The National Reverse Mortgage Lenders Association welcomed new board members during its recent annual meeting in late October, and bid farewell to several long standing board members who are leaving their posts. Leadership also pointed to some of the work NRMLA has done over the last year, and continues to approach in the coming months.
During the meeting, held in San Diego, NRMLA leadership and board co-chairmen Joe Demarkey and Reza Jahangiri thanked Sherry Apanay of Finance of America Reverse, Paul Fiore of AAG and Mark Browning of HomeChex for their service, and introduced the 2018-2019 board.
They also noted some of the priorities for the association at present time.
“We have been busy over the last year,” said Steve Irwin, NRMLA executive vice president. “We have been operating at our headquarters under a few guiding principles and strategic imperatives. One of the areas we have been focusing on is continuing to advocate on behalf of our membership.”
Among the areas NRMLA has been focused on are communicating with the Department of Housing and Urban Development as well as members of Congress, and finding ways to protect the Federal Housing Administration’s Mutual Mortgage Insurance Fund and reduce volatility within it.
“The outcome we just got with the Collateral Risk Assessment process was a much better outcome than what was on the drawing board before [Commissioner Montgomery] took his seat,” Demarkey, principal member of Reverse Mortgage Funding, said. “Specifically, PLF decreases and MIP increases. That mortgagee letter was, in my opinion, a fantastic one for the industry.”
Co-chair Reza Jahangiri, CEO and founder of AAG, echoed comments about the recent changes, noting that innovation has been positive for the industry, despite causing some pain points.
“[The last year] was a year of stabilization,” he said. “On the bright side, we saw repositioning and innovation and a lot of new proprietary activity.”
At the same time, originators have felt a lot of pain the process, he said.
“For the most part, it’s tough to originate a HECM these days and have it make economic sense. We know we are here for a thesis that is going to come, but we just have not figured out the exact growth model.”
Written by Elizabeth Ecker