry, his colleagues at NRMLA and FAR, and his career journey up to this point.

“This is an incredibly bittersweet week for me,” Norman told RMD in an email. “From countless trips to Washington, D.C. to the 26 states I visited during my time as co-chairman, I have some amazing memories and friendships that I will take with me. I started my journey with Jim Mahoney with Financial Freedom and ended it with Kristen Sieffert with Finance of America, so I learned from two of the real giants in our industry.”

Norman also lauded his fellow co-chair, Mike Kent of PHH/Liberty Reverse Mortgage, and the NRMLA organization.

“As the co-chairman of NRMLA, I had the good fortune to share the very best job in the industry with my brother Mike Kent. I’ve had an amazingly unique vantage point of our industry for the last five years, and I can’t imagine a company who can’t benefit from being a member of NRMLA.”

Norman also wanted to thank the organization’s executive committee, vowing to remain supportive of the trade association.

“I can’t let my term end without specifically recognizing those on the executive committee: Joey Demarkey, Mike McCully, Bobby Sivori, Elly ‘Rella’ Johnson, Jimmy Cory, Alex Pistone, Chris Mayer, Peter Bell and especially Steve Irwin for their friendship, leadership and support – as well as Jim Brodsky, Soroush Shahin Joel Schiffman for their always-wise advice.

“And of course, my friend Darryl Hicks,” he added. “While I may be leaving the reverse space, I’m not leaving the arena. In my new role with the TMBA, I will continue to follow and support NRMLA at every turn.”

Finance of America President Kristen Sieffert described Norman as a key figure for both the company and the wider industry.

“Scott has devoted much of his career to championing the adoption of reverse mortgages so that more Americans can have better financial outcomes in retirement,” she said. “For many years, FAR has had a front row seat to Scott’s vision, insight and passion for this business — to the great benefit of our company, employees, customers, partners and the industry — and for that we are infinitely grateful.

“While we are sad to see him go, we wish him all the best on his next endeavor and we look forward to continuing to jointly advocate for broader awareness, education and adoption of reverse mortgages.”

Other accomplishments

Norman’s 30-year mortgage career includes his start as a loan officer for Temple-Inland Mortgage Corp. He later became president of the Austin Mortgage Bankers Association, and in 2017 became a recipient of TMBA’s Larry E. Temple Award, which recognizes contributions to the mortgage banking industry in Texas.

In 2014, Norman played a role in advocating for the addition of reverse mortgages for purchase to the allowable offerings in Texas, which required legislative action and voter approval. Norman first ascended to the NRMLA co-chair position in 2018.

NRMLA reelected Norman late last year as co-chair of its board of directors for the 2023-2024 term alongside Kent of PHH/Liberty Reverse Mortgage. Norman has been a consistent supporter of RMD for years, offering his perspective to this publication’s reporting on numerous occasions.

“I got into the reverse mortgage industry when I was in my 20s. So, to some extent, it’s been the only real industry I’ve ever been a part of,” Norman told RMD in a 2020 interview. “I’ve been really fortunate to work for some great companies, and to work for some great mentors. Jim Mahoney at Financial Freedom sticks out quickly. The Bart Johnsons, the Peter Bells, the Jim Brodskys — I’ve had some great mentors that really helped to raise me, if you will.

“Almost across the board, they ingrained in me two things: the importance of fostering great relationships and always treating your borrowers like you would your own parents. Never does a day go by when I don’t think about both.”