James K. O’Donnell, Esq., has been Equity National’s president for more than 20 years. He graduated with a B.A. in English from Rhode Island College and went on to law school at Suffolk University. Before coming on board at Equity, he worked in customer service and sales capacities and spent eight years in politics and city government.
Lenders bulked up their vendor management and vetting programs in recent years, mindful of the fact that the CFPB will hold them accountable for the actions (or misdeeds) of their service providers. But while scorecards and financial audits are great, are you sure your service providers are staying the course when it comes to quality and compliance?
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.