near foreclosure of a reverse mortgage borrower whose home was damaged by wildfire caught the attention of lawmakers. The initial proposed legislative remedy was rooted in a misunderstanding of the product and potentially contradicted some HUD requirements. With the original bill’s potential to make lending and servicing “very problematic,” NRMLA and members cooperated with lawmakers, lobbyists and HUD to identify the root of the problem and quickly make the legislation more palatable, Shahin says. “We were able to change the language to the final bill that actually got enacted, and the revised language was much more favorable,” he adds. A Powerful Voice While federal and state issues ebb and flow, the effort to protect the reputation of reverse mortgage professionals never ceases. The Weiner Brodsky Kider team advised NRMLA in developing its code of ethics and works with NRMLA’s Ethics Committee to craft the principles and best practices upholding the highest standards of behavior for all members. The team also assists when complaints are filed. Complaints about NRMLA members are reviewed by the Ethics Committee, while grievances against nonmembers are assessed and, if supportable, forwarded to appropriate agencies. “The core motivating principle behind the ethical responsibility of NRMLA members—and it’s enforced— is that the interchange with the consumer must bring to the consumer a bona fide advantage,” Brodsky says. In a standard relatively unique among trade associations, violators can be forced to withdraw membership, or in Brodsky’s words, “get voted off the island.” Public reproval is “an even bigger concern and remedy” for those indulging in egregious behavior, Schiffman adds. “Getting kicked off the island is not the worst thing that could happen. The worst thing that could happen is that NRMLA could make it very public that you’re a bad actor,” he adds. In the constant drive to wrap the reverse mortgage industry and its clients in policy protections, the most powerful tool is a fully engaged NRMLA membership, the Weiner Brodsky Kider team members say. “The board and leadership always make a pitch for members to get more involved,” Shahin says. “That’s what it takes. Join the committees. Express your concerns. Get involved if issues come up at the state or federal level. Just get involved. That’s the biggest thing that members can do to advance their cause.” 888.369.1573 | HTLWHOLESALE.COM HighTechLending, Inc. All Rights Reserved. NMLS #7147 (nmlsconsumeraccess.org). For more information on licensing please visit www.hightechlending.com/compliance-information REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2023 27
RkJQdWJsaXNoZXIy MjQ1MzY1