I feel this is a positive move for our industry as well as opening up career opportunities for many.
#Synergy one lending hecm purchase specialist salary full
They are positioned just right, they are a bank, they will fund their own product, I am sure they will be the GNMA issuer and being a full product provider will give them a major edge in the market!Īnother advantage I see Mutual of Omaha Bank having is the ability to do the construction lending in conjunction with doing the H4P program! Mutual of Omaha Bank can be and I feel will be a major player in the months and years ahead in the HECM world. I feel that Terry Connealy of Mutual of Omaha Bank has pegged it right! The strategy plan he has adopted not only has an excellent chance come to fruition but makes a lot of common sense as well! However, I have a completely different view than some have, and I am NOT talking about Jim Veale or Margaret Argento! They have the right attitude about it! I realize there are mixed feelings in the industry on the acquisition of Synergy 1 by Mutual Of Omaha Bank. Perhaps Mutual of Omaha’s will be welcomed as long lost friend, one whose help is sorely needed. While Synergy One will operate under its own name after the deal is inked, eventually the HECM will be marketed under the Mutual of Omaha brand In addition, they hold the distinct advantage being a federally-chartered bank not being burdened with the requirements of state licensing for their sales force.ĭoes Mutual of Omaha’s entry signal the eventual return of national brand banks to HECM lending? If so, would their return push our industry closer to a steady footing of sustainable growth in the wake of countless product changes and cutbacks? While counterintuitive on its face, the purchase mirrors the choice of countless corporations to strategically enter an industry in midst of a market downturn. More importantly, Mutual brings the power of a trusted and well-known brand to the marketplace.
Just as many regional lenders have embraced the concept of ‘generational lending’- offering mortgage products to their customers throughout all stages of life- Mutual of Omaha is embracing the approach on a national level. He added the changes make the HECM a “much more customer-friendly and safer product.” We just think the timing is right”, said Terry Connealy, president of Mutual of Omaha Mortgage. “That was a good long-term change for the product, and it’s still a very attractive product for a lot of borrowers. While many lamented the changes they did not derail the planned purchase. According to Reverse Mortgage Daily, Mutual of Omaha entered into discussions last summer- before HUD dramatically curtailed the HECM with changes implemented last October. This came as quite a surprise to industry participants who remember big banks fleeing the space and more so as the industry has struggled to return to significant gains in endorsement volume. A short time later in April 2012 Met Life announced their exit.įast-forward to last week’s announcement of Mutual of Omaha Bank’s purchase of Synergy One Lending (the parent company of Retirement Funding Solutions). In November 2011 Met Life announced their plans to implement their own financial assessment.
While citing concerns of defaults resulting from nonpayment of property charges, many suspected the banks were apprehensive of reputation risk when foreclosing on defaulted HECM loans. Banks are not allowed to assess borrowers’ ability to keep up with all their payments, and more borrowers do not have the wherewithal to stay current on their homeowners’ insurance and property taxes, both of which have risen in many parts of the country.” The loans have increasingly become a riskier proposition. “The nation’s two biggest providers of reverse mortgages are no longer offering the loans, as the economics of the business have come under pressure. In June 2011 a New York Times column noted the following in the wake of Bank of America’s exit and Wells Fargo’s announced planned departure.
Wells Fargo, Bank of America, and MetLife accounted for the majority of reverse mortgage loan production that is before their ultimate exit from HECM lending. Industry veterans can recall when big banks reigned supreme.
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