Reverse Mortgage

FAR Expands Reverse Mortgage Schooling Efforts With ‘Finance of America College’


Finance of America Reverse (FAR) announced Monday the development of a new reverse mortgage education platform designed to provide the company’s wholesale partners with a wide range of relevant, customizable educational resources and materials that will expand product knowledge and provide better potential service can offer to customers. The new platform called “Finance of America University” (FAU) will be introduced along with other new offers, including the introduction of an improved “Policies and Procedures” (P&P) Documents Center on their “Xcelerate” wholesale portal.

Available immediately to the company’s partners, the platform was developed by FAR’s learning and development department and is designed to better educate partners about the growing portfolio of reverse mortgage products and retirement solution scenarios that FAR offers across its business.

These include traditional Home Equity Conversion Mortgages (HECMs) supported by the Federal Housing Administration (FHA), as well as proprietary reverse mortgage products such as the HomeSafe product suite and the new hybrid forward / reverse mortgage product EquityAvail.

The new, preferred learning management system from FAR

The growing number of products offered by FAR requires a leaner approach to training the company’s partners, and FAU has been developed with several “tracks” of content aimed at different pre-determined levels of reverse mortgage experience. This includes partners who may have worked on the forward side and are just getting into reverse mortgages; those who wish to better develop their HECM for Purchase (H4P) program business; Overviews of FAR’s various proprietary products and more.

“We are building a diverse business that seamlessly combines innovative proprietary products with dynamic educational resources and world-class customer service, all connected with technology to simplify processes and improve both the partner and borrower experience,” said Kristen Sieffert, President by FAR. “Today’s announcement reaffirms our commitment to our wholesale partners – to provide a white-gloved concierge service that meets and raises industry standards in every imaginable metric.”

FAR President Kristen Sieffert

In addition, the new P&P Document Center, added to the Xcelerate wholesale portal, provides an easier way for those involved to find the necessary information on the documents that can be critical to parts of the reverse mortgage process. Thousands of information documents, underwriting guidelines and templates, product descriptions and important work aids are accessible via a menu or keyword search on the platform’s new landing page.

Key documents that were once difficult to track are now in a navigable gallery, and the company hopes this can help avoid delays and confusion for FAR’s partners, who can sometimes accompany efforts through such in the traditional way Navigate materials.

“Offerings like FAU and our improved Xcelerate platform demonstrate our unparalleled commitment to equipping reverse mortgage experts with tools that will help them be successful, reduce friction in the process, and fill the gap in the time-consuming aspects of obtaining a reverse mortgage close – and all of this with simultaneous production. to work with us faster and easier, ”adds Sieffert.

Goals of the new FAU initiative, range of courses

The training materials that will be available through FAU have been designed by the learning and development team at FAR, a reverse mortgage expert, which aims to identify the key questions partners may have in building a reverse mortgage business. In addition, educational programs will be made available to real estate professionals in 19 states, offering both virtual and face-to-face teaching formats, and programs for certified financial planners will be available nationwide.

Courses are also offered for reverse mortgage loan experts seeking Certified Reverse Mortgage Professional (CRMP) status – the designation offered by the National Reverse Mortgage Lenders Association (NRMLA). Personalized courses in virtual and personal formats can also be taken.

75 of FAR’s training modules have been redesigned and wholesale partners have the opportunity to curate their coursework from these modules through specific tracks above, designed for different skills and experience levels in the reverse mortgage business, as well as information about FAR’s proprietary suite of products including HomeSafe – and EquityAvail loans.

FAR currently offers 11 courses that have been reviewed by the Independent Certification Committee and approved for CRMP points, as per the NRMLA’s approved online course list. Although none of the courses offered by FAR will be new, providing them this way and via the FAU platform may help the company make the courses more widely available to its partners.

“Whether a FAR partner is a novice in the annuity industry or a veteran looking to deepen their knowledge of grassroots marketing, both improvements allow them to easily scale and customize their insights,” said Sherry, chief development officer, FAR Apanay in a message from FAU. “Together, Finance of America University and our new P&P Documents Center will strengthen the communication and close relationships between FAR and its wholesale partners that have defined us from the start. These platforms take this special feature to a whole new level. “

The third largest lender in the reverse mortgage industry, FAR is the third largest lender in the reverse mortgage industry, receiving 4,663 endorsements in the 12 months ended July 31, according to HECM endorsement volume data compiled by Reverse Market Insight (RMI). FAR’s parent company Finance of America recently announced its earnings for the second quarter of 2021, underscoring the high performance of the reverse mortgage segment amid lower profits in its traditional mortgage businesses. Other companies in both the forward and reverse mortgage markets behaved similarly when the second quarter results were reported.