2023 NRMLA Annual Meeting Recap - HECMWorld.com Skip to content
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2023 NRMLA Annual Meeting Recap

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What happened at NRMLA’s Annual Meeting in Nashville?

Many of us have recently returned from the NRMLA Annual Meeting in Nashville, Tennessee. For those who couldn’t make it, I’d like to share some key observations from my trip. But before we delve in, I want to express our gratitude to our sponsor, Atlas Valuation. You can find their banner just below this video. Click on it to request more information on how Atlas can streamline and enhance your loan appraisal process for both you and your borrowers.

 

Now, let’s talk about the takeaways from this year’s meeting. First and foremost, there was a palpable sense of determination and cautious optimism among the reverse mortgage professionals and originators present. The sentiment “it can only get better from here” echoed several times. In my view, this marked a significant shift from our previous annual meeting in Atlanta the year before. This isn’t surprising, given that the 10-year Constant Maturity Treasury rate had surged from 1.5% to 4% between November 2021 and 2022, and FHA case number assignments for new HECM applications had been on a downward trend in the months leading up to the 2022 meeting.

 

Perhaps I’m mistaken, but this year, I sensed a greater acceptance of our current market challenges and a hardened determination to find ways to adapt and succeed, despite the surge in interest rates and the decrease in qualified borrowers.

 

One of the most encouraging highlights was the high level of interest and engagement in a new pre-conference session on Monday morning. The Loan Officer Roundtable featured three experienced managers and loan originators who shared their insights on attracting new borrowers and closing more loans. Scott Harmes from C2 Financial, Loren Riddick from Worthington Mortgage, and Bruce Simmons from American Liberty Mortgage led the panel discussion. What struck me was the enthusiastic participation of attendees, who asked insightful questions and exchanged successful strategies. Even better, a new Loan Officer Roundtable group is being formed to continue these discussions and collaborations throughout the year. If you’re interested in joining, please email info@hecmworld.com with the subject line “Loan Officer Round Table”.

 

The Loan Officer Roundtable originated from the initial HECMWorld Mastermind Summit, an idea championed by Loren Riddick, aimed at empowering today’s reverse mortgage professionals to thrive in the current market. I had the privilege of being part of the inception of this group. But the true highlight for me was being in a room full of accomplished reverse mortgage professionals, hearing some of the most ingenious strategies for marketing, building mutually beneficial professional relationships, and honing our sales and communication skills. These valuable lessons will be shared with those who become part of the Loan Officer Roundtable group.

 

Additionally, two noteworthy positive developments were announced during the meeting. First, FHA proposed guidance to allow a seller credit for HECM for Purchase transactions, which, as the notice stated, could include “an ‘interested party contribution’ of up to six percent of the sales price” in certain circumstances. This announcement was met with hearty applause from the audience. The second was the reaffirmation of FHA’s unwavering commitment, as emphasized by Julia Gordon, to the health, stability, and availability of the HECM program.

 

In conclusion, if you’d like to participate in future Loan Officer Roundtable discussions, please email info@hecmworld.com with the subject line “Loan Officer Roundtable”. Until then, have a wonderful weekend, and be sure to join us next Friday for more Food for Thought.

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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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1 Comment

  1. Some of us think that the HECM endorsement total for fiscal year 2024 will fall by over 10%. That means that total HECM endorsements for fiscal year 2024 will be less than 30,000, making it the worst fiscal year for HECM endorsements in over 20 years. At first I questioned this estimate but have since realized what CNAs (Case Number Assignments) are trying (mostly in vain) to tell us about this fiscal year and it is not encouraging.

    I for one would like to read about the empirical evidence backing up what appears to be unrealistic optimism (a common ailment in this industry)!!

    While I have heard about renewed optimism throughout the conference, it seems out of line with the facts.


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