Comments on: Reverse Mortgage Lender Rolls Out Celebrity Media Campaign

By: rainmand

rainmand — Fri, 16 Oct 2009 15:01:00 +0000

I’ve read the model was profitable, but Management made more money then the other Wholesalers, absorbing the profit.rnrnThey’d probably still be in business if they weren’t so arrogant.rnrnI liked them a lot when they were only a lead provider, and even when they initially became a bank. I ran a loan through them every now and then, because they wouldn’t let me buy any leads unless I did some business with them. But I stopped doing business with them entirely when they said I had to run ALL my business through them in order to receive leads, even self generated business. How arrogant can you get? I don’t miss them at all.

By: rainmand

rainmand — Fri, 16 Oct 2009 13:01:52 +0000

I've read the model was profitable, but Management made more money then the other Wholesalers, absorbing the profit.

They'd probably still be in business if they weren't so arrogant.

I liked them a lot when they were only a lead provider, and even when they initially became a bank. I ran a loan through them every now and then, because they wouldn't let me buy any leads unless I did some business with them. But I stopped doing business with them entirely when they said I had to run ALL my business through them in order to receive leads, even self generated business. How arrogant can you get? I don't miss them at all.

By: The_Critic

The_Critic — Thu, 15 Oct 2009 23:17:16 +0000

reversemarketing,

So if SLN did not have losses, why did KBC let it go out of business? It certainly was suffering losses before KBC Bank acquired them.

By: reversemarketing

reversemarketing — Tue, 13 Oct 2009 17:25:17 +0000

SLN did not go out of business due to losses. It was a profitable business. In fact its marketing strategies have been copied by many and helped to fuel the growth of this industry. Those that criticize advertising should thank the many that advertise…it makes your jobs easier.

By: floridareversemortgageguy

floridareversemortgageguy — Fri, 09 Oct 2009 21:27:51 +0000

Me either! It's fun talking and thinking about it.

With all this stuff going on the only way to succeed is to put on blinders and ear plugs, and do the things each day that honestly make you feel that you made progress.

By: The_Critic

The_Critic — Fri, 09 Oct 2009 21:17:00 +0000

Hey floridareversemortgageguy,

Your questions are not crazy. Many of us just feel inadequate attempting to answer them because we do not face those issues and have not researched them.

By: floridareversemortgageguy

floridareversemortgageguy — Fri, 09 Oct 2009 20:30:47 +0000

I think most people admire Mr. Peskin for doing what he did.

What about the medium and long term viability of that model? Given the regulatory environment, will the fact that there is no personal contact cause regulators to seek tighter regulations on call center lenders making it even more expensive for them to do business? Also, with the new responsibility placed on Direct Lenders for their correspondent's loans, will lenders be willing to keep call center lenders on as correspondents if they come under closer scrutiny? These may sound like crazy questions but who expected the crazy stuff that happened this year?

By: floridareversemortgageguy

floridareversemortgageguy — Fri, 09 Oct 2009 20:23:51 +0000

Anyone with a brain would have to admire what he accomplished, no question.
What about the medium and long term viability of that model? Given the regulatory environment, will the fact that there is no personal contact with the call center model cause regulators to seek tighter regulations on call center lenders making it even more expensive for them to do business? Also, with the new responsibility placed on Direct Lenders for their correspondent's loans, will lenders be willing to keep call center lenders on as correspondents if they come under closer scrutiny? These may sound like crazy questions but who expected the crazy stuff that happened this year?