The first day of this year National Association of Reverse Mortgage Lenders (NRMLA) The annual meeting and exhibition in San Diego concluded with an announcement that marks the end of an era.
The association honored two of its most prominent past and present members with distinguished service awards. These were given to Peter Bell, the current CEO and former president of NRMLA, and Scott Norman, the former co-chairman and current CEO of the NRMLA. Texas Mortgage Bankers Association (TMBA).
Notably, Bell has also announced that he is withdrawing from the association, although he will continue to work on issues related to affordable housing.
NRMLA separates from Bell’s association management company, Dworbell Inc.as part of the transition, and will continue to operate independently of it.
Four NRMLA employees become associates of a law firm Weiner Brodsky Kiderwho will continue to serve as the association’s external general counsel and will now provide administrative support services. NRMLA will continue to operate under the supervision and direction of the Board of Directors.
Bell, who has had a career in or near housing policy since 1976, has been involved in reverse mortgages in one way or another since the inception of the Home Equity Conversion Mortgage (HECM) program. In a 2020 interview, Bell shared HousingWire‘s Reverse Mortgage Daily (RMD) that he was in the room “on the day in 1987 of the bill increase that created the HECM program.”
He was instrumental in founding NRMLA in the 1990s, and he has served in the dual roles of president and CEO for most of the association’s existence. He was in the Oval Office with President Barack Obama and then…U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan as the President signed the Reverse Mortgage Stabilization Act of 2013 into law.
In 2019, Bell resigned from the role of president at NRMLA, handing it over to Steve Irwin. He has remained CEO since then, but will step down effective September 30.
Bell made the announcement on the event stage next door Federal Housing Administration (FHA) Commissioner Julia Gordon, whom he had just interviewed.
“After 28 years of representing the reverse mortgage industry and being involved in all aspects of the industry’s issues, I have decided to step down as CEO to focus my own time on the other side of my business, namely the affordable housing sector,” Bell told RMD in San Diego.
“I have only been in the reverse mortgage industry for 28 years, but I have been in the affordable housing industry for 48 years, and I felt it was time to focus my attention on that during my remaining working years. .”
During the association’s business meeting, Bell was recognized with a distinguished service award for his key role in founding and serving NRMLA. Another distinguished service award was presented to Norman, who has served NRMLA in various capacities over the years, most recently as co-chairman of the board of directors.
Norman resigned from his role at reverse lender Finance of America and NRMLA earlier this year when he was hired as CEO of TMBA.
When asked about the recognition he received, Norman said he was humbled.
“My first reverse mortgage conference was almost 25 years ago to the day,” Norman said. “And I’ve had great mentors and developed great friendships. It has been an integral part of my life for 25 years, and I was very fortunate to start with Jim Mahoney and end with Kristen Sieffert.
“Gradually I got to know the Peter Bells and the Steve Irwins, the Joe DeMarkeys and Mike Kents. So much of my personal and professional life has been associated with NRMLA, and it was incredibly humbling and also a bit emotional to be recognized.
Norman also had an influence on Bell’s retirement, calling him a great mentor in the room.
“He invited me to my very first conference 25 years ago – in Naples, Florida, in November 1999,” Norman said. “It’s somewhat bittersweet because I know how much time and effort he has put into this industry, and the idea of protecting seniors while allowing them to use their home equity for retirement.”
