Through an educational video campaign, both and football celebrity appearance, several reverse mortgage industry participants are making waves at the 100th annual Mortgage Bankers Association conference this week in Washington, D.C.
While the booth is “pretty hard to miss,” says John Button, president of reverse mortgage software provider ReverseVision, an appearance planned Tuesday by former Chicago Bears coach Mike Ditka should also garner some interest, he says.
The appearance also aligns with the theme of “coaching” originators and forward lenders into reverse, Button says.
The effort is spearheaded by ReverseVision as well as American Advisors Group, 1st Reverse Mortgage USA and Mortgage Information Services (MIS). The booth includes a 15-minute educational video about reverse mortgages, for any interested parties.
With front and center placement at the MBA’s 100th annual conference in Washington, the initiative is well timed, Button says, as many forward originators have seen refinance volume fall sharply in recent months upon rising interest rates.
Those interested in learning more have been of two distinct “flavors,” since the booth opened, Button says.
“One is: ‘I’ve always thought about reverse mortgages,'” he says. “The other version is someone who hasn’t really thought about what’s going on in reverse. This will make them pause and think about how this might fit into their business, especially with refinances down nearly 50%.”
The education is also timed with the recent introduction of product changes, though many industry outsiders appear to be aware that some change has taken place.
“There have been a considerable amount asking questions on how the program works. Some know something has changed but they’re not sure what.”
Visitors to the convention, which features speakers including FHA Secretary Shaun Donovan and CFPB Director Richard Cordray, will be able to access the reverse mortgage information hub throughout the conference, including the meet and greet with Ditka on Tuesday from 1 to 4 pm Eastern time.
“As part of our effort to make a real statement about the industry in general, we’re trying to make sure nobody misses it,” Button says.
Written by Elizabeth Ecker