Comments on: Despite Elimination of HECM Advisor Program, Banks Still Working with Reverse Mortgage Lenders http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/ Reverse Mortgage News and Information Mon, 13 Feb 2012 00:19:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: M Colins http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/comment-page-1/#comment-18846 M Colins Mon, 09 Feb 2009 18:51:29 +0000 http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/#comment-18846 Large banks who do not offer HECM's face the possibility of losing their entire customer relationship if their customers go across the street to BOA or Wells or other bank lenders. Having a non competitor who is not a bricks and mortar institution such as a MetLife or Generations accomplishes the dual goal of providing their customer with expertise and/or a service they dont offer anyway and safeguards the valuable customer relationship they have taken time and money to cultivate. Whether the referring bank is paid a fee is secondary. Attracting new clients is more costly than retaining current ones. Large banks who do not offer HECM’s face the possibility of losing their entire customer relationship if their customers go across the street to BOA or Wells or other bank lenders. Having a non competitor who is not a bricks and mortar institution such as a MetLife or Generations accomplishes the dual goal of providing their customer with expertise and/or a service they dont offer anyway and safeguards the valuable customer relationship they have taken time and money to cultivate.

Whether the referring bank is paid a fee is secondary. Attracting new clients is more costly than retaining current ones.

]]> By: Reed Swain http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/comment-page-1/#comment-18593 Reed Swain Fri, 06 Feb 2009 17:48:40 +0000 http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/#comment-18593 I agree with Michael, but this note need to go the HUD not the industry and HUD is not listening. I agree with Michael, but this note need to go the HUD not the industry and HUD is not listening.

]]> By: Michael http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/comment-page-1/#comment-18479 Michael Thu, 05 Feb 2009 02:43:05 +0000 http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/#comment-18479 Why non-FHA banks or other non-FHA lenders can't get compensated for a Reverse mortgage lead is absolutely ludicrous! The FHA banks that are "correspondents" usually don't have the know how or experience to competently assist a senior in the reverse mortgage process. Let the Reverse Mortgage Specialist do their job and still allow non-FHA banks to offer reverse mortgages to their customers and get paid for the customer service part. The HECM Advisor program should be re-introduced with less compensation and responsibilities going to the bank. All the non-FHA banks should need to provide is the interested customer's name and number. They still offer the service and can get compensated as well. Very simple. Why non-FHA banks or other non-FHA lenders can’t get compensated for a Reverse mortgage lead is absolutely ludicrous! The FHA banks that are “correspondents” usually don’t have the know how or experience to competently assist a senior in the reverse mortgage process.

Let the Reverse Mortgage Specialist do their job and still allow non-FHA banks to offer reverse mortgages to their customers and get paid for the customer service part. The HECM Advisor program should be re-introduced with less compensation and responsibilities going to the bank. All the non-FHA banks should need to provide is the interested customer’s name and number. They still offer the service and can get compensated as well. Very simple.

]]> By: mr reverse http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/comment-page-1/#comment-18384 mr reverse Tue, 03 Feb 2009 21:36:41 +0000 http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/#comment-18384 so how are the seniors protected from the banks who do not have a fire wall rewall from the investments and insurance section of the bank in violation of Huds new rules. How are there loan orginators being compansated for only taking the apps. Is this another way banks are skirting rules like our new secratary of the treasurer or almost health secratary Daschel? Serving there customer HA!HA! so how are the seniors protected from the banks who do not have a fire wall rewall from the investments and insurance section of the bank in violation of Huds new rules. How are there loan orginators being compansated for only taking the apps. Is this another way banks are skirting rules like our new secratary of the treasurer or almost health secratary Daschel?
Serving there customer HA!HA!

]]> By: Despite Elimination of HECM Advisor Program, Banks Still Working … | ozvq.com http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/comment-page-1/#comment-18375 Despite Elimination of HECM Advisor Program, Banks Still Working … | ozvq.com Tue, 03 Feb 2009 18:58:00 +0000 http://reversemortgagedaily.com/2009/02/03/despite-elimination-of-hecm-advisor-program-banks-still-working-with-reverse-mortgage-lenders/#comment-18375 [...] Despite Elimination of HECM Advisor Program, Banks Still Working … [...] [...] Despite Elimination of HECM Advisor Program, Banks Still Working … [...]

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