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1. 

   James E. Veale, MBT

   March 2, 2024 at 4:29 pm

   For those who have not heard, calendar year 2023 HECM endorsements were so bad that this total now stands as the worst total for HECM endorsements in 20 calendar years. In fact, the total was even worse than the worst HECM endorsement total for any fiscal year in the last 20 years.
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   Yet little holds a candle to the HECM endorsement total for February 2024. Only the two months that HUD shut down tts offices for a portion of two consecutive months due to the fear of COVID has any month had a worse endorsement total in almost 21 years.

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2. 

   The Critic

   March 2, 2024 at 4:40 pm

   Another disappointing year for H4P.
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   H4P has once again proven its value to the industry. For the first time since 2014, H4P failed to reach 2,000 endorsements for a full calendar year.
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   Now with a few (futile) tweaks we are hearing how the so called sleeping giant of the reverse mortgage industry is now ready to demonstrate its prowess. It would be nice if for once we got the evidence before hearing what we are supposed to believe about H4P first.
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   15 years ago we heard how H4P endorsements would match HECM endorsements from all other sources within a decade (I am being generous). I just hope that total HECM endorsements from Traditional and Refinanced HECMs stop trying to match H4P endorsement production.
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   I doubt if the current tweaks will have the chance to make a substantial change in the H4P endorsement count for fiscal year 2024 so let us see if in fiscal year 2025 H4P has a substantially greater percentage increase in HECM endorsements than that same percentage for all other HECMs. Of course, the endorsement results for fiscal year 2025 could be worse than either fiscal year 2023 or fiscal year 2024. (The same kind of statements were made about H4P growing substantially due to the futile changes implemented in Mortgagee Letter 2013-33 and look at what has happened to H4P endorsements since — not much.)

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