Reverse Talk, Trying to be Twitter for Reverse Mortgage Professionals

image The Reverse Mortgage Association for Loan Officers, (REMALO) announced the launch of its new senior community Reverse Talk.  The website is a free micro blogging membership site designed for the reverse mortgage community said a company statement.

“Reverse Talk gives reverse mortgage professionals and service providers the ability to communicate instantly with one another,” said Sam Collins.  It was designed to function like Twitter. 

Members of Reverse Talk receive their own URL which enables them to ask questions, answers questions, voice opinions, as well as join different groups.  You also have the ability to link to your Twitter account from Reverse Talk, allowing you to access the service from home, office, or while on the road.

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  • Thanks to RMD and John Yedniak for posting our Press Release for ReverseTalk.com and the flattery regarding Twitter, (I only wish).

    Here is how ReverseTalk.com emerged?
    With the advent of many social sites such as Facebook, Linked IN, Twitter, OpenID and others, I found that many of those I “friended” had no clue or understanding about me, reverse mortgages or the senior world. Most wondered why I made remarks or comments about senior subjects on other social sites. To them I must appear boring.

    Thus was born ReverseTalk.com. I knew there were many of you in our space, just like me, that understand and want to be part of a senior community that had common interests with our seniors as our major priority. Now you have a place you can connect, ask questions, get answers, make friends, and get resources.

    I hope you will join ReverseTalk.com , it’s free, but best of all, you will have the opportunity to connect with some really neat people, just like you.
    Thanks,
    Sam

  • Congratulations to REMALO and Sam Collins on providing relevant ideas and tools to REMALO members. Sam is truly creating and enhancing valuable services to REMALO members.

    Not long ago, an industry leader asked why some of us believe there is a difference between the interests of lenders and those of loan officers. REMALO has just demonstrated what one of those is, providing easy platforms for communication between loan officers unrestricted by company lines. RMS has done the same. Reverse Fortunes is doing much the same through its informative free podcasts. It is interesting that REMALO describes itself as an association of loan officers; RMS, a trade association; and Reverse Fortunes, as an entity for reverse mortgage originators. Of course there are others who some of us expect will become more prevailing in the future such as Monte Rose’s new enterprise.

    REMALO has built its reputation around sound and practical ideas on how to be more efficient in marketing and consummating sales. Reverse Fortunes is providing sound time management and goal setting tools for originators. RMS built its reputation around offering a course for originators that qualifies for CPE in Florida and issues some type of designation or certificate. Of course, each of these organizations is doing much more to remain relevant to their respective audiences. While lender management may be curious as to what these organizations are doing, each of these is catering to loan officer needs rather than those of lenders.

    While origination fees may not be as important to lender revenues as increased business with their back end profits, they are the financial lifeblood of most originators. Current total national reverse mortgage sales have barely increased (and in fact may be down in total when folding proprietary reverse mortgage activity into the HECM numbers) over last year at this same point in the fiscal year that ends September 30 (the HECM program fiscal year). Maximum HECM origination fees are now over 50% smaller than they would have been had AARP not been so successful in reducing origination fees under HERA. They are 18% lower than if the maximum origination fees available just before HERA had been the new cap. Increased volume has not offset decreased origination fees for most originators.

    With increased competition and little proprietary reverse mortgage activity (with higher origination fees), many loan officers have seen revenues plummet. As to the major lenders, several are experiencing amazing HECM growth in loan volume in the midst of a marginal market. So while correspondents may be concerned about the potential loss of YSP, many originators are counting actual year to date origination fee losses even if they are seeing the same origination volume.

    While some may legitimately counter that we all have some stake in all of the foregoing, it is the emphasis on providing solutions to each of the stakeholders that separates and will further separate the various organizations described from those organizations that cater primarily to lender and correspondent interests, such as the MBA and NRMLA.

    This is not to say that the MBA and NRMLA are now irrelevant. NRMLA is particularly relevant to all of our success. Without their intervention into the political arena our current situation would be much, much worse than it is now.

    If you are not making arrangements to attend the NRMLA National Convention in San Diego in November, at this juncture in our industry, it will be a loss. NRMLA is the one place where all of the concerns of all of the stakeholders are addressed. What is happening in Washington, DC right now is of vital concern to all of us. Although the other associations provide real help to originators, we, the originators, also need to understand the direction of the industry to be able to survive and grow.

    There is much more to say, but that will have to wait until year end.

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