It’s a new year and the opening of a new legislative season. Over the next few months, there may be important legislation, proposed and ratified, that will have a major impact on our industry, our clients, our companies, and our ability to continue to make a living doing what we love to do. For me, that is working with seniors to help them age in place and fund their longevity as a reverse mortgage retirement specialist.
When gathered around the proverbial office water cooler, one often hears conversation about how “they” are ruining our industry, how “they” just put new regulations in place, how “they” are making it so difficult to do business today, how “they” are doing things to hurt our clients, and many other similar comments.
I am currently enjoying my 45th year in the financial services industry. During these years, I have witnessed many watercooler conversations. As far back as I can remember, when listening to these conversations (and sometimes ranting), I always wondered, “Why do ‘they’ have the power to do these things to the detriment of others? Who gave these people this ability to have such great influence over so many and so much? In fact, at times, over an entire industry?” I wondered, “Who are ‘they’?” Of course, I realized that “they” are different people or different groups of people, depending on what was being discussed. It could be a local councilman or a council that has just put in place a new zoning regulation, or it could be a local representative from the House of Representatives or a state Senator who has proposed some distasteful legislation, or perhaps one of our congressmen who is proposing some federal legislation adverse to our views.
You know, I guess maybe I’m just slow, because it took me many years to realize that those people we refer to as “they” were actually just an extension of me—and you. These people are in office to represent me, my clients, my family, my industry and all of the things that are important to me. The same people are in office to represent you, your clients, your family, your companies and your industry. If we were too apathetic to vote, it is our fault for not taking action. If we did vote for these people to represent us and we have been too apathetic to follow up and communicate with them to let them know what it is we want, then it is our fault that they have the ability to do things with which we disagree.
Too many people feel like there is nothing that they can do because they are only one person. These people look at the things going on around them and say things like, “I can’t change that, but my employer will certainly make things change for the better for me.” Or they say, “The National Reverse Mortgage Lenders Association will make things right.” Or, “The officials at HUD will certainly see that this is not fair and will make the proper changes.” These people think that something or someone else will always come to the rescue. That, my friends, is not the case.
The reverse mortgage industry is a very small industry. If you are like me, you depend on this industry for the welfare of your clients and for your livelihood. No one should be able to have any more influence on this industry and your livelihood than you. If we do not speak out and take the action necessary to preserve it, no one else will.
I challenge you to see what a difference one person can make. Join and become active in the association that you have to represent your interests: NRMLA. Contact them and ask to be involved on the committee of your choice. Let Peter Bell and his staff know your thoughts on issues. Be a professional and earn your CRMP designation. Join your local mortgage bankers association and sit on one of their committees. Write to your state representatives and senators, letting them know your opinion on matters having to do with your industry. It is your interests they are supposed to be protecting.
I have been involved in the Maryland Mortgage Bankers Association’s legislative committee for a number of years. I, one person, have testified before House and Senate committees on industry matters many, many times. There are about 30 members on that MMBA legislative committee. Each one has a specialty. I am the only reverse mortgage expert in the whole group. I would suggest that you could be that person on your MBA legislative committee. Get active, go ask, go join, go do it. Your representatives would welcome your feedback and expertise. Much of the legislation that comes before them is complex. They will freely admit to you that they do not fully understand all of the issues and that they want and need industry participants to educate them about what is best for their constituents. If we don’t do this for them, then they might listen to the wrong people, those who are not nearly as educated on reverse mortgage issues as you are and as I am.
I am writing this brief article in an effort to move you, one person, to take action this year and become involved. What I have done as one person can be Googled. See on Google what Scott Norman accomplished in Texas for this industry. Across the country, there are many examples of one person who has made a difference. I’ll be waiting for you to send me an email about what you, as one person, did in 2015.
Be active, my friends!
