About National Reverse Mortgage Lenders Association (NRMLA)

12/20/2007

posted by N. Sioris

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The National Reverse Mortgage Lenders Association (NRMLA) is one of the major watchdogs overseeing the reverse mortgage industry. NRMLA was originally established in 1997 to enhance the professionalism of the reverse mortgage business. NRMLA is also an educational resource for seniors seeking information about reverse mortgages. It helps train lenders to be sensitive to senior's needs and enforces a code of ethics and best practices for its member associates.

As reverse mortgages become more popular they are attracting a lot of attention in the media and from mortgage companies and loan officers that are feeling the pain of the credit crunch in the "forward" mortgage market. Some lenders, not previously involved in the reverse mortgage market, are now entering this niche market. According to the NRMLA website; "The good news is that we've been discovered. Being discovered brings broader consumer awareness and an increase in loan production."

"Growth, however, attracts a broad range of individuals and companies into a field, including some who may not fully understand the intricacies of this market, the challenges and respect required in dealing with an elderly client base."

The National Reverse Mortgage Lenders Association is committed to keeping the industry and those that participate in the reverse mortgage market "squeaking clean". They do not believe in cutting corners or circumventing necessary but complicated disclosure policies.

If you are considering a reverse mortgage, one of the things you may want to look for when choosing a lender or a loan agent is whether they are a member of NRMLA. Their membership in NRMLA speaks to their ethical commitment and their desire to put your best interest ahead of their own personal gain.