"Shain Urwin states, 'The brokers now have lenders to have our backs.' This reflects a significant shift in the broker-lender relationship, which is crucial for the industry's future."
"'Unfortunately, most of this is for refinances,' Urwin cautions, emphasizing the need for the industry to attract new borrowers, particularly affluent clients, to ensure sustainable growth."
"'C2 Financial completed only 16 refinances of Home Equity Conversion Mortgages last year,' Urwin reveals, indicating a shift in focus towards proprietary products in the reverse mortgage market."
Shain Urwin emphasizes the improvement in broker protections due to new lender agreements, particularly at multichannel lenders. He notes that the current shift is primarily refinance-driven, highlighting the need for the reverse mortgage market to attract new borrowers, especially affluent clients. Urwin points out that while lenders like Mutual of Omaha Mortgage and Longbridge Financial are addressing broker concerns, the industry cannot depend solely on refinances. C2 Financial's business model reflects this, with a significant portion coming from proprietary products rather than just Home Equity Conversion Mortgages.
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