The reverse mortgage market is stuck. Broker-lender agreements don't solve a deeper structural problem.

The Big Picture

Shift: Reverse Mortgage Industry's Broker-Lender Reckoning

Shain Urwin, national reverse mortgage director at C2 Financial, sees a more balanced relationship emerging between lenders and brokers. Programs from Mutual of Omaha Mortgage and Longbridge Financial protect broker loan pipelines. "This broker-to-lender relationship needs to be a two-way street," Urwin says. But he offers a caveat: "Unfortunately, most of this is for refinances."

The industry cannot rely solely on these loans. It needs to attract new borrowers — particularly affluent clients. C2 completed just 16 HECM refinances last year. About 40% of its business comes from proprietary products.

“"As an industry, we're sabotaging ourselves. Not just the broker world — lenders, all of us."”

Why It Matters

Why It Matters — housing-market
Why It Matters

C2 is one of the nation's largest brokerages, with 1,115 licensed loan officers, 111 branches and $4.85 billion in volume over the past year. Its experience reflects broader trends. The market hasn't changed much since October 2017, when HUD made its last major update.