Experts will continue to monitor developments with artificial intelligence (AI), which is expected to influence just about every industry as the technology matures. As reported in various business publications, some observers are concerned about potential downsides, a point Michael Kent, president of PHH Mortgage/Liberty Reverse Mortgage, makes in the cover story, Staying Ahead With Servicing (p. 18). “We have some ideas about how great it could be,” Kent, also co-chair of NRMLA’s Board of Directors, tells writer Joel Berg about AI. “We also have some fears that we need to work through. But I think AI could offer some really incredible solutions down the road as it’s perfected and implemented.” Writer M. Diane McCormick talks to lawyers who serve as NRMLA’s outside counsel team in the article, Being Vigilant (p. 23). They discuss the latest trends with the Biden administration’s work with appraisal bias, the switch away from the London Interbank Offered Rate index, new regulatory developments and issues that have arisen in state legislatures you should follow. The challenging work at Weiner Brodsky Kider PC is just one of the ways NRMLA helps keep you on track while giving perspective on the government’s role with regulations. The attorneys are on the front lines, working with administration officials to ensure the concerns of reverse mortgage lenders are being considered as regulators field questions and contend with issues from the public and elected officials. The attorneys’ interactions with regulators help to prevent unintended consequences while building rapport with federal officials. “The government is being very thoughtful,” James A. Brodsky says in McCormick’s article. “This leadership team at HUD (U.S. Department of Housing and Urban Development) is particularly thoughtful and creative and nimble.” One fact that helps government officials be responsive is that reverse mortgages are a critical tool for retirement planning. Not everyone will need a reverse mortgage. But those who do find it to be a lifesaver. That is a point made in the Those We Help feature (p. 32). Gary Beck, a Texas resident, used a reverse mortgage to help him get through health issues when he was in his 60s. “I am feeling much better, and I am able to work, but the pressure to make loan payments on my home and my truck is gone,” he tells Darryl Hicks, NRMLA vice president of communications. Such stories are at the root of why successful loan officers and executives continue to tout the product. In the From the Top segment (p. 10), Hicks talks with Michael G. Branson, CEO of All Reverse Mortgage Inc. Branson became aware of the power of reverse mortgages when his mother asked him about the product, which Branson started offering in 2006. “The reverse mortgage provided a small line of credit to fix up the things she needed to do in her house and gave her some extra money every month,” says Branson, who had been working in the forward mortgage business at the time. Inspired by how the product helped his mother, he eventually started his own company. “I started originating reverse mortgages exclusively in 2006 and founded All Reverse Mortgage in 2007.” In Reverse In Reverse continued from page 3 4 REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2023
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