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Referral Partners Go Through Retraining Process After Reverse Mortgage Rule Changes

With rule changes still impacting the way reverse mortgages are handled in all sectors, originators are now retraining referral partners to strengthen the referral partner and originator relationship, as well as, providing and update on how rule changes have altered some products.

"Originators now have to contend with new realities in light of retraining their referral partners on the product changes, including some new specific associations between originators and partners and adapting to new sets of rules and combating misinformation and disorientation that naturally arises out of a major industry shift in policy," according to Reverse Mortgage Daily.

"The same referral sources will still send me business. I do explain to them that things have changed, and that less people are qualifying for [reverse mortgages]. They understand that, but they still have faith in it,” said Mike Peerless, Reverse Mortgage Director at Holland Mortgage Services in Ormond Beach, Florida.

Originators have come up with a number of ways to communicate these changes. Whether it is through a full presentation or informative emails, originators are taking a proactive approach to keeping a healthy relationship with referral partners.

According to the RMD report, originators realize that it is their responsibility, not the responsibility of a referral partner to keep up with these changes as they come.

To learn about these proactive steps and more, click on the image above.

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