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Can Brokers Close More Loans On The HECM Side?

Brokers are having a tough time on the forward mortgage side with constant declines in lending volume. Now, brokers could be diversifying their reach with Home Equity Conversion Mortgages in hopes dominate on both sides of the spectrum.

"The HECM space is certainly struggling just as much – if not more – than the traditional forward mortgage business, with recent data showing endorsement volume has fallen to a low the industry hasn’t seen in 14 years," according to HousingWire.

"Some reverse mortgage professionals say brokers have a better shot at weathering the downturn."

According to the HousingWire report, folks in the industry believe that brokers could have the upper-hand on the reverse mortgage side because of the ability to add personal touches.

“The benefit to being a broker is being able to have a personal touch,” said Beth Paterson of Reverse Mortgages SIDAC, according to the report.

“We offer more than just, ‘Here, sign the application.’ We work with them so that we can understand if there are other issues, bigger picture-problems. We’re available to help even after the loan has closed.”

Brokers can help clarify the process for reverse mortgage clients and even become a point of contact after the loan is closed.

To learn more about how brokers can flourish in the reverse mortgage market, click on the image above.

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