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Keeping Momentum Post F.A.


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6 Strategies to Maintain Momentum Post-Assessment

reverse mortgage newsIt is indeed the time to fill our pipes, pipelines that is. With any hardship, hurdle or challenge in business comes the temptation to lose momentum. Think of it as peddling a bicycle. It takes more energy to regain momentum once stopped than to sustain it. The same applies to our reverse mortgage business.

While the Financial Assessment is the largest challenge we have faced the most difficult task it how we choose to respond. With that in mind here are a few points to ponder on how we can focus on keeping our business momentum going.

1- Be sensitive to inertia. If you sense your momentum slowing look to see what is causing the slow down. Are you still making the same or even more outbound sales calls each day? Are you still engaging in the activities that yield results like networking?

2- Shorten the time frame. Everyone isn’t ready to sign the application after your first call or meeting. What we can do is attempt to…

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  1. “…the Financial Assessment is the largest challenge we have faced….”

    Two dates stand out as more fearful than April 27, 2015. The first is October 4, 2010, the date that Mortgagee Letter (ML) 2010-34 was implemented. Though there were rumors and imprecise warnings, the Principal Limit Factors (PLFs) on its new Standard were much lower than the prior HECM and ongoing MIP was increased from 0.5% to 1.25%. Now that was a scary time since ML 2010-34 was posted less than two weeks before required implementation.

    The other date that also stands out is September 30, 2013, when it was clear that HUD had no intention of ever bringing back anything close to the Standard products. Instead it enhanced the Saver slightly and raised the upfront MIP costs on the Saver.

    Financial Assessment has its own fear factor since our industry has done little in qualifying borrowers. On April 27th, if the most reasonable course of action of delaying Financial Assessment indefinitely is not pursued then we will see the most dramatic change to operations ever. It will also dramatically increase the application process and how seniors view the HECM application process.

    Those lenders who claim, financial assessment will not change their endorsement numbers by much are not looking at the age demographic for whom reverse mortgages are restricted.

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