The merger integration phase is a time when communications and decisions are happening rapid-fire – and sometimes with less-than-normal rigor. A perfect storm for risk can form when complexity, regulatory scrutiny, and the conditions for staff burnout are at an all-time high.
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.