Shannon Hicks - Shannon is a cofounder of Reverse Focus, Inc. He draws from his experience as a reverse mortgage originator and prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he began podcasting and in 2010 with weekly video updates. He has spoken nationally at industry events and is host of the nation’s only weekly podcast for reverse mortgage professionals “Reverse Focus Weekly”. For more information, call 1.800-805-9328 x 3-3 or visit www.ReverseFocus.com .
Again . it seems like we’ve cleared the decks, first for the FHA/HUD to collect more MIP, and now for the BANKS to collect the upfront Loan Origination Fee. Overall, try as hard as you’d like to, you are not convincing ANY MLO’s out there that any of the new “RULE” is going to be good for their pocketbook. No Front and back, only one, and that one alone is less than previously earned. Seems like REVERSE is now going to be considered like a Forward loan when it comes to comp, which is not good for Reverse LO’s, as they went into this knowing they’d make more per deal and there are lots less deals to be had in REVERSE than there are in Forward mortgages.
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Again . it seems like we’ve cleared the decks, first for the FHA/HUD to collect more MIP, and now for the BANKS to collect the upfront Loan Origination Fee. Overall, try as hard as you’d like to, you are not convincing ANY MLO’s out there that any of the new “RULE” is going to be good for their pocketbook. No Front and back, only one, and that one alone is less than previously earned. Seems like REVERSE is now going to be considered like a Forward loan when it comes to comp, which is not good for Reverse LO’s, as they went into this knowing they’d make more per deal and there are lots less deals to be had in REVERSE than there are in Forward mortgages.
LOOKS LIKE THE BANKS PUT US L.O.s WHERE THEY WANTED TO.