President of GNMA and FHA Commissioner to Headline NRMLA Annual Conference

The National Reverse Mortgage Lenders Association announced the detailed plans and meeting agenda for the 2010 Annual Meeting and Expo.

Taking place in New Orleans from November 3 through 5 at the Roosevelt Hotel, the conference will focus on policy, sales and marketing, and general networking for all reverse mortgage professionals including originators, lenders, wholesalers, marketers, counselors, vendors, accountants, attorneys, and financial planners.

“For the annual meeting, we devote a lot of time to focusing on the latest developments in the industry, the changes that people must adjust to,” said Marty Bell, Director of Communications and Marketing for NRMLA.  “This year there is a giant wave of change—a new product, a new counseling protocol, newly defined broker/wholesaler relationships and on and on. We feel it is our responsibility to make sure that everyone who attends leaves equipped with all the latest information.”

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Some key presentations at the Annual Meeting include Theodore (Ted) Tozer, president of the Government National Mortgage Association. Tozer, who had 30 years of mortgage business experience before coming to Ginnie Mae, will discuss the agency’s current programs and future plans to expand affordable housing in American by directing global capital into the country’s housing finance markets.

Federal Housing Administration Commissioner, David Stevens, and Deputy Assistant Secretary, Vicki Bott, will join Tozer as some of the most anticipated speakers. Stevens and Bott, who oversaw the re-engineering of the HECM that created the new HECM Saver, will discuss the tax and insurance default situation, among other important topics.

“This year, [an event highlight] may be the presentation of initial results from the Consumer Experience and Perception study being conducted exclusively for NRMLA by John Marttila of Marttila Strategies,” said Bell. “But it’s finally not about one presentation or one speaker—it’s the cumulative impact of sharing three days with such a variety of people and viewpoints. We each live and work in one town, but we are part of the American reverse mortgage experience.”

This year, the Expo at the Annual Meeting will also include the very first “Speed Meeting” hour, a concept based off the idea of speed dating. Each participant will get four minutes, one-on-one, with a vendor, giving him or her a chance to get to learn about products they might not have explored previously. The Expo will also feature a Cyber Cafe in the Expo Hall and many great product presentations.

“No one works in a vacuum,” said Bell. “In every business you are a part of something much larger than your office and your working community. This industry is small and it only gathers in this large a segment once a year. It is helpful to anyone working in the reverse mortgage to attend—they will leave with a sense of what they are a part of, what the guiding principles are, how their role fits into a larger national picture.”

For more information on attending the NRMLA’s Annual Meeting and Expo, or for a detailed event summary, please visit the event site.

Written by Kelly Mellott

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  • Affordable Housing?
    We have affordable housing in this country and we owe that to the previous lending practices available in this country. Values have dropped 25% to 50% and more across the nation.

    Marketing?
    The HECM for Purchase Loan Program was available January 1, 2009. The Reverse Mortgage Industry does not know how to market to the (NAR) National Association of REALTOR 1.1 million Members or the other tens of thousands in the Real Estate Industry.

    How many of their clients qualify as a Buyer using the HECM loan? How many would like to use the HECM and keep part of their money for their future wellbeing? How many homeowners 62 and older have 40% to 50% equity in their property? Would Financial Planners like to know about this HECM for Purchase program? Etc., etc., etc.!

    There are several individual RM Loan Officers approaching the Real Estate Industry but the Reverse Mortgage Industry, as a whole, seems reluctant to learn about their “new client market!”

    Today, “looking outside the box” is not working. We need to physically “get into the new FHA/HECM for Purchase Loan Program box” and become familiar with our new Real Estate market and learn to use the new marketing tools we have available.

    Maybe NRMLA does have FHA/HECM for Purchase Loan Workshops or Roundtable discussions at their conference and it is not mentioned in this article. I hope so!

    • 1950ford,

      I am not so certain the market you describe exists. That is not to say that we have saturated that portion of the market but there are many questions as to the current size of that market segment.

      While I am sure your comment is well intentioned, I am not so sure about the research upon which it is founded. Even those in AZ who were modestly successful with this program right after its initiation are less enthusiastic about its furtherance until more normal market conditions return. For those of us in states where more seniors are moving out of our state than in, the product seems marginally useful. Yes, there will always be seniors moving but not necessarily into a home they purchase. Most are moving into senior assisted living, the homes of relatives, or new homes out of state. On a percentage basis, there are few seniors making acquisitions in our state.

  • Critic,

    Market: – Which market are you addressing, the licensed Real Estate community in this Nation or the 62 and older market across the country?

    Research: – NAR number of Members are from the National Association of REALTORS.
    Homeowner equity figures are based on Demograhics and information available to the public.

    I agree, the market is less in some states than in others. I also belive in the HECM for Purchase product and will take advantage of the new market available to me as a RM Loan Officer. I look forward to working with 10 to 15 REALTORS by helping them understand the product and farming by Demographics. REALTORS sell homes – Lenders sell Loans. I like it!

    “Those in Arizona.” Who are “those?”

    • 1950ford,

      To me “the market” is the arena where readers sell. No matter how well we pitch our products to real estate licensees, if seniors do not perceive value initially through this referral source, all of that time is greatly wasted. Real estate licensees are only as good to the industry as the strength of their referrals. Do you believe their advice is received as readily as that of a “trusted” advisor?

      One of those originators in Arizona has been out training up to 15 real estate licensees each and every month for over a year. In my estimation with his online helps, he has provided them with a great opportunity to sell more homes. Yes, he has a routine to go back and renew his acquaintance. Would you care to guess the results? This individual originates between 12 and 24 HECMs per quarter. This individual told me how the realtors love him when he arrives with their favorite pastries but seem to forget about his existence when it comes to the time of purchase. Others have described similar results UNLESS the real estate licensee is selling units in senior communities.

      While I appreciate your pioneering spirit, the question is can that time be better placed with other referral sources? For me the answer seems to be “yes.” For you it seems to be “no.” I hope your time proves to be put to its best and most rewarding use. In six months I just may be one of those who are simply amazed by your results. Here’s to your success.

  • Critic,

    The vision for the Real Estate Industry is not the loan. The vision is the New Niche Market what the HECM for Purchase Loan Program has to offer to the REALTOR.

    Pitching the product does not work! Educating the Licensed Real Estate person on how to build a business around this product works. They only want to know, what can this HECM do for me. Training the Real Estate Agent, on the HECM for Purchase Loan, does not work. Give them the basics and then show them how to specialize in a new Niche busines as a licensed Real Estate Agent/Broker. They want to know how they serve the Seller/Buyer and get paid.

    I am a licensed REALTOR since 1985. I chose to do Reverse Mortgages, only, in 2002. I know the Reverse Mortgage Industry and the Real Estate Industry. You may have read some of my interviews.

    I did my research! We all need to look at the new opportunities available to us today. I am in CA and, overall, do not experience as much decline in property value as Arizona.

    I wish you the best. I appreciate your dedication to the seniors and this wonderful Reverse Mortgage Industry. I look forward to your future comments on RMD. Best Regards,

    Do some research on your own. Take the time

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