Disqus - Latest Comments for kpr2570

Re: Social Media Growth for 65+ Adults Trumps All Other Ages

Kevin Reichard — Tue, 04 Oct 2011 06:12:56 -0000

The critic's conspiracy theory about seniors on line, and getting business from online sources should be here any minute!

Re: Genworth Acquires Reverse Mortgage Lead Provider’s Websites

Kevin Reichard — Tue, 23 Nov 2010 06:58:22 -0000

At this point, I don't understand your point. You have no data on my costs, and better yet, zero data as to the income that comes as a result of the low/ no cost marketing that I do online. Keep on guessing and supposing, and I'll keep on using my time as I see fit. Bottom line - you have NO IDEA what you are talking about when it comes to this topic!!! I have authored a book on the topic, (last year) I'd be glad to send it to you. We do agree on this - just like the gold rush - sure there are a few "miners" making their money online, yet we know for sure that the sellers of the picks and shovels did better that most! (search engines, online marketing companies, and the companies that build the websites) Last question - do you REALLY think that I'd be commenting on my success online if there really were no results to outweigh the time invested? Lastly, YES, my marketing online is only a small piece of the overall plan!!!!

Re: Genworth Acquires Reverse Mortgage Lead Provider’s Websites

Kevin Reichard — Mon, 22 Nov 2010 10:33:26 -0000

correct, yet mine was free, and profitable......

Re: Genworth Acquires Reverse Mortgage Lead Provider’s Websites

Kevin Reichard — Sun, 21 Nov 2010 20:25:09 -0000

1,ooo unique visitors per day? Only if you pay 100,000k?!?!?! Critic won't be happy about this internet hocus-pocus stuff!

Re: Home Values to Fall for Another Year, Stabilize in Late 2011 says Fiserv

Kevin Reichard — Thu, 18 Nov 2010 07:09:28 -0000

Simply search "home values to stabilize in 2010" and you can see for yourself how many 'experts' predicted the same thing last year, but had no clue what the reality of the day is. Eerily similar to many claiming '2011 is the year it ends"!

Re: Applications Rise But Reverse Mortgage Volume Falls 11.5% in October

Kevin Reichard — Sat, 13 Nov 2010 08:32:29 -0000

I am claiming that a certain amount of viable business is generated as a result of the having an internet presence and showing transparency.

GGF is nothing more than an example of what NOT to do online. That is, spend HUGE ad dollars generating traffic, with no real acquisition model behind the traffic! I'm not sure about operating expenses, but I do have inside info about exactly how they spent their ad dollars. (a drunken sailor comes to mind)

The YP example was to illustrate that the internet is becoming more widely used each day for everything, including research.

This is where you lose me - you are claiming that the decrease in RM business is a direct correlation with the growth of the internet and social media? And then you want to compare our business to the book selling industry??! This makes zero sense to me!

Lastly, to counter you point further, go and google Reverse mortgages, you will see that the top ten lenders are all using the internet to gain exposure and market share. In addition to the old school methods you mention (which most still use as well) It is a piece of the marketing picture for all of us, large or small!

Re: Applications Rise But Reverse Mortgage Volume Falls 11.5% in October

Kevin Reichard — Fri, 12 Nov 2010 07:32:38 -0000

Critic,
You usually have legs to stand on with your comments, but this time you are showing your age. Allow me to enlighten you about where we are and where things are going when it comes to the internet as a lead generator, and furthermore, the ability to become transparent to potential clients in a way that you might not be aware of.

First, to call the internet a "fallout source" is laughable. Those who use this marketing tool know that the nailing down of a potential client includes dozens, if not hundreds, of other "inquiries", "hits" or "visits". We also understand that done correctly, the internet is indeed a source of business that translates to transactions. (YES, it really does work!)

I'm not talking about setting up a pretty site, and paying for google adwords, which seems to be the norm!

I'm talking about setting up an online presence that shows who the company or LO is, with complete transparency. With all of the bad apples being talked about these days, I'd think you'd find someone who is willing to put their name, face, and reputation as someone who you WILL NEVER see doing things outside of the interest of the senior, their families, and 'suitability' as something positive for this industry.

Then again, no one knows who you are, so you are obviously on a totally different page!

I, for one, can document the internet as a valued source of loans. If I am in Florida, and my latest loan came from an internet user in NY, what can I credit other than the internet!!!!???? (and a site that shows people WHO I am!)

The training piece you mention is in play as a proven model in many industries over the years. Why is it that are you surprised that in tough times, entrepreneur types like myself and others take a swing in order to add to what was a shrinking bottom line? Last year, I set up an entire business in this model, only to find that no companies were interested in anything other than SURVIVAL!!! (I took a big bite of humble pie on that one, but sure learned quite a bit!)

Lastly, you should know that the yellow pages will die soon. Experts claim that in less than 3 years, the cell phone will be completely replaced by the web-ready smartphones. So, Yp ads will become for naught, and some of us are preparing for this inevitability, regardless of your OLD SCHOOL opinions!

Re: FHA Commissioner: HECM Saver Critical to Future of Reverse Mortgage Program

Kevin Reichard — Fri, 05 Nov 2010 07:24:39 -0000

“Inability to implement the HECM Saver, is going to put additional pressure on the HECM standard,” he said. “We’ve got a graying population, they will be knocking on the door if this is done the right way.”

I'd love to hear a definition of "the right way" !

Re: What reverse mortgage professionals want to hear in New Orleans

Kevin Reichard — Tue, 02 Nov 2010 08:33:59 -0000

Is any portion of the conference being streamed online this year?

Re: Data Shows Big HECM Saver Opportunity, But Adoption Could Be Slow

Kevin Reichard — Fri, 29 Oct 2010 15:10:48 -0000

Thanks critic, I just do not understand the blind optimism - despite reality -regarding the estimates that industry players continue to spout out!

Re: Data Shows Big HECM Saver Opportunity, But Adoption Could Be Slow

Kevin Reichard — Fri, 29 Oct 2010 08:24:10 -0000

Believe the hype!

Don't worry! Especially about home values, appraisals, investigative counseling protocol, SAFE act and licensing requirements, new regulations, or the banks taking the lions share of the business via their order -taker models......the SAVER will SAVE YOU!!!!

I'm a bit worried about the delusion that mirrors the HECM purchase hype of yesteryear....what happens if LO's continue to exit the business and there is no one left to spread the word or offer this product ? While these potential numbers look good in terms of opportunity, do not forget the time we are in. There is currently little consumer confidence about anything, and we expect the senior population ( whose mentality is understandably different from other generations) to all of a sudden adopt and accept a NEW way to get liquidity out of their homes, but it is still called a 'reverse mortgage'????? Who are we trying to fool, ourselves? Are we going to trust NRMLA to get the word out, to ensure the seniors and their families that this is the right product for them? For those of you keeping score - LAST NOVEMBER, in San Diego, everyone was giddy over the fact that there was going to be a concentrated marketing effort to counteract the negativity still associated with Reverse.....here we are 1 full year later, and I ask you if you have seen any marketing messages in the public other than your own and your competitors? Wait, NRMLA had to worry about the almighty CRPM designation that has been such a hit, how could they chew gum and do anything else at the same time?

While I do agree that this is a needed addition to the HECM world, it's just another version in a different dress. Until the industry as a whole gets it's collective act together in terms of marketing beyond the Fonz and Mr. Wagner, hype or projections are just that....hype and projections.

Re: HUD Establishes New Reverse Mortgage Counseling Guidelines

Kevin Reichard — Thu, 14 Oct 2010 07:16:07 -0000

Find an experienced broker that can talk to an underwriter at another lender or two. Wells can be tough with their guidelines.....what state?

Re: President of GNMA and FHA Commissioner to Headline NRMLA Annual Conference

Kevin Reichard — Mon, 11 Oct 2010 07:20:18 -0000

grasping.....for something new in light of the reality that this is a big excuse for the big three to throw a party and act like everyone is invited!

Re: Lead Provider Hit With Cease Directive from Mass. Division of Banks

Kevin Reichard — Fri, 08 Oct 2010 08:06:43 -0000

First Mortgage Masters and now this.....is anyone paying attention in Mass?!?!?!

Re: After Raising $11 Million, Reverse Mortgage Lender Shuts Down

Kevin Reichard — Tue, 05 Oct 2010 07:35:15 -0000

This answers the Q: How much money can one company raise and throw away at pay-per-click advertising models? GG simply had a model that allowed an ad budget to vanish while seniors click to see "how much can I get" vs. "who can properly educate me on my options online"
A: 11 million!

Re: NewDay Financial Quickly Becomes Leading Reverse Mortgage Lender

Kevin Reichard — Wed, 03 Feb 2010 06:51:25 -0000

another important aspect to consider is their burn rate at this point in the business model.....

Re: White House Requests $250 Million Credit Subsidy for Reverse Mortgage Program

Kevin Reichard — Tue, 02 Feb 2010 08:14:38 -0000

Dream on Matt.....just try and keep the FAT LADY out of those dreams?!?!?!? SAD is an understatement!!!

Re: Wholesale Reverse Mortgage Volume Down 7% in 2009, Financial Freedom Holds On

Kevin Reichard — Mon, 01 Feb 2010 06:55:17 -0000

Wells Fargo - How do they dominate retail, yet get dominated on the wholesale level???

Re: Got Reverse? Industry Needs to Deliver Effective PR Campaign Now

Kevin Reichard — Thu, 28 Jan 2010 10:07:54 -0000

http://www.eldersolutionslp...
Dave, looks like your business is geared towards saving seniors from the reverse industry! I see you are going to have reverse specialists there "soon" I guess you can fight the good fight then, and bash everything until then? Your rants are misguided and pointless, as the overall protection on these loans trumps your appraisal fairness and cost concerns.

Re: Got Reverse? Industry Needs to Deliver Effective PR Campaign Now

Kevin Reichard — Thu, 28 Jan 2010 09:36:32 -0000

what exactly does 1.5 million annually do? Specifically, what does this money go towards?

Re: Got Reverse? Industry Needs to Deliver Effective PR Campaign Now

Kevin Reichard — Thu, 28 Jan 2010 07:48:20 -0000

There was a rumor that the top banks would pool some money and attack this head on. In theory, it makes sense - take the top 10 lenders to contribute 200k each and you'd have 2mil to take it on. The top 10 all have an interest that would support the donation of the funds. To wait for NRMLA to act is on this is like waiting for the govt. to fix health care or social security.....

Great topic, but is it too late?????

Re: To the reverse mortgage survivors go the spoils

Kevin Reichard — Wed, 27 Jan 2010 07:02:10 -0000

add in the perfect storm of press about shutting down the bad guys to the mix.....the Washington Post article is already fading.

Re: To the reverse mortgage survivors go the spoils

Kevin Reichard — Tue, 26 Jan 2010 20:44:28 -0000

I do. The overall application volume is down, the average loans per originator is at the "barely able to feed the family" status. I think that the next 3 months app numbers will tell the tale. I just got off the phone with another career reverse originator, 5 years + in the biz, looking at other opportunities in other fields. Not even willing to hang in part time. This post title could have been simplified to "the strong and able will survive" I'm not so sure about 'spoils'!

Re: To the reverse mortgage survivors go the spoils

Kevin Reichard — Tue, 26 Jan 2010 07:05:26 -0000

overboard would be ignoring what is going on out there on the street. 50 -70 % of the originators will be gone in the next 90-180 days. Quote it, post it, make a bumper sticker - it's the reality of the day, to ignore it is to be 'ignorANT'!

Re: To the reverse mortgage survivors go the spoils

Kevin Reichard — Mon, 25 Jan 2010 07:24:41 -0000

spoils?!?!?! there's gonna be spoils?!?!?! If I can hang in for another year, I'll be rewarded?!?!?! LOL. The reverse mortgage sky called, left a voice mail that said it will be falling soon. Best of luck.