About The National Reverse Mortgage Lenders Association, or NRMLA

By September 29, 2014Blog, Reverse Mortgage Resources
national reverse mortgage lenders association

The Reverse Mortgage industry has always looked to one organization as the effective leader and pioneer of education and information as it applies to Senior Homeowners, Mortgage Brokers, Mortgage Bankers and Wholesale Lenders. Their role in the industry has grown more and more as the complexity of the program has changed.

The National Reverse Mortgage Lenders Association (NRMLA) is the national voice of the reverse mortgage industry, serving as an educational resource, policy advocate and public affairs center for lenders and related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business.

Their mission is to educate consumers about the pros and cons of reverse mortgages, to train lenders to be sensitive to clients’ needs, to enforce our Code of Ethics and Professional Responsibility, and to advise policy makers on reverse mortgage issues.

The National Reverse Mortgage Lenders Association (NRMLA) prides itself on the Ethics they follow and require members to follow as well. It is essential that, in any cooperative effort with allied professions, all aspects of the applicable regulations and procedures are fully complied with. Compensation issues are a particular area of concern to which utmost attention to rules must be paid. FHA requirements, RESPA, HUD rules and state mortgage banking laws all come into play here. There is an intricate web of regulation and it is critical that all reverse mortgage lenders pay close attention. The reverse mortgage business is being looked at, analyzed and assessed like it never has been before. If we stand up to the scrutiny, our growth will continue unabated. If it is found that lenders work with other parties who do not share our commitment to doing what’s right for the customer, or that lenders sometimes skirt the rules, our future growth will be constrained.

The National Reverse Mortgage Lenders Association (NRMLA)  does a great job in making sure their members are acting responsible and ethical.  The reverse mortgage business is being looked at, analyzed and assessed like it never has been before. If we stand up to the scrutiny, our growth will continue unabated. If it is found that lenders work with other parties who do not share our commitment to doing what’s right for the customer, or that lenders sometimes skirt the rules, our future growth will be constrained. Knowing how the effects of unethical lending practices can hurt the industry and our economy as a whole, the NRMLA is working to not have a repeat of previous collapses.

Supporting and educating yourself as a Lender or as a consumer will benefit the entire Reverse Mortgage community.

For more information  visit them at https://www.nrmlaonline.org/default.aspx