The fall conference season, always an active starting point for consideration of industry issues, features two major reverse mortgage events, including the third such program from the Mortgage Bankers Association. That meeting, scheduled for San Diego, Sept. 9-11, includes discussion of mandatory live pricing, “which changes the environment that lenders are doing business in,” according to Norm Edwards, the MBA’s associate vice-president, corporate relations.
“There are a lot of new challenges facing lenders getting involved in the [reverse mortgage] business, especially in today’s declining housing market,” Edwards notes, adding: “MBA is doing this third show because there’s been a demonstrated need in the marketplace by our members and the outlook has been fairly positive. We want to make sure they’re getting accurate information.”
The event also will include discussion of MBA’s reverse mortgage model state bill, which was presented at a field hearing in the last month, chaired by U.S. Senator Claire McCaskill (D-Mo). That document supports consumer protections that include “adequate counseling standards and a clear plan for the payment of taxes and fees of the mortgaged property.”
Meanwhile, another conference will be staged in San Diego – this one from Nov. 18 to 20 – by the National Reverse Mortgage Lenders Association, whose President Peter Bell testified at the McCaskill hearing that “there are entrants to the reverse mortgage business who’d we all be better off without. But, by and large, there is a community of properly-motivated, responsible companies making reverse mortgages available across the country. Servicing seniors is their priority. Those are the companies that consumers should be drawn to.”
The NRMLA annual meeting features discussion of the economic impact on customers, compliance issues and elder abuse problems, according to the association.
Neil J. Morse has been a communications professional working in the mortgage finance industry for more than a decade, currently specializing in the reverse mortgage sector. He can be reached at email@example.com