When aiming to take stock of the current climate in any market, a good first step is to check in with whichever entity currently stands as that market’s leader. American Advisors Group (AAG) is the number one reverse mortgage lender in the country. Its EVP of Alternative Distribution, Jesse Allen, has the responsibility of overseeing the company’s vision, strategy and execution for national field sales as well as the lender’s wholesale originations business.
Because of that, Allen aims to maintain a holistic understanding of the reverse mortgage industry’s past, the dynamics driving its present and the potential opportunities and obstacles leading towards its future. In this episode of the RMD Podcast, Reverse Mortgage Daily Editor Chris Clow sits down with Allen to discuss the current landscape of the industry in terms of AAG’s efforts, as well as trends emerging from competitors and volume levels in the final stretch of the summer.
Here’s a short preview of the interview you can find in the episode, lightly edited for concision and clarity:
Chris Clow: In terms of the challenges [on the industry’s] the operational side — because you addressed the customers pretty extensively — so in terms of some of the challenges that are presented to the industry from the people who work in it, how does AAG respond to those?
Jesse Allen: The challenge of evolving our capabilities is more acute in this industry than other more mainstream industries. Take technology as an example, and I think I think the pandemic really brought this to light for a lot of folks. This has been such a niche industry, there hasn’t been the robust investment in technology to take out cost, improve manufacturing quality, and deliver a great loan officer and customer experience. That dialogue [and] investment hasn’t happened as vigorously in reverse as it has in traditional mortgage, as an example.
And so, I think the industry, there’s more of that going on today than ever before, which is really exciting. And I think the industry will figure that out. But, I do think that is one thing that we have to figure out if we’re really going to serve more of those 78 million potential buyers if you think about [clients aged] 55 and up, and what they’re growing to.
The RMD Podcast speaks with reverse mortgage business leaders, professionals, government officials, and thought leaders to provide listeners with the pulse of the reverse mortgage industry, and all of the business and regulatory realities which affect it. Hosted by Chris Clow and produced by Alcynna Lloyd.