NRMLA Partners With MISMO to Create Reverse Mortgages Data Standards

Last Updated on Thursday, 11 March 2010 17:13 Thursday, 11 March 2010 16:52

The National Reverse Mortgage Lenders Association (NRMLA), and the Mortgage Industry Standards Maintenance Organization, both of Washington, DC., have completed an alliance agreement in which the organizations will collaborate on the development of technology standards for the exchange of information about reverse mortgages in electronic real estate transactions.

“The NRMLA Board, membership and staff are excited about this partnership and the possibilities it brings to both organizations, by extending our strategic relationships into the technology sector,” said Robert Sivori, Co-Chair, NRMLA Technology Committee. “Our Technology Committee has built a solid foundation for understanding reverse mortgage data that will take advantage of the cost savings offered through automation and bring clarity to the processing of reverse mortgages.”

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Hispanics - The Untapped Market

Last Updated on Thursday, 11 March 2010 00:18 Written by Bert Gonzalez Wednesday, 10 March 2010 16:49

You’ve probably heard it before, but it just might be time that you hear it again; The Hispanic Market is huge, it’s underserved and it’s growing like crazy.  If you have a viable Hispanic Community within your reach, it’s a niche you simply cannot afford to ignore.  In this article I give you a case study and proof of the power of tapping this market, and also show you how you can tap into it. The numbers are impressive.

The great thing about the Hispanic Market is that the big guys don’t know how to capture it, sell to it, or service it properly.  This leaves the door wide open for small to medium sized firms to dominate this demographic.  Is it profitable?  You bet it is!  


THE PROOF
: Consider this factual case study.  A small Florida company, having never closed a HECM before January of 2008, launched their initial marketing campaign focusing mainly on Hispanics in perhaps the most fiercely competitive market in the country.  The strategy propelled them to number one in their home city, topping Wells Fargo and Bank of America in only their twelfth month, and as high as 16th in the nation after only twenty months.  In their second year of HECM originations (Fiscal 2009), their Hispanic market strategy would make them number three in the entire state of Florida, behind only the two previously mentioned behemoths who have branches on almost every corner.  

Their results took the State by storm, and prove that a market, which almost every lender perceives as an inconvenience because of the language barrier, can pay off handsomely.

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The NRRI Examines the Underused Reverse Mortgage

Last Updated on Wednesday, 10 March 2010 16:57 Wednesday, 10 March 2010 16:39

The National Retirement Risk Index (NRRI) measures the share of American households ‘at risk’ of being unable to maintain their pre-retirement standard of living in retirement. The Index is calculated by comparing households’ projected replacement rates – retirement income as a percent of pre-retirement income – with target rates that would allow them to maintain their living standard.

To make the estimates as conservative as possible, the calculation assumes that households derive the maximum possible income from the assets they hold at retirement. A crucial component of that exercise is the highly unrealistic assumption that they access their home equity through a reverse mortgage and invest the proceeds in an inflation-indexed annuity – very few households actually take reverse mortgages or buy annuities.

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UK Based Responsible Equity Release Prepares to Enter the US Market

Last Updated on Wednesday, 10 March 2010 16:59 Tuesday, 09 March 2010 17:32

UK based equity release industry stalwarts Responsible Equity Release are preparing to enter the reverse mortgage market the United States equivalent to the UK retirement planning tool, equity release.

Typically involved in 65% of all online equity release inquiries, Responsible feel they have a lot to offer the online USA market and are staying true to their philosophy of providing plentiful free information to their visitors. 



Steven Wilkie, Technical Director of Responsible Equity Release has this to say:



"Our UK success has been as a result of our willingness to give out for free what others charge for. We answer hundreds of requests a day for our free equity release guide and developed the industry's first comparison calculator, a tool which illustrates the potential loan amounts available from different leading providers."



It seems more internet marketers are recognizing the demanding nature of online inquirers. Paul Starkey of Neo-G, a leading sports supports brand states:



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