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Shannon Robinson is Vice President of Reverse Mortgage. new american funding (NAF) for just over a year, and this period has seen many challenges across reverse mortgages. Some of these challenges were beyond the industry’s control, particularly in relation to historic interest rate increases.
But a new year brings new opportunities, and the NAF Reverse Mortgage division is bullish about its own outlook for 2024 and the outlook for the industry as a whole, according to an RMD interview with Robinson.
A year of challenges accompanied by growth
Asked about his first year in the role as leader of NAF’s Reverse Division, Robinson did not shy away from the challenges facing both the company and the industry as a whole in 2023.
“This has been a challenge for so many people, not just in the reverse space, but in the mortgage space in general,” she said. “But, perhaps selfishly, I have to say that this year has also been an exciting year in the New American Funding and vice-versa sector. Within the company generally a lot of growth and a lot of I had a chance.”
It was amazing to see the reverse division rise to its current position. Robinson said that even in a tough market, the team was able to nearly double the number of Reverse-dedicated employees compared to when he joined in January 2023.
“When the opportunity came to rise to this scale, I was very excited,” Robinson said. “When I met with our president, Christy Vance, to discuss this opportunity during these difficult times, I was a little upset. [but] It really was [important for them to] Please believe in the product and wait. So this past year he’s been all about really growing this department. ”
Robinson said the confidence to invest further in Reverse comes primarily from NAF’s owners. Rick Alviero and Patti Alviero are passionate about the possibilities of home ownership in general, but this goes the other way.
“When they started this a few years ago, it was Patti who really wanted to turn things around,” she said. “And the more we grow our platform and expand our portfolio, the more we see that there is a huge opportunity to bring this product to so many people across the country.” [existing portfolio]”
Robinson said maintaining relationships with customers who may have taken out forward mortgages during their retirement transition seems like a natural goal to achieve.
“I think this is important to all of us at New American Funding,” she said. “If you are already a New American Funding customer, would you like to continue helping us realize your retirement goals?”
Start to 2024
Asked about business progress earlier this year, Robinson said the company was focused on looking at potential interest rate easing and possible future Federal Reserve policy changes.
“I think we’re all watching interest rates like everyone else and wondering when they might ease up a little bit,” she said. “Where we can act, we will definitely act.”
One such initiative is working with NAF’s Forward Mortgage Division to educate more loan officers about reverse products. This is helpful if you receive an inquiry from a customer who may be eligible for a reverse mortgage.
“The partnership between forward and reverse originators at NAF is very strong,” she said. “If we look at the forward side of our company, we are receiving a lot of inquiries regarding customers who fit into our reverse mortgage customer base. So we are learning how we can support these clients. We are trying to thoroughly educate the forward side about reverse products so that they can do the same. [from either channel]”
Cooperation with the forward side is one path, but NAF leaders and managers are hopeful that further rate cuts could occur in the spring. Additionally, Robinson works with the firm’s treasury and capital markets teams to determine the best course of action in difficult markets.
Identifying opportunities
Asked about potential new business opportunities for the sector, Mr Robinson said his entire team was working to identify new paths forward. The company has an estimated 1,500 futures loan officers across the country, and everyone is focused on the potential to expand its products and services to new customers, she explained.
He said educating forward loan officers about the possibility of reversals could also provide opportunities to explore them further.
“We feel welcome,” Robinson said. “We have been accepted by the NAF forward loan originators and that is an opportunity. It is our job to get in front of our forward loan originators and educate them about this product and that is what this project is all about. It was a one-year commitment, and we will continue to do well into 2024, so we will put even more energy into it as we grow.”
While some reverse mortgage companies and lending departments feel strongly that there is a strong wall between forward and reverse production, there is a need for convergence and cooperation between channels. Some people recognize that.
Collaboration with forward originators
While NAF generally takes the latter approach when it comes to education and collaboration, Robinson said reverse specialists are best suited for reverse loans.
“Rivers is special teams. It’s like football,” she said. “Therefore, we welcome forward originators to learn about the reverse product, but it is a different and unique product. It is more complex, complex, and takes longer than the process that many forward originators are accustomed to. . Therefore, the majority are referred to our professional team here at New American Funding.”
However, the Reverse Division is also acutely aware that in some cases, NAF’s long-time Forward Mortgage Originators may transfer to the Reverse Division customers who have been associated with the Forward Professional for many years.
“We want them to trust us because a lot of this is their own infliction from the forward division,” she said. “They’ve been working with them for probably 20 years, helping them maybe with their first home purchase and maybe a few repurchases. Now that that individual is at an age where they’re starting to consider a reverse mortgage, we We want forward originators to have peace of mind because now they’re handing it over to us, probably for a long time.”
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