The National Reverse Mortgage Lenders Association (NRMLA), the reverse mortgage industry’s primary trade group, has re-elected Scott Norman of Finance of America Reverse (FAR) and Mike Kent of PHH/Liberty Reverse Mortgage as co-chairs of its Board of Directors for the 2023-2024 term.
Norman re-elected to serve fifth term
With his re-election, Norman will begin a fifth term as co-chair. He was first elected to NRMLA’s board in 2012, and serves as FAR’s VP of field retail and director of government relations. Norman ascended to the co-chair position in 2018.
He notably advocated for an amendment to the Texas state Constitution to authorize the practice of reverse mortgage lending within the state in 1999. He more recently played a role in advocating for the addition of reverse mortgage for purchase loans to the allowable offerings in the state, which required legislative action and voter approval.
‘’It’s a great honor to be re-elected as co-chair and to continue our efforts to support the reverse mortgage industry,” Norman said. “The industry is at a key inflection point and I am honored to play a role in advocating for these innovative products that can help Americans have better outcomes in retirement.”
Kristen Sieffert, president of Finance of America Companies (FOA), lauded Norman’s re-election.
‘’We are grateful for Scott’s unwavering commitment to Finance of America and the industry at large,” she said. “His servant-leadership and tireless advocacy efforts have been critical to the evolution of our industry. We look forward to continuing our close working relationship with NRMLA to help more people leverage home equity to meet their retirement goals.’’
Kent to serve fourth term
The 2023-2024 term will be Kent’s fourth as co-chair. He has served in a leadership role at Liberty since 2015, and previously served as president of the mortgage lending division of Reverse Mortgage Solutions (RMS) from 2010 to 2014.
Before joining RMS, Kent cultivated over 30 years of traditional mortgage experience and has held leadership roles across various lending functions.
“I am honored to be appointed to my fourth term as co-chair of the Board of Directors of NRMLA,” Kent told RMD. “The work we do on behalf of our membership is critical to the success of the HECM program. Working with Scott Norman as my co-chair is a privilege. He is an outstanding representative of our industry.”
Looking back on 2023, Kent described some of the association’s efforts this year and its engagement with federal housing leaders.
“In this past year, NRMLA has built a strong partnership with Julia Gordon, FHA Commissioner, and Alanna McCargo, President of Ginnie Mae,” he said. “This relationship has helped bring to fruition several meaningful changes to the program that have greatly aided the industry. I am looking forward to working with NRMLA leadership, Scott and our membership in continuing to improve the HECM program for the benefit of the older Americans we serve.”
Officers elected
In a statement to the association’s membership, NRMLA President Steve Irwin looks ahead to the upcoming year.
“Each of these individuals has contributed greatly to our regulatory successes in 2023 through their thought leadership and support,” Irwin said. “I look forward to continuing our solid working relationship into 2024 as we look to promote new policies that will expand the reverse mortgage marketplace.”
NRMLA elected officers of the board for the new term:
- Robert Sivori, Brean Strategic Advisors — vice chair
- Jim Cory, Guild Mortgage — vice chair
- Michael McCully, New View Advisors — treasurer
- Elly Johnson, All Reverse Pro — secretary
