Advertisement
There is no video for this week's podcast. Please listen to the episode below.
EPISODE #813
It’s okay to be in second place
[PR Wire India]
Sometimes it’s okay to be second, as in 2nd Place, in retirement.
Other Stories:
-
-
[Housing Wire] Some reverse originators report a strong start to 2024
[Market Watch] Should my 87 year-old mom owing $425K on a $1M home get a reverse mortgage?
-
HSom
Advertisement
1 Comment
One thing this industry is not known for is its accountability. The article in RMD about the six originators only reinforces that criticism.
In over forty days, no one has bothered to state the obvious. The number of HECMs endorsed in the twelve months ended December 31, 2023, was the worst such total for any calendar year since 2004. Last calendar year (2023) that total was almost 10,000 lower at 30,546 than the 40,156 reported for calendar year 2004. It is tough to see a budding industry go from an all-time HECM endorsement total high for calendar year 2008 of 115,219 to almost 85,000 lower 15 years later.
Why is it necessary to review last year’s HECM endorsement failure just because that is what most industries do? Does it matter? Six originators “have concluded” they are doing better in the last 40 days plus than they did last year at this time. That should be enough for anyone. The only thing that counts is everyone walked away from the NRMLA National Convention feeling better than they did the year before.
Despite what RMD presented, based on empirical evidence and reasonable estimating, total HECM endorsements for the quarter ended March 31, 2024 will most likely be lower than that same number last year (6,400 vs 8,460) as will the total HECM endorsements endorsed during the first six months of this fiscal year (ending March 31, 2024) be lower than that total for the six months ended March 31, 2023 (13,500 vs 18,019) last fiscal year.
It is very doubtful if these six originators knew how their experiences would be presented.