How Would Reverse Mortgage Professionals Act as FHA Chief for A Day?
A recent Reverse Mortgage Daily piece shared input from various reverse mortgage professionals on what they would do, if, they could be the Federal Housing Administration Chief for the day. The results don't seem all too shocking, especially when it comes to the simplification of a few key pieces in the reverse mortgage world.
"For Ed O’Connor, the marketing manager for the HECM division at FirstBank in New York, simplifying the roughly 100-page reverse mortgage loan application would be a start," according to RMD.
“For the people who understand the paperwork, it’s a lot. For the people who don’t, it’s nearly impossible. It’s unfair to the consumer to put all these different, and sometimes redundant, disclosures in front of them and have them sign. I’m in favor of regulations and laws that are meaningful and useful, not just for sake of another piece of paper to sign."
Other professionals like Tim Nelson, reverse sales manager for VIP Mortgage in Arizona, believe that being an "intermediary" between stakeholders in the HECM space would be quite useful when it comes to changes that would arise along the way.
To hear more ideas from reverse mortgage professionals, click on the image above.
