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To do so, attach the following notices to the program. It is safest to attach them to the start of each source file to most effectively convey the exclusion of warranty; and each file should have at least the "copyright" line and a pointer to where the full notice is found. one line to give the program's name and an idea of what it does. Copyright (C) yyyy name of author This program is free software; you can redistribute it and/or modify it under the terms of the GNU General Public License as published by the Free Software Foundation; either version 2 of the License, or (at your option) any later version. This program is distributed in the hope that it will be useful, but WITHOUT ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the GNU General Public License for more details. You should have received a copy of the GNU General Public License along with this program; if not, write to the Free Software Foundation, Inc., 51 Franklin Street, Fifth Floor, Boston, MA 02110-1301, USA. Also add information on how to contact you by electronic and paper mail. If the program is interactive, make it output a short notice like this when it starts in an interactive mode: Gnomovision version 69, Copyright (C) year name of author Gnomovision comes with ABSOLUTELY NO WARRANTY; for details type `show w'. This is free software, and you are welcome to redistribute it under certain conditions; type `show c' for details. The hypothetical commands \`show w' and \`show c' should show the appropriate parts of the General Public License. Of course, the commands you use may be called something other than \`show w' and \`show c'; they could even be mouse-clicks or menu items--whatever suits your program. You should also get your employer (if you work as a programmer) or your school, if any, to sign a "copyright disclaimer" for the program, if necessary. Here is a sample; alter the names: Yoyodyne, Inc., hereby disclaims all copyright interest in the program `Gnomovision' (which makes passes at compilers) written by James Hacker. signature of Ty Coon, 1 April 1989 Ty Coon, President of Vice This General Public License does not permit incorporating your program into proprietary programs. If your program is a subroutine library, you may consider it more useful to permit linking proprietary applications with the library. If this is what you want to do, use the [GNU Lesser General Public License](http://www.gnu.org/licenses/lgpl.html) instead of this License. Reverse mortgage LOs on the difference referral partnerships can make - sinth.info

Reverse mortgage LOs on the difference referral partnerships can make

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It’s tough for reverse mortgage industry professionals out there: high interest rates, less beneficial terms for borrowers, and a challenging economy mean origination volume is hard to come by.

How to frankly assess these challenges while maintaining valuable referral partnerships is key, speakers said during a panel at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo in Nashville, Tenn.

Referral descriptions matter, real estate agents

Attributing the idea to Understanding Reverse author Dan Hultquist, Scott Harmes of C2 Reverse explained why the semantic label applied to a referral source can impact both the relationship itself, and the mindset for approaching that person.

“Don’t think of them as referral sources, [instead think of them] as referral partners,” Harmes said.

Reverse mortgage educator and author Dan Hultquist.
Dan Hultquist

The type of referral source can have a big impact on such a relationship and discussion particularly when it comes to licensed real estate agents, Harmes added, before directing the moderator to give Hultquist, who was in the audience, the microphone.

“It’s important that within a first conversation with a referral partner that they understand – very quickly – that they have something to gain,” Hultquist said. “It seems like as mortgage professionals, we get into this habit of [saying] ‘give us leads,’ or [asking] ‘can I find some way to get this funnel of leads coming to me?’ But it’s not about leads; it’s about serving others.”

If reverse mortgage professionals shift their focus instead to what their partners can benefit from, the leads will follow, Hultquist said.

“So, the leads are secondary,” he added. “I know it’s hard to think about it that way, but if you’re working with a [real estate agent] partner, what do they have to gain? Increased listings, sales and purchasing power for those clients, with one product that my competition doesn’t sell. That’s an easy conversation to have with an agent right now.”

Data from the Federal Reserve Bank of St. Louis indicates that there are just over 700,000 real estate listings across the country as of September 2023. Hultquist added that there are 1.5 million Realtors and approximately 2.7 million agents overall, according to the Association of Real Estate License Law Officials.

By focusing on how these agents can increase listings, the likelihood of actionable leads will increase, he added.

The importance of financial advisors

Harmes always asks a new client about whether or not they have a financial advisor, and shifts the conversation based on the response, he explained.

“There’s no wrong answer,” he said. “Because if it’s ‘no,’ [I ask] if I can refer [them] one. I have about a half-dozen financial advisors I work with on a regular basis, so then I’m bringing them business.”

If the answer is yes, then Harmes will ask the client if they can get together with the advisor to discuss it further. An attendee who works alongside Harmes at C2 also observed that fiduciary financial planners are generally more open to a conversation about a reverse mortgage than one who is not a fiduciary.

Scott Harmes, national manager of C2 Reverse.
Scott Harmes

“If you’re dealing with financial planners who aren’t fiduciaries that only make their money off of selling stocks, they have much more of a closed mind,” he said. “If they’re a fiduciary, once you show [a reverse mortgage] to them, then they are obligated to share it. So I would spend time dealing with those types of financial planners.”

Harmes added that certain certifications that could be valuable lead sources include Registered Investment Agents (RIAs) and Retirement Income Certified Professionals (RICPs), a designation offered by the American College of Financial Services.

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