Brian Lynch is president and founder of Irvine, Calif-based Advantage Systems, a provider of accounting and financial management tools for the mortgage industry. More information on the company can be found at www.mortgageaccounting.com.
The indicators of a healthy market are all present: a steadily growing economy, low rates, loosening credit availability and a high labor participation rate. As a result, two things will matter: getting the business to you and not your competitors, and executing on the promises made to those prospects in an environment riddled with regulation.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.