NRMLA Co-Presidents offer Industrial Advocacy update

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The reverse mortgage industry is preparing for the annual meeting in San Diego

Mike Kent and Jim Cory – SVP of business development and industrial relationships at Liberty Reverse Mortgage and director of Reverse Bij Guild mortgagerespectively – members of the industry welcomed in the first event of the association, but wasted little time on assessing the current interest landscape for the reverse mortgage activities.

NRMLA President Steve Irwin opened the procedure by describing a heavy environment for industry, not least because of interest rates and broader economic uncertainty that influences the ability and trust of potential borrowers to continue.

Mike Kent, SVP of business development and industrial relations at PHH/Liberty Reverse Mortgage. — Mike Kent

Kent agreed, but added that the importance of advocacy is needed to keep industry ahead and functional, while also communicating with those who are in power what the reverse mortgage industry can do for US seniors, and how the Home Equity Conversion MortGage (Hecm) program can be a resource for older income.

The association, Kent explained, made a transition at the end of last year when he divorced her old management company to become an independent organization. In recent months, Irwin and the NRMLA team have met Wetgevers on Capitol Hill for the positions of the reverse mortgage industry about certain issues and the work it did on behalf of customers.

These meetings include rep. French Hill (R-ank.), The chairman of the House Financial Services Committee, and Rep. Zach Nunn (R-IIWA), who also serves on that committee. NRMLA also met Rep. Josh Gottheimer (DN.J.) and Rep. Mike Flood (R-Neb.), With Gottheimer, recently collaborated on anti-fraud control legislation for older Americans and floods participating in legislators in the Aisle about housing issues.

NRMLA also met Senator Mike Crapo (R-Idaho), who is seen as a legislator who understands the dynamics of the HECM program, as well as a member of the Senator Jack Banking Committee (Dr.I.). NRMLA has also been in conversation with civil servants on the American department of the treasuryand potential HECM program changes.

The legislative work is secondary to work with cooperation with the US Department of Housing and Urban Development (HUD) and NRMLA has been in contact with the deputy assistant secretary of the Single-family homes department, Matt Jones, who fulfills the function of Federal Housing Administration (FHA) Commissioner prior to a candidate from the appointed president.

Kent described Jones as a “strong supporter of the HECM program”, and it was discussed how the work that the program helped under the earlier administration could be continued, especially at the front of liquidity.

NRMLA is also working on meeting leadership on Ginnie MaeIncluding acting President Gregory Keith and Joe Gormley, who were recently proclaimed the EVP and COO of the government company.

“Joe is another proponent of the program, and we think we have some work that we can do with Ginnie Mae to further improve liquidity in the Ginnie Mae space,” said Kent.

But the work that is being done is not only about existence and stability, but also about facilitating the future, said Kent.

“There is more to it than just ensuring that the program and the MMI fund are sustainable for the long term, or to ensure that the program continues,” said Kent. “There is more going on than just trying to find ways to improve the program, to bring more people under the tent to participate in the program. We also look at what the next step is.”