specialists and then to shadow the process if they are interested in learning more, Downey says. “Some are happy just to make the referral. They’re way too busy on the forward side,” he says. But others start to take a stronger interest in the reverse side. “We’ve had people jump over and all they want to do are reverses.” The transition from forward to reverse is not straightforward, notes Hanna. She describes it as a “reprogramming” of sorts to ensure forward lenders are asking the right questions and listening for different cues. FAR’s training programs include a focus on sales behaviors to help originators better serve their clients, Hanna says. “It’s so much deeper than just the product details and the guidelines. It’s genuinely a different clientele that is coming to us for different needs and different reasons.” Training Keeps Workers Despite the challenges, more originators are open to adding reverse products to their portfolio—and to the companies that give them the tools to succeed, industry executives say. “If you can offer them a training program that really prepares them to go out and meet with seniors and referral partners, that can be a real attraction,” says Michael Pankow, national director of reverse mortgage lending at City First Mortgage Services LLC. Armed with a better understanding of reverse mortgage products, originators are better able to answer the concerns that borrowers might have, Pankow says, noting that City First takes a holistic approach to its training. “Our training doesn’t cover just the nuts and bolts of the reverse mortgage,” Pankow says, adding that it also covers the best ways to present the product to an older population. The training efforts at City First have yielded a growing number of reverse mortgage applications, he says. But more importantly, they are generating better-looking deals that are more likely to close. “The difference is that our people now know how to identify a more qualified reverse mortgage borrower,” he says. Indeed, many forward lenders discover to their surprise that reverse mortgages actually are easier to close, he adds. Unlike forward loans, which may require credit scoring and salary documentation, a reverse mortgage relies mostly on financial assessment. Providing the Tools Given the many questions that can arise during the application process for a reverse mortgage, companies strive to build a platform that can support originators regardless of what they encounter in the field. The platform can include access to other experts, industry executives say. But it can also include an array of technologies designed to streamline the lending process. Every company has unique systems on which its originators must be trained. But companies also tweak those systems at regular intervals to improve the borrower experience. That leads to the need for additional training. “We’re always looking at different ways that we can enhance the experience for both internal and external customers,” Hanna says. Advances in technology are also changing how training and education are delivered. In January, Fairway shifted from a three-day in-person training program to a web-based program that originators can take at their own pace using prerecorded materials. The program is for forward originators interested in learning more about reverse loans. Many forward originators were simply unwilling to give up three days to sit in a classroom, Smith says. “It’s also very overwhelming. Your eyes start to glaze over.” Online tools also offer trainees a chance to rewind and review material, an option they might not have in a traditional classroom, Smith adds. And by offering a self-paced, online approach, Fairway expects to reach more forward loan officers (LOs) than before, she says. Many originators have signed up for the program, says Smith, adding that the company is monitoring their progress. It is still early, she notes. “But overall, I would Preparing for Now and the Future continued from page 21 Michael Pankow 22 REVERSE MORTGAGE / JULY-AUGUST 2024
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