Saturday, October 1 2022

Reverse mortgage professionals know all too well that there are seemingly endless paths people can take to get into the business, and chances are most people who make up the industry will are found there for a variety of different and often very diverse situations. the reasons. It’s no different for Angel Booth, who serves as senior sales executive for Premier Reverse Closings (PRC).

Most professionals in the reverse mortgage industry are likely to be familiar with Booth, an often regular presence at many industry events hosted by the National Reverse Mortgage Lenders Association (NRMLA). She also often sends email updates to partners on behalf of PRC, which makes her a very visible presence in this company. RMD sat down with Booth to learn more about the path she’s taken in the reverse mortgage industry and what keeps her committed to the business.

Access to a leadership position

Booth began her career on the conventional side of the mortgage industry as an escrow assistant in the early 2000s and describes how she fell into the reverse mortgage business as fortunate but inadvertent.

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“It was an accident,” she says. “Nobody says, ‘I want to do reverse mortgages, because they’re just bee knees.’ They ended up being a great product [and] a great help for our elders. They are obviously profitable for our broker and lender partners. But for me, it was an accident. In fact, I was working in the conventional space. I had started there, I was fresh on the scene as a skinny assistant – kudos to all the assistants there – and I just stumbled upon it, honestly.

Booth became aware of the reverse mortgage side of the wider business during her work as a fiduciary assistant and describes a work environment where different companies routinely sought out potential employees based on the skills they brought to their job. . Of course, this practice still happens, but Booth describes it as one of the things that eventually got her into the reverse mortgage business.

“In my day, you had these large groups, mass exoduses, where you would be recruited if you had certain skill levels,” she says. Companies were looking for you, and you were just going to move in groups. That’s how it started. When I made my first transition, it was into the reverse mortgage industry. And I worked with a company, Alliance Title, and started over just as an assistant. I didn’t have much value, I was just doing my job every day. But as I learned under the guidance of a very strong escrow agent, I just started to appreciate what I was doing and grab it.

At Alliance, Booth began working more closely with the reverse mortgage industry and remained there for several years before eventually moving to PRC, where she works today.

“[I was] learning new things and finding ways to do things easier and more efficiently, and it all went downhill from there,” she says. “So I tripped and fell in reverse, and I’ve been there ever since.”

Learn more about Reverse Mortgage

When she made the career transition that led her into the reverse mortgage industry, Booth had never heard of the term “reverse mortgage” before moving to Alliance. After moving and working there for about 6 to 12 months, Booth began to become familiar with the negative reputation the company and product had with many consumers, she explains.

“I’ve learned more than I’ve worked in this field that it’s really no different from the criticism and the press you get from conventional mortgages, it’s the same thing,” she says. “It’s just, I think because we’re such a small, niche group, it looks a lot worse to us if we have the same kinds of titles that show up. When you have something like a conventional loan, you have [many similar issues] come – I’m pretty sure – far more than you would in the reverse world.

However, the scale and ubiquity of term mortgage activity overshadows the reverse activity and comes with the potential benefit of doubt in some circles, she says, and the fact that the front side does not serve exclusively a primary demographic could also help it avoid some of the problems encountered on the upside.

“I learned very quickly that [the reverse mortgage] is definitely an advantage,” she says. “It helps more than it hurts, and it’s definitely a tool people need to plan their finances. I’m glad we’re finally starting to get to the point where financial planners see it as an estate planning tool, and [as a tool] let the older person age in place and stay in their home without having to sell or move unless they want to.

Where the Reverse Mortgage Passion Came From

Booth’s journey through the business, from an assistant position to her current management role, has given her insight into a lot of the dimensions of the product and the business, she explains. It’s one of the biggest contributing factors to the level of passion she feels for the business, she says.

“[I make] relationships with loan officers, brokers, processors and underwriters, and I help them find a way to end a case or situation,” she says. “And then, maybe I start communicating with borrowers, and you hear stories about how they can’t go out and buy groceries. You’re going to file a set of documents for a notary, and you see they may be living in a bit of filth because they don’t have help, and they’re on their own and can’t afford a cleaning lady.”

Having a holistic view of the reverse mortgage industry and its operations from the perspective of originators, brokers, notaries and underwriters all the way to borrowers helps Booth understand the kind of potential the product has to help people, she said.

“At the end of the day, when they’ve completed their trades, you know you’re helping them hold on a little longer,” Booth says. “You know you’re helping them pay for medicine or groceries they can’t afford, or easing a debt that’s been weighing on them and stressing them out. So for me, the reason that helped me stick with it and grow and flourish was simply the desire and the drive to help people. Whether it’s the borrower, my colleagues or our industry partners. »

Listen to the full discussion on the RMD podcast.

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