With much uncertainty about upcoming regulatory changes in the reverse mortgage industry and what April 1 compensation rule will bring, an upcoming National Reverse Mortgage Lenders Association conference hopes to provide some answers.
The NRMLA West conference, to take place March 15-16 in Newport Beach, California, has seen registration numbers well ahead of any meeting of the past two years. Called “New Requirements, New Relationships,” the meeting lineup will address many issues regarding changes in regulation, and in particular the question of loan officer compensation rules.
“Our job is to clear up some of the uncertainty,” says Marty Bell, senior vice president, marketing and communications for NRMLA. “We are going to hone in on the issues where we think there is the highest level of discomfort. The No. 1 question is about the loan originator compensation rules—what they mean, how they are going to affect everybody and relationships. We’re kicking off with that and spending the most time on it.”
Additionally, the conference will cover the Dodd-Frank bill and formation on the Consumer Financial Protection Bureau, as well as Reg Z changes, and will prepare attendees for what is to come.
For the first time since NRMLA began to collect data on the HECM Saver program, the association will share history and metrics on the program, as well as reports from the field on experiences with the Saver and how the secondary market has responded to it.
Attendees can also expect to learn about a pilot program NRMLA has funded to help seniors with tax and insurance default, and hear from a counselor who has worked with seniors in the program since the beginning of 2011.
The format of the conference will change slightly, explains Bell, to include large group sessions rather than the smaller, break-out sessions of recent years.
“It’s a little different from the past,” he says. “I think it needs to be in order to respond to this particular moment in time.”
Written by Elizabeth Ecker