1 minute read
In the past several years, small community banks have been hit hard. The passage of Dodd-Frank and the subsequent formation of the CFPB put many of these banks smack-dab in the middle of a compliance nightmare. Many simply do not have sufficient staff to keep up with new regulatory requirements. As a result, some have failed and others have been forced to merge. Those that are hanging on are looking for any way to grow their customer base. This is where we come into the picture!
Most small community banks do not want to be involved in the origination or processing of reverse mortgages. Between their own portfolio loans, consumer and commercial loans, and those that are sent off to other FNMA lenders, they have their hands full.
But most community banks have a sizable number of senior customers, in part because the personalized service they offer appeals to an older generation. Some may have had customers inquire about reverse mortgages, but they’ve had to turn them away because it is not part of their product offerings. Seniors who approach other banks about a reverse mortgage may be tempted to move their business to a bank that can meet all of their needs.
For reverse mortgage originators, there is a great opportunity to partner with small community banks. We can show them how to retain and grow their customer base.
