Texas lender Georgetown Mortgage has received approval to provide mandatory continuing education to licensed real estate agents in Texas, with additional approval granting the company to provide a three-hour class on the reverse mortgage for purchase product.
Legislation currently pending a decision from the state’s voting population was recently signed by Texas legislators that would introduce the product in the state—still the only state not to offer it.
Georgetown Mortgage says the education efforts have potential to cause a sea change among Texas Realtors.
“Like all things HECM, it is all about education,” says Georgetown Mortgage reverse mortgage national sales manager Barry Scoles. “I have been teaching CE classes to licensed real estate agents in Colorado since HECM for Home Purchase was first approved by Congress in 2008. Having issued in excess of 500 CE Certificates, I can say with confidence that this class will change the perspective of real estate agents all across Texas.”
Georgetown Mortgage entered the reverse mortgage lending space as a closed loan seller in January, under the name Reverse Mortgage Focus. The team led by Scoles comprises underwriter Julie Denby, who serves as Operations and underwriting manager, as well as Linda Olson and Eva Fogarty—all formerly of Cherry Creek Mortgage.
With roots in the forward market, Georgetown is positioned to grow its reverse division, CEO Roy Jones said.
“Currently, two-thirds of the forward mortgage loan volume from our 50+ branch offices is purchase money, and we expect that our emphasis on HECM for home purchase will be enthusiastically received by both our branches and their Realtor partners,” Jones said.
Texas will vote on the HECM purchase legislation in November.
Written by Elizabeth Ecker