EquiPoint Receives Private Investment, Plans for Growth

November 16th, 2009 | by John Yedinak Published in News, Reverse Mortgage | 16 Comments

EquiPoint Financial Network (EFN) announced it has partnered with private investor Michael White and Hibernia Capital Advisors to enhance the company’s capitalization, management and strategic planning efforts.

Hibernia Capital Advisors and its principals bring an extensive knowledge of banking, investment and management expertise that will be used to help the company expand its reverse mortgage platform said Bruce Barnes President of EFN.

“We are very optimistic about the opportunities that exist in the reverse mortgage industry and we believe EquiPoint has a growth strategy in place to take advantage of them,” said Michael White, private investor in EFN.

“EquiPoint plans on expanding its corporate lending platform and catering to top producing reverse mortgage advisors. The company’s goal is to have the highest loan to agent ratio in the industry by the end of 2010. We plan on achieving this goal through our proprietary marketing systems, technology and administrative support systems that make it easier for advisors to originate and close reverse mortgages” states Barnes.

The San Diego, CA based reverse mortgage lender is also working on a new marketing campaign which will be based around helping customers better plan for the future using the slogan, “Smart Planning & Peace of Mind”.

Details of the investment made in EFN were not disclosed.

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The_Critic

Is the firm using the planning slogan solely as a marketing ploy or is it actually embracing the marriage of reverse mortgages with planning? If it is the latter, this concept all but invites litigation and further regulation over the entire reverse mortgage industry due to systemic conflicts of interest. As ethics asks in scientific endeavors, just because we can do it, should we?

Most seniors are bereft of competent financial advice. Is the reverse mortgage industry the right source to bridge that gap? Should that be among the services we provide? Why would anyone view such advice as anything other than biased and tainted?

Lawmakers were so concerned about lack of independence that they introduced counseling into the reverse mortgage process. Over time, this concern has grown and can be seen in HERA prohibitions against lender funding of counseling. By strengthening counseling requirements and placing the determination of borrower competency in the hands of counselors both lawmakers and regulators have made it clear, they believe lenders are biased and unreliable to advise on such matters..

California has instituted some steps toward suitability standards. They did not choose lenders to assist borrowers in evaluating the appropriateness of reverse mortgages. Lawmakers wisely selected counselors to fill this function.
comeondude

” Lawmakers wisely selected counselors to fill this function.”

HAHAHAHAHA

So, wait, let's give some 30-grand-a-year phone ape two one day training courses and they're ready to assess a senior's financial situation?

When I go get a hamburger for lunch today, maybe I'll get some McCareer advice from the guy behind the counter too.

Lastly, I'll get advice from YOU, critic on how to sell a reverse mortgage. After learning how to troll the blogs, whining about each and every company's marketing “ploy” all day long, I can stand in line for some food stamps.

When I spend them at the grocery store, maybe some fat guy can advise me on healthy eating.
The_Critic

comeondude,

You have imparted more than your fair share of wisdom. You have brought such harmony between our industry, counselors, lawmakers, and regulators, the industry just cannot bear it.

Since many of the seniors you help make less than $40,000 per year (the standard you emphasize), they are more than comforted by your kind and considerate words. Since some are still flipping hamburgers, you show your true consideration for their thoughts and feelings.

You may despise the training of counselors but at least they have some training specifically on reverse mortgages (not marketing or “overcoming” objections) and are required to take an exam not on general mortgage law but reverse mortgages specifically and it is monitored by someone other than their employer. Many actually use the same resources that are available to you. Some may be as well educated as perhaps — even you.

You have very right to challenge and attack ideas by calling them worthless, coming out of a fountain of ignorant and foolish thinking and other priceless pearls of your wisdom. You also have the right to tear down the foundations and years of building between the various parties within the reverse mortgage world which many of us work everyday to improve. You have established the paragon; maybe it is time for you to impart your version of wisdom to another industry.
jamesanelson

Once again, Critic, Your vile, verbal excretetion is unbelievable. If one doesn't
agree with you criticism, you get mean and petty (and long-winded) in your response: Unbelievable.
James_A_Nelson

comeondude,

Let's see if I got it right.

Lawmakers show no wisdom. Counselors are apes who can't do financial evaluations. Counter clerks have no wisdom to impart on careers. The Critic is lastly even though some fat guy follows. And finally, The whinning Critic is trolling blogs for marketing ploys while standing in line for food stamps while fat guys at groceries have no idea what it means to eat healthy. Does that about sum it up?

I'm guessing you either had something bad for breakfast or your significant other just laid something really upsetting on you. Either way I feel your pain.
jamesanelson

Admin: What kind of a scam are you now running. I blog as jamesanelson
35 minutes ago after the critic dropped another load on poor Mr. comeondude; then, a James A Nelson is placed above my blog at 19 minutes ago I'm really beginning to question the integrity of this site..
The_Critic

jamesanelson,

Try clicking on reply under the comment. It will place you in time order. Good luck.
dduck12

Gee Critic, that post brought a tear to my eye. I thought I even heard the Star Spangled Banner in the background, but it was only my stomach growling. What was that movie where Jimmy Stewart, or was it Gary Cooper, addressing congress, or something. BTW: You're right.
The_Critic

dduck12,

At our age, stomachs can be tricky. I ain't no Jimmy, Gary, or Francis Key Scott, but I appreciate the sentiment. It is very telling when the question of a conflict of interest arises; in this industry the overwhelming reaction of a vocal minority is that it applies to the other industries; we don't have it.

That reaction is particularly strong because of no licensing and little accountability except for sales volume and some customer relations. NRMLA has ethical standards but they are not nearly as strong as other financial service providers nor is there necessarily the need.

Professional behavior, well to a large degree it is still missing.. That needs to be changed. Hopefully that will change for the better..
The_Critic

jamesanelson,

You are right sometimes I get long winded. I am one of those old guys who….

As to being mean, OK. Those who call others in their own industry apes are less than courteous in my eyes. I work with a former counselor who has a totally different outlook on the industry but I respect her for outlook even if we don’t agree. The purpose of expressing the things comeondude did was not to bring harmony, unity of purpose, or improve relations with other parts of the industry. I know of no reason why those who act in that manner should be begged to stay in our industry; far better that they find a profession where their skills can be used for the betterment of that industry.

Recklessly attacking the wisdom of all lawmakers and regulators is hardly an endearing quality for those who work in an industry where the decisions of those very individuals can bring financial care to seniors, reduce the level of such care, or terminate it altogether. They even control our paychecks as clearly seen in HERA. As the old saying goes, if you can’t take heat, get out of the kitchen.

Personally I respect those who make less than I do. Attacking the less fortunate is hardly the quality of those who should be involved with seniors. Maybe you disagree. You certainly have that right.

After reading the tirade, it just seemed as if this industry was a poor choice for someone of that disposition. Encouraging this person to think about switching careers more suited to the disposition of this person could be the biggest help career wise this person might ever receive. From beginning to end, no one was the equal of comeondude. What a sad state to be in. Again this industry does not seem the right fit for comeondude.

Even when you go off, you express concern for seniors. It is not all about you. You know I do not always agree with you but I know very clearly you believe in the product, want to help the customer, and care about this industry. Again I do not know you but I know that much about you. I cannot make any of these statements in regard to comeondude. comeondude shows all of the signs of needing a career move, that’s all.
comeondude

Critic,

The entire focus of my tirade was to demonstrate the idiocy of sending someone to a session of financial counseling from someone who likely has little or no money.

Caring about seniors means that you shouldn't WANT to send them to get financial advice from someone who likely hasn't gone very far in life. Un-biased or not, stupid is stupid.

PS Who do you think you are to decide who does and does not belong in “your” industry? You're a *&^$! lump of coal who has nothing better to do that bellyache on a blog all day. I'm in the selling things industry, and you belong the hell out of *MY* industry for being a time-wasting crybaby curmudgeon.
The_Critic

comeondude,

You see we are in two different industries. You sell things. The vast majority of us care for seniors and as part of that care provide them with reverse mortgages. As shown in your tirade and reply, your focus is on the things and what helps you sell them. That is OK.

You made it abundantly clear what you do and what you think of others serving in this industry. Clearly it does not matter what you sell so try selling another product where your attitude might be more appreciated. Right now you are the poster child for what Senator McCaskill believes is inherently wrong with our industry.

You really need to meet some of the very dedicated counselors in this industry. They give finacial advice and do a pretty good job of it. You might be surprised what someone earning $30K per year can do if their heart is in it.
dduck12

It sounds to me like you are both dancing around the same totem pole. Quantity of sales of a good product (after all you guys are not selling defective water heaters) is ok as is quality sales where more time may be inested in counseling the client.
I have always admired the big sellers (I was not) of appropriate insurance products since I know that most families will wind up with more security. I mean people that need the insurance, understand what it can do, and can afford it. Every time I was not able to make a sale, I felt I let the prospect down.
So, I think you are both right, if I haven't assumed to much.
comeondude

You are correct.I don't originate reverse mortgages anyway. I'd have to deal with cranky, whiny old codgers like the Critic all day.

Even when it's a cool old person, I not only would have to talk to them, but also their greedy, chop-licking, demons of children that not only want mom's inheritance but have an IQ of 85 and can barely spell “reverse mortgage” let alone advise mom about them. And then now some regulator is going to sniff up my rear end and make me “prove” that some lady eating a can of fancy feast for breakfast really “needs” the product?

You guys can keep your pain in the ass product, but critic, even if the counselors are really “nice” someone who doesn't make very much money has ZERO business giving anyone financial advice.

I've met lots of very caring people who gave me free unsolicited advice (throughout the last two market crashes, internet stocks first and then real estate) that – had I not recognized them for what they are – idiots – and taken their financial advice, I'd be providing for my family under an overpass. 10 years later they're still nice people, and still have no business giving out advice.

I'm sure you really care about grandma Betsy and the 5 other people you helped get a loan this year. Kudos to you.
dduck12

I like your colorful language, however, your viewpoint not so much. I wish you luck with some other forum, they will certainly benefit from your vast experience base and positive attitude about life and financial matters.
Your insulting manner certainly is not unique, they have some old master insulters right here.
Bye.
Anonymous

I like your colorful language, however, your viewpoint not so much. I wish you luck with some other forum, they will certainly benefit from your vast experience base and positive attitude about life and financial matters.rnYour insulting manner certainly is not unique, they have some old master insulters right here.rnBye.

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