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Becoming a correspondent lender |
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Note: The content below about broker to broker is under review and still being developed.
Becoming a correspondent lender
However, it takes a special kind of person to truly excel in the reverse mortgage business. The people who succeed share these traits. Any FHA-approved lender who meets the requirements can become a reverse mortgage professional.
Instead, the most successful approach involves educating prospective senior customers, and allowing them to take all the time they need to make a decision they're comfortable with. Correspondent lenders often say that a reverse mortgage is not a product that's sold.
As with anything else, products, processes and regulations all undergo constant change, and the professionals who stay abreast of the latest developments usually have a competitive advantage.The most successful reverse mortgage professionals treat the category as their correspondent lenders main line of business, not a sideline.
But those who find fulfillment as reverse mortgage professionals are people who truly enjoy working with seniors and changing their lives for the better for a correspondent lender. The financial rewards of the reverse mortgage industry can be great. Do you have a question, comment, or suggestion for MBS about correspondent lenders or anything else? Please input your name, e-mail address, contact number, and any comments. A specialist from Mortgage Banking Solutions will contact you within 12-72 hours. All fields are optional.
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Resources for correspondent lenders |
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