The NRMLA conference offers ‘a new energy’ and gives hope for industry growth

The National Association of Reverse Mortgage Lenders (NRMLA) concluded the 2024 edition of its Annual Meeting and Expo on Thursday afternoon. Those present told it HousingWire‘s Reverse Mortgage Daily (RMD) said the event provided ample opportunity for networking and educational content, while boosting hopes that the sector can grow in the coming years.

Different types of attendees – including lenders, real estate agents and salespeople – came away with different messages from the event. Sellers appreciated the collaboration with current and potential business partners, while promoters and brokers praised the educational content and presence of housing leaders from the region. U.S. Department of Housing and Urban Development (HUD).

But others, including longtime industry veterans, also said they sensed an energy at the event.

‘Insightful and inspiring’

“The 2024 conference here in San Diego has had a new atmosphere and a new energy, a kind of renewed energy to break new ground in the mortgage base,” said George Morales, national sales director at Mortgage cadence. “You can feel it among the attendees and NRMLA leadership, and among the lenders represented here. It was truly enlightening and inspiring to be part of this conference.”

Christina Harmes Hika, a San Diego-based reverse mortgage lending professional Reverse Loan Solutionsnoticed that she was energized by the conference material.

“It’s always great to connect with others in the industry,” she says. “For example, during the session we just attended with insurers, it was encouraging to hear how they approach their work with the idea of ​​approving files that need to be approved, rather than trying to disqualify them. Because I come from the progressive world, where insurers often worked in the same way, it is refreshing to see that approach here too.”

Harmes Hika also noted the presence of HUD, such as Federal Housing Administration (FHA) Commissioner Julia Gordon and head of the housing advisory department David Berenbaum addressed the audience on site.

“It’s always valuable to get clarity on what actually is a HUD directive and what other requirements are,” she said. “Some people in the room may think, ‘That’s just how they do it,’ but in reality these are HUD guidelines that we all have to adhere to.”

Educational material

Glen Smart and Robin Loomis are a husband-and-wife duo of Arizona-based reverse mortgage lending professionals previously profiled by RMD. Each of them approached the event from the perspective of the initiators and found value in the educational content.

“We always like to come here, because meeting our suppliers gives us valuable insights,” says Smart. “Even though we have been veterans in the industry for a long time, every time we attend, we gather little bits of information that we can take back and apply in our daily activities.”

Loomis agreed, specifically pointing to service-related content as particularly helpful to her business.

“One of my favorite aspects is everything that has to do with maintenance. “I really enjoy learning how we can better communicate with both our customers and service providers so that we can identify and address potential issues at an early stage, which can prevent problems for our customers in the future,” she said.

Connection options

Megan Awalt, vice president of reverse title and escrow company Allegiant Reverse Services (ARS), got the most value from connecting with business partners. This is especially helpful for her as remote work has become more and more common.

“The conference was great,” she said. “It’s always a great opportunity for us to reconnect with industry partners and customers, and to see people face to face, especially as we can no longer visit offices or travel a lot with so many people working remotely. This really feels like our best and only chance to see everyone in person.”

Tane Cabe, former leader of the reverse mortgage division and current owner of the educational product HECM Toolboxsaid there are few other avenues to communicate with such a potentially receptive audience.

“I didn’t know what to expect since this is actually my first NRMLA conference, and I’ve been in reverse mortgages since ’04 and mortgages since ’93,” Cabe said. “The receptiveness has been great. The decision to come here coming, having an exhibition table and talking to people about what we are trying to achieve in the industry was great.”

Room for growth

Ryan Ogata, who heads the reverse mortgage operation at Ratesaid he found the event productive but hopes for more growth in the future. He also appreciated what he called the “collaboration” of other lenders in the industry, with whom he competes but who are also good providers of information.

“Yes, we are competitors, but at the same time, even a big player like us at Rate is only responsible for a fraction of the term mortgage market,” he said. “So even though we are a big player, there are still huge market opportunities. The independents work together while competing because they are all chasing the remaining 97% of sales.”

The reverse mortgage dynamic is different, however, as even established players understand the need for some sort of catalyst to kick the business into high gear.

“Interest rates may help in the short term, but they will not save the sector,” Ogata said. “We need to sell the product to more customers. A HECM-to-HECM refinance can generate immediate income, but still targets the same customer who already has the product.

“We need to go beyond the current market penetration of 2% because recycling that percentage over and over again will not drive long-term growth.”