NMP - April 2017 - 88

NMP's

88

oneyhouse is a
family-owned
company that
traces its roots to
a single
mortgage bank
founded in 1997 in Cayey, Puerto
Rico. Today, it is Puerto Rico's most
prominent mortgage banking entity,
and it is seeking to expand its
operations across the mainland U.S.
National Mortgage Professional
Magazine spoke with Ralph Rosynek,
senior vice president of the
company's U.S. division and chief
information officer, about this
company's role in the reverse
mortgage market.

M

What makes your company
different from its competitors?
The background of Moneyhouse. The
company is based in Puerto Rico,
and that cultural background has
migrated to the U.S. The company is
a well-established, 20-year-old,
privately-owned mortgage banking
business that is in the forward and
reverse mortgage business and
operates as a direct lender in addition
to being a Ginnie Mae issuer for both
loan product types. It also offers
retail, wholesale and correspondent
opportunities for consumers and

business partners.
Unique to Puerto Rico is the fact
that all transactions are done in
Spanish. Many aspects of the Puerto
Rican business side have been able
to assist our U.S. expansion and
create an important niche for us-we
have a fully bilingual staff with
Spanish documentation options and
support. There is a large percentage
of Hispanic potential borrowers and
homeowners in the U.S. that are
underserved, largely because of
language. We can work with Hispanic
borrowers and help make mortgage
transactions much more comfortable
for them in addressing their needs.
How many people work with
Moneyhouse U.S. and what does
the company look for in potential
employees?
We have approximately 12 people
working at Moneyhouse U.S., and it
is a growing staff-we are looking to
expand immediately, especially in our
Orlando office. We have a great
interest in individuals with reverse
mortgage experience and because of
our forward and reverse capabilities
are also looking for MLO's who
would like to be able to originate both
products. Being bilingual is
something that is very attractive to us

but not a requirement due to the
other markets we serve.
What impact will the rise in
interest rates have on the reverse
mortgage industry?
On the reverse mortgage product, it
will largely have no impact. The real
impact that is more important will
be the shift from the number of
potential loan officers who become
interested in the product to support
their business and volume
replacement as refinance volumes
decline. The overall benefit to the
consumer is a widening of the talent
pool to help educate seniors about
the product and provide access.
What do you see as the near-term
state of the reverse mortgage
market?
In today's market, the reverse
mortgage ultimately benefits
neighborhoods and the overall
housing market by allowing for
borrowers to remain in their homes,
allowing for the purchase of a new
home and many times not requiring
them to access other taxpayer
funded programs for housing
assistance. For today's Baby
Boomers, there is also an
opportunity to add value to their

retirement strategy by utilizing a
reverse mortgage as a component of
financial planning.
We are looking at approximately
8,000 to 10,000 people becoming
eligible for reverse mortgages every
day. We recently celebrated the one
millionth reverse mortgage originated
in the U.S. since the program's
inception. However, the market share
for this product is maybe two percent
to three percent of eligible senior's at
best.
What can be done to grow the
market share for reverse
mortgages?
Our company and other industry
participants are out there continuing
to educate older homeowners on the
misconceptions surrounding the
product and show how it really works
as a benefit to a number of senior
needs. A lot of lingering fears have
been instilled by incorrect reporting
and distorted facts over the life of the
product to date.
As lenders, we are constantly
working to reinforce positive values.
Yes, this is not a program designed
for every senior, but for many it
should be seriously looked at as a
component of an overall financial
strategy for seniors.

L



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