To help our members get to know one another, NRMLA publishes periodic Member Spotlights featuring professionals from across the reverse mortgage ecosystem.
Meet Kathie Adler, a loan officer with CLIFFCO Mortgage Bankers, Wantagh, NY, who started originating mortgages in 2001 and has specialized in reverse mortgages since 2004.
How did you get into the reverse mortgage world?
I was working for a mortgage broker in Patchogue, and he suggested I would make a great loan officer. I began with purchases and refinances in 2001 but moved to reverse mortgages as a specialty in 2004. I have never regretted my decision.
What has been your biggest professional challenge/obstacle thus far? How did you overcome/handle it?
The biggest challenge I have is the reverse mortgage process, which can be frustrating for borrowers. It always takes longer than they expected, often because of the paperwork, even though I warn them. Another challenge is helping senior homeowners who have credit issues. Many borrowers have lates on their credit, collections, and others have medical issues that caused the lates. I help create an LOE based on the borrower’s explanations that will typically be acceptable to an underwriter. If it is not acceptable, and the reason for the lates does not coincide with the credit history, then we know it’s a LESA. It is also not easy to obtain medical records when hospitals are slow to respond, and this has presented an issue in the past. I wish the application process was shorter and simpler.
What do you consider to be your greatest career accomplishment to date?
Getting licensed in six states to do mortgages is, I feel, a good accomplishment. I also write all my own literature as I am a writer. I have fliers and booklets, postcards. I also have written my own PowerPoint for reverse mortgage presentations, one for refinances and another for purchases. But my greatest career accomplishment is caring enough about a borrower to stay in touch after they close and show you care.
If you could offer one piece of advice to someone who wants to get into the reverse mortgage world, what would it be and why?
Don’t approach the reverse mortgage business as solely a business. Making money is wonderful, but you are going to meet older people who have a multitude of problems, many of whom are needy, financially strapped, have complicated issues, and are often depressed. It’s up to you to be reliable, considerate, and patient—most of all, a true professional. As many seniors age, they may have no patience with things, and the reverse mortgage process can cause them untold stress and can also be confusing and difficult for them to deal with. The loan may take time, there can be bumps in the process, and they may take it out on you. That can be difficult for you unless you realize it’s not personal. Try to think of the seniors you do reverse mortgages for as a financial mission field where you are changing and even rescuing people, one person at a time, many whose financial picture is tenuous. Some are close to losing their homes, many have lost a spouse. If you don’t have a sincere desire to help while also making money for you and your family, don’t bother. If you do join the fight to help seniors stay in their homes, you’ll sleep better at night knowing you helped a senior homeowner to breathe a little easier.
Who has been a mentor to you in your career? How has their work impacted yours?
Roger Wooley, a loan officer from New Jersey who was with Advisors Mortgage for years, then retired and passed away, was the most brilliant loan officer and person I ever met. Having over 25 years of experience helped me trust him and his incredible knowledge, and I could trust he knew the answer whenever I’d call. I learned so much from him! He was a restaurant and bar owner in California and San Francisco, and he was an interesting person. He could be tough, but he was always right. I miss him till this day. He was clever, smart, funny, and an expert in all matters regarding mortgages. No one will ever replace that mind of his.
What do you like to do in your spare time? Do you have any hobbies or pursuits?
I love photography, I love collecting Precious Moments, and I am working on a book I wrote years ago, about 500 pages regarding cults and cult phenomena. I had a radio show that was once on five nights a week, and I miss radio. Who knows, maybe when I retire? I create some wonderful Shutterfly books as a pastime. My husband and I love movies, good ones, especially great comedies, like the Jerry Lewis movies. We mostly like older movies about catching the bad guys!! Rodney Dangerfield makes us laugh, so that’s also fun.
If you could trade places with anyone for a day, who would it be and why?
I would love to trade places with Sophia Loren.
What do you love most about working in the reverse mortgage industry?
Seeing lives changed for the better and making a difference.
Who inspires you?
Teddy Roosevelt and his sayings. Nick Vujicic, born without limbs who can swim, ski, do anything he likes because he lets nothing stop him! He never lets his disability define him, and he has the most persevering spirit I have ever seen in any human being. Lizzy Velasquez is another survivor of her disability. Her book Lizzie Beautiful is one everyone should read. It will make you appreciate what you have and stop complaining.
What is your favorite food city? Favorite meal in said city?
Patchogue and Port Jefferson on Long Island. Of course, the Hamptons is another place for good eats. For Italian, it is La Piazza in Huntington and the eggplant parmesan. For Patchogue, Waffles and Fruit at Buttermilk Café for breakfast, and Port Jefferson, Fish and Chips at The Steam Room.
What’s one item you can’t live without?
My Bible.
