In a notable transition earlier this year, attorney Jim Milano made the strategic move to join the law firm McGlinchey Stafford, departing from his longstanding role at Weiner Brodsky Kider, a firm that has served as outside counsel to the National Reverse Mortgage Lenders Association (NRMLA). Jim Milano, a well-known figure in the reverse mortgage sector, has shared his insights on legal matters in the industry at various NRMLA events.
Jim Milano recently sat down with Reverse Mortgage Daily (RMD) to discuss his transition to McGlinchey Stafford and elaborate on how his continued legal work will center on the reverse mortgage sector.
The Transition to McGlinchey Stafford
McGlinchey Stafford, established in New Orleans in 1974, began as a single downtown office but has since grown into a formidable firm with over 150 attorneys across 14 offices nationwide. In the 1980s, the firm launched a small consumer finance practice group, which progressively expanded in size and significance within the legal practice over the years.
Jim Milano revealed that he had been approached by McGlinchey Stafford approximately five times between the 1990s and around 2019, inviting him to join their ranks. However, it wasn’t until the present time that he felt the move was a fitting career choice, primarily due to the evolving nature of remote work.
“Unlike today, back then we weren’t enmeshed in remote work,” Milano explained. “And me going to work for this firm would have entailed moving either back to Louisiana or, most likely, upstate New York, like Albany. In the mid-90s or early 2000s, I wasn’t ready to make that move.”
Jim Milano cherished his time living in Washington, D.C., where he actively participated in pivotal discussions about the future of the reverse mortgage industry. Nevertheless, the onset of the COVID-19 pandemic altered the circumstances, sparking his consideration of joining McGlinchey Stafford.
“As we came out of [the pandemic], part of my annual thought process that I started thinking about was the idea of being able to work somewhere else, and working remotely came into my mind,” he noted. “I talked to these folks, and the idea that they had presented to me two or three years before was still on the table. It wasn’t a very long process.”
Jim Milano’s existing network of personal and professional acquaintances in the consumer finance practice group played a significant role in facilitating his transition to the firm earlier this year.
Ongoing Commitment to Reverse Mortgage Work
When asked about the extent to which his core responsibilities have shifted regarding his work on reverse mortgages at McGlinchey Stafford, Milano emphasized that many core aspects have remained consistent.
“I continue to do a lot of the same work,” he affirmed. “I support lenders with hyper-technical HECM questions. I can’t talk too much about some of my other work, but it includes working on new private programs that you or others may see in a few months or next year.”
While Milano acknowledged that the current volatile interest-rate environment has momentarily reduced demand for such loans, he expressed confidence in their eventual resurgence. As a whole, McGlinchey Stafford places a strong emphasis on the consumer finance space, including its involvement in the reverse mortgage industry.
“McGlinchey is not known in the reverse space,” Milano remarked. “They’ve been doing their work quietly to the side. But I certainly know them because years ago when I was working for a private lender and I had to deal with attorneys here, I knew that they were working for investors that were buying my clients’ loans.”
Milano’s participation in NRMLA conferences had previously brought him into contact with members of the firm, but his integration into McGlinchey Stafford revealed the depth of its involvement in mortgage law, particularly in the realm of reverse mortgages.
A Renewed Commitment to NRMLA
Jim Milano often faces inquiries from industry event attendees regarding his continued involvement in the reverse mortgage sector. He emphasized that he never ceased his work and commitment to the industry. Upon joining McGlinchey Stafford, he conveyed a request to the firm to become a member of NRMLA, which they promptly agreed to.
“That’s really the only ask I had of these guys, and they recommitted,” Milano explained. “I think they were members years ago, and so they re-upped their membership. I’m still involved in NRMLA on all of the committees I was involved in before, but now as a member.”
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