What are the goals of the national reverse mortgage lenders association (NRMLA) and what services does it provide to lenders?
Answer:Following are the three main goals of the National Reverse Mortgage Lenders Association (NRMLA):
- To increase awareness amongst consumers about reverse mortgages
- To educate lenders so that they can follow the Code of Conduct and Best Practices of NRMLA
- To increase coverage of reverse mortgages in the media
The NRMLA is a nation-wide forum for the reverse mortgage industry which aims to help it as an educator, promoter and center for all lenders and related professionals.
NRMLA provides the following services looking to start or enhance their reverse mortgage business.
Introducing Reverse Mortgages
This service is provided to lenders who are not familiar with the Reverse mortgage business and are in need of preliminary data and information in order to include reverse mortgages into their lending repertoire.
Marketing Reverse Mortgages
This service is intended for lenders who are looking to target new reverse mortgage markets. This service includes market analysis reports, indicators on potential markets, NRMLA advertisements etc.
Developing Strategic Relationships
NRMLA provides lenders with the opportunity to develop key business relationships that are required for optimum business operation. These include finance planners, home loan professionals, elderly law specialists, etc.
Training and Counseling
Training and counseling are perhaps the most important services offered by the NRMLA. From training lenders to ensure implementation of best practices and HUD/FHA approved lending activities to counseling seniors on their options as a mortgagor; NRMLA offers packages that are not only informative and educational but also value-adding and cost-saving.
Loan Processing and Underwriting
As with all mortgages, there are certain processing and underwriting rules set up by the government that must be followed in order for a business to be considered operating professionally and legally. NRMLA with its insight of HUD's standards offers compliance checks of lenders' processing and underwriting systems.
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