NMP - November 2019 - 46

Independent Mortgage Originators
By Andy W. Harris, CRMS

Jeff Foody
Northwest Reverse Mortgage LLC
NMLS#: 253303 / NMLS#: 1834787
NWReverse.com

NOVEMBER 2019 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

46

Tell our readers a bit about yourself.
Jeff Foody: I have been serving the reverse mortgage
industry since 2002, a time when it was a relatively
obscure concept. Since then, the industry has
evolved to where reverse mortgages are widely
understood and are often used by thousands of
homeowners who 62 and older. I have been called one of the country's
foremost experts on reverse mortgages, and frequently present the benefits of
the reverse mortgage to large audiences. As of 2019, I am the proud owner of
my own reverse mortgage brokerage, Northwest Reverse Mortgage in
Clackamas, Ore. My belief in the advantages of reverse mortgages is so
strong that even my parents are happily enjoying one of their own.
I understand you are a mortgage broker now after previously working as
a mortgage banker. What motivated you to make the change?
Jeff Foody: As I am sure, most bankers eventually wake up one day and
notice, we were paying a premium for services we did not require. We were
working for a traditional mortgage lender that did not understand-nor were
capable of-offering us any level of support for our specialized area of
production. We were constrained to trying to fit into a mold of traditional
mortgage banking that did not offer us any level of control over our business.
Being a broker, we are able stop wasting time, energy, effort and money in an
unproductive environment.
What would you say so far are the biggest differences you've
experienced coming from the retail side?
Jeff Foody: Control. There is a great deal of freedom in being able to decide
when and how resources are being deployed in the most productive areas.
We have so many more options now. Having more options means we can
better cater to our client's needs.
How would you compare pricing when compared to the mortgage banker
world?
Jeff Foody: I was under the impression, as I am sure many mortgage bankers
are, that being a part of larger lender was somehow financially beneficial to us
and to our clients. Something about bulk production allowing for better
pricing, but I could not have been more wrong. I was shocked at how
infinitesimal the pricing difference was that was in no way worth the amount of
money I was giving up to the retail mortgage lender. I was shocked. Knowing
what I know now, I cannot imagine doing it any other way. I only wish I had
done it sooner and wish all mortgage bankers knew the benefits of brokering.
What are you seeing in your local market in terms of trends, inventory
and consumer/real estate agent mortgage education?
Jeff Foody: Reverse mortgages are still a relatively obscure concept for a lot

of folks, there is a great deal of misinformation. Our goal is to educate people
about this product, not just the consumer, but their network of professional
advisors. We try to educate financial advisors on how to use a reverse
mortgage to fund their client's retirement planning. We are seeing more seniors
who are unprepared or underprepared for retirement.
From a real estate agent education perspective, we think it is vital that they
learn about this program so they can be able to provide options for their
clients. More seniors want to downsize, but aren't aware they could buy a new
home with a reverse mortgage and not have a monthly mortgage payment.
The educational opportunities to learn about reverse mortgages are slim. We
are always looking for new ways to educate more people. It is our mission to
get the word out about this loan option. We offer CE classes to real estate
agents on how to use the reverse product to increase a borrower's buying
power or to pick up more listings. We have videos and a blog on our Web site
(NWReverse.com) that help explain some of the "ins and outs" and provide
educational seminars to explain how this loan works.
I know the myth of losing control as a mortgage broker is finally being
exposed to the market and quite the opposite. What are your experiences
on controlling the process?
Jeff Foody: Being a mortgage broker has been liberating. We were under the
impression, as a banker, that being a mortgage broker was risky and
unpredictable. That has not been the case. We have been able to control a lot
more of our business, down to the vendors we choose and the timelines we
follow. Our weekly schedules are now dictated by us and our needs. Everyone
I talk to who works as a mortgage banker. I can't help but try and convince
them of the error of their ways. I just keep thinking, "If you only knew!?"
What would you say are your best forms of marketing today to generate
new business?
Jeff Foody: Because we are so specialized and very few people do what we
do, the vast majority of our business comes from referral partners. We have
long established ourselves as THE local expert, so we get a lot of referral
business from credit unions and banks, as well as other mortgage bankers and
brokers. But since we also focus on dispelling the misinformation about
reverse mortgages to Oregonians everywhere, we also do mailers, newspaper
articles, TV and radio commercials, and just generally being active in our
communities.

Are you an Independent Mortgage Broker? Do you have something
you'd like to share? Reach out to me at
AHarris@VantageMortgageGroup.com for future article considerations.
Andy W. Harris, CRMS is president and owner of Lake
Oswego, Ore.-based Vantage Mortgage Group Inc. and
Past President of the Oregon Association of Mortgage
Professionals. He may be reached by phone at (877) 4960431, e-mail AHarris@VantageMortgageGroup.com or
visit VantageMortgageGroup.com.


http://www.NWReverse.com http://www.NWReverse.com http://www.NationalMortgageProfessional.com http://www.VantageMortgageGroup.com

NMP - November 2019

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