and we got some other players, it would be a total game changer,” McDougall says. PHH also has been trying to build up the distribution network, Kent says, noting the company has talked to hundreds of forward originators that want to begin offering reverse loans. In addition, the company has been working to stimulate demand among the roughly 1.5 million forward customers that it services, Kent says. PHH includes information about reverse mortgages in its monthly statements, whether paper or digital, to customers who are approaching eligibility for the loans. The company’s goal is for customers to consider the reverse as just another mortgage they might want to consider, Kent says. “There’s going to be a time in someone’s life cycle with us as a customer, where a reverse mortgage may be the most appropriate product we should offer them, and we’ll make sure that they understand that the product is available to them. I think that’s how you expand the market,” he explains. At Longbridge, market expansion efforts have meant a higher profile for servicers at NRMLA conferences, where they can speak with loan officers and wholesale partners about what happens after a loan is funded, Burke says. “If we can continue to expand this servicing outreach to the teams who bring in new customers, we believe the information they receive will help them more thoroughly educate borrowers earlier in the loan process and ultimately build better trust and overall understanding of the reverse mortgage product,” he says. NOTE: Longbridge Financial LLC. NMLS# 957935 Staying Ahead With Servicing continued from page 21 Partnership you can trust. Dedicated to never competing with you - your success is our success. Ready to experience the difference? Visit Celink.com Deep Industry Experience 96% Borrower Satisfaction Rating Independence and Alignment with Clients Robust Specialized Technology Reverse Mortgage Is Our Core Competency © Celink. All rights reserved. NMLS #3020 - http://nmlsconsumeraccess.org. Compu-Link Corporation dba Celink (WA license# CL3020 and 603 018 607) 22 REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2023
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