As we stand on the cusp of a new year, leaders in the reverse mortgage industry are keenly focused on enhancing their collaborations with forward mortgage lenders.
This initiative aims to build on the successes achieved throughout 2024.
Collaboration Progress in 2024
Over the past year, professionals specializing in reverse mortgages have made commendable progress in integrating their services with those of the forward mortgage sector.
This effort has seen targeted discussions, fruitful partnerships, and strategic acquisitions that have broadened operational capabilities within both segments.
Looking towards 2025, maintaining this upward trajectory will be vital for many stakeholders in the reverse mortgage field.
A key priority will be to further strengthen the relationships between different departments within organizations—particularly between reverse and forward mortgage teams.
Shifting Perspectives
Traditionally, interactions between experts from these two sectors have been met with some resistance.
Some reverse mortgage advocates argue for a specialized approach to handling these products, while others contend that fostering a collaborative relationship is essential for the industry’s long-term sustainability.
Jim Cory, a veteran in the reverse mortgage domain with nearly thirty years of experience, currently leads the reverse division at Guild Mortgage and co-chairs the National Reverse Mortgage Lenders Association (NRMLA).
He believes that partnerships between the two groups have improved significantly over the years.
Cory promotes a blended strategy when presenting loan options, particularly highlighting the Home Equity Conversion Mortgage for Purchase (H4P).
He finds this approach much more effective, especially as it seeks to clarify the various opportunities available to potential partners.
Although the H4P currently holds a minor share in the overall HECM market, Cory sees great promise in this product.
Looking Ahead to 2025
At New American Funding (NAF), Shannon Robinson, who leads the reverse mortgage division, is excited about the collaborative efforts that have blossomed in 2024 and expects this trend to carry forward into 2025.
Robinson emphasizes the strong synergy among her teams.
She regularly engages with forward mortgage leaders, participating in sales calls and collaborating at regional sales events that unite numerous loan officers.
These gatherings have allowed the reverse division to engage in discussions, workshops, and presentations aimed at exploring partnership opportunities, enhancing awareness of their products, and ultimately fortifying interdepartmental connections.
In summary, the emphasis on collaboration between forward and reverse mortgage sectors is poised to take center stage in 2025.
Industry pioneers recognize that a unified approach will be the catalyst for future success.
Source: Housingwire