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8 Comments
The whole discussion on the MMI Fund and PLFs shows the measure of understanding of the problem. It borders on tragic the manner in which so many see how to improve the HECM program without bothering to read and understand either the annual actuarial reports on the HECMs in the MMI Fund or the FHA annual report to Congress.
It is time for novices to stop their opining (even whining) and read. Without an educated and unified stance, the industry sounds like people who do not understand how their own products potentially impact US taxpayers. It is more confusion than reason.
Right now there is partial ignorance and full ignorance being expressed. Some of the ignorance is due to closed doors at HUD. It is clear that the HUD bureaucracy has little concern over its lack of transparency when it comes to HECMs (at least for now).
Shannon,
What a great idea to add the pod cast to the HECM list of weekly programs. I hope you will continue that practice and make it your policy. The problem is I forget about the pod casts otherwise; call it old age.
Although I thought a lot of the content stunk, it is the news inside the industry AND It is news the industry needs to be informed on.
Thank you Cynic. I’m glad you enjoy the podcasts, despite the content not always being on the sunny side.
Shannon,
Is this button to the podcasts a one-time event or will it now become policy week in and week out?
Thanks,
The_Cynic
Good question. I actually posted this because this page comes up on search engine results for ‘reverse mortgage podcast’. The embedded player will always show the most current episodes. You can bookmark this page or go to https://www.reversefocus.com/resources/industry-news#podcast which is always promoted in our weekly emails. The trick with our blog website (HECMWorld) is that it always rotates the most recent posts so the podcast page will not always be on the home page so I’ve added a “Podcast” button to the site’s top navigation.
Shannon,
Excellent move. I will look for it in the future.
It is just done this way, it is so easy to use.
Thanks,
The_Cynic
What nonsense that Realtors as a whole are warming up to H4P. The article never states it but finally gets it right when it focuses on the certificate of occupancy (COO) issue.
The COO issue is one that impacts Realtors who focus on new homes for sale. They normally sell in conjunction with builders. Those Realtors’ commissions are normally paid for by builders/developers but at a discount.
On the other hand, home resale Realtors are not significantly moved at all by recent changes. The value of the HECM in their business is as foreign today as it was almost a decade ago when it first became part of HECM law in HERA.
Great job, Shannon.
I love the convenience of having the pod cast just a button away when coming onto your website. Great thinking on someone’s part.
There were a few places where the news itself was difficult to follow, especially how hind sight related to the valuing of the HECM portfolio. That is the most accurate way to measure such value. If the old method of valuing HECMs were still in place, we would only be having surpluses until the time that losses start overtaking those surpluses which might be years down the road.
No insurance company should want to be taken by surprise. That is why it was so odd that Congress had to add a required analysis of the HECM portfolio by independent actuaries in HERA. No doubt part of the reason Congress took that action is because Congress wanted to know early in the process how the program is doing without the support of the provisions governing the General and Special Risk Insurance Fund.
Then the statistics on older HECM borrowers. On one hand the statement was made that the numbers of older borrowers were about the same and then later on that their percentage was about the same as before. If the percentage is about the same and demand is dropping, that means that there is no shift in the demand of younger borrowers that is different from that of all borrowers. So that analysis was weak at best.
Nevertheless, having that information presented conveniently is a real improvement.