Reverse Mortgage Offices Take Steps to Begin Reopening

Presented by Reverse Mortgage Daily

The economic impact of the COVID-19 coronavirus pandemic has universally affected the operations of virtually every business in America, with many non-essential operations shuttered for months following the spread of the virus into global pandemic status as people and organizations grappled with ways to continue operating.

The reverse mortgage business is no exception, particularly since many of the longstanding elements of interaction between professionals and clients relied on in-person meetings.

While the industry has found ways to adapt during this period — whether through embracing technology or taking advantage of a favorable rate environment — many in the industry are understandably ready to return to work in an office environment. The pandemic, though, is not over, and health authorities continue to recommend additional safety measures despite the fact that stay-at-home orders and closures of non-essential businesses are starting to lift.

Reopening remains ‘fluid’

Because there are still a lot of shifting factors in terms of the way certain localities are responding to the continued presence of the coronavirus, some reverse mortgage-centric offices are taking a more measured tact in the way they’re approaching the prospect of reopening. Such as the case with Roseville, Calif.-based title and settlement company Allegiant Reverse Services, according to its VP Megan Hafenstein.

“It is definitely a fluid [process] right now,” Hafenstein tells RMD in an interview. “We have started bringing some people back based on certain tasks that can only be done physically in the office. Getting people in and training them on our new safety procedures, and making sure that they knew what our protocol is in the office has been a priority to protect everyone’s health.”

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