NRMLA Announces 2017 Board of Directors

The National Reverse Mortgage Lenders Association (NRMLA) this week formally announced the members of its 2017 Board of Directors.

Directors were elected unanimously en bloc during a NRMLA business meeting held in November during the association’s 2016 Annual Meeting in Chicago.

Serving as NRMLA board officers for the following year include Co-Chairs Joe DeMarkey of Reverse Mortgage Funding and Reza Jahangiri of American Advisors Group; Vice Chair Sherry Apanay, Finance of America Reverse; Vice Chair Mark Browning, HomeChex; Secretary Mike Kent, Liberty Home Equity Solutions; and Treasurer Jason McNamara, Celink.


“The 2017 Board of Directors is composed of skill industry leaders from all facets of the reverse mortgage industry who will work together to govern the association with an appreciation for our diverse business needs,” said NRMLA President and CEO Peter Bell in a press release.

NRMLA also welcomed four new Direcotrs to the 2017 Board, including ReverseVision President and CEO John Button; Leslie Flynne, senior vice president of loan servicing for Reverse Mortgage Solutions; Mike Gruley, executive vice president of reverse mortgage lending at 1st National Reverse Mortgage; and Michael McCully, partner at New View Advisors.

Written by Jason Oliva

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  • It is great to see all of the new faces on the Board but how are they working together to improve HECM endorsement totals? As a Board member, would you feel better knowing that you had left the Board when endorsement numbers were over 100,000 or when it could not even reach 49,000?

    Yes, each individual firm needs to pull its own weight but in some measure, so does NRMLA.

      • Joe,

        As other things become apparent, I will email you directly but this is one suggestion is one already of public discourse. We all know of the research of Dr. Moulton at OSU and of the current endorsement problems due to financial assessment as mandated by FHA. This comment is in no way an attack on HUD but some may take it as an attack on the FHA approved mortgagees in the industry; although not intended in that way, it will be interpreted as it will be interpreted which is why as an employee of a HECM lender, I chose the name The_Cynic.

        You personally led at the one company that demonstratively took the steps needed to adopt the type of lender financial assessment, HUD said was appropriate at that time without HUD approval. The company’s adoption of those standards failed due to the lack of courage in the rest of the industry to follow suit so that your originators were no longer playing on a level field. The response of senior management at the parent company level to that failure was swift and brutal, END HECM origination.

        We would not even have FHA mandated financial assessment if the majority of remaining approved mortgagees had not insisted on it. When given the chance to suggest better approaches, NRMLA came out with one of its worst letters of recommended changes; that was not just my assessment but others as well. It was so poorly worded that several voices in the industry wondered out loud if approved mortgagees had simply thrown in the towel on crafting financial assessment in a way that would be both effective and limit the anticipated damage to endorsement volume.

        Dr. Moulton at Ohio State University has offered alternative approaches to FHA mandated financial assessment that she and her fellow researchers found to be as effective without the draconian impact on endorsements that the FHA version has demonstrated. The alternatives seemed less onerous on the originating process but just as effective as to the elimination of those with the highest propensity to default on property charges. If her projections on lost volume were reasonable, then endorsement volume would benefit.

        Now once again in what appears to the rank and file as a lack of interest and needed energy to request HUD to adopt the suggestions Dr. Moulton made or a modified version of an alternative to make the alternative more palatable to HUD and have HUD adopt such changes, consumers, and approved mortgagees, NRMLA approved mortgagees seem inert on this much needed change.

        Besides national educational campaigns, pursuing financial assessment changes could potentially improve endorsement volume at little or no additional costs to approved mortgagees or NRMLA.

        But enough of the ideas of a pleb in this industry, time to hear from a true and long-time leader. What kinds of ideas can you as a co-leader of NRMLA share with the industry about what NRMLA is doing to improve endorsement volume. BUT rather than getting your response lost in a comment, you should use the NRMLA Reverse Mortgage magazine, a Reverse Review article, or even an interview or blog on Reverse Mortgage Daily to discuss this vital issue.

        I guess I am one of those plebs who believe that Leaders should lead and communicate. You have led us out of free fall only to arrive at downward sloping secular stagnation. You should be remembered as a co-chair who brought back secular growth.

  • My friend The_Cynic makes good points as usual!

    However, I would like to leave it as a congratulations to all of you, let us all hope 2017 will show a great improvement over 2016 in many, many ways!

    All who are reading my post, you and your families have a very safe Merry Christmas, Happy Holliday and a very Happy New Year!!!

    John A. Smaldone

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