Exclusive Interview with Loren Riddick:
A perfect storm of opportunity
Loren Riddick shares his real-life experiences in creating a steady stream of qualified and motivated potential borrowers from these referral partners…
7 comments
What an inspiration Riddick is. Great interview. Thanks, Shannon.
Yet HECM endorsements are down to less than 9,600 in the quarter ended 16 days ago from over 15,000 for the same calendar quarter last year (i.e., the three months ended 12/31/2021). There is no question that addressing misconceptions and falsehoods about HECMs will help our individual volume to some degree but NOT the awful of compensation we see in rate sheets and let’s be truthful, volume alone cannot make up for that problem.
As to HECM endorsements, last fiscal year (ended 9/30/2022) was exceptional; its total of over 64,400 was the best fiscal year HECM endorsement total volume seen in more than a decade!!! But even the optimists in our industry have decided that fiscal 2023 will have much less volume.
BUT then there is comp. Where was industry leadership on addressing “runaway” HECM Refis volume last fiscal year? Why didn’t the lenders demand meetings between FHA, GNMA, and NRMLA to address this problem, while encouraging HECM Refi production, lenders were warning of negative repercussions from the investment community unless something was done.
Who is addressing the PLF and MIP policy of FHA as expressed in its 10/2/2017 changes. There seems to be some movement at NRMLA, four years late!!
These are difficult times and our industry to a large extent is in freefall. Unless interest rates drop or FHA rescinds its 10/2/2017 changes, I lack the confidence to say that this fiscal year will be positive for most originators.
Excellent – thank you
Looks like you need to make a segment for Loren! Wonderful interview Shannon! This was one for the books! Kudos to you both. 🙂
Thanks, Angel! Stay tuned next week for Part 2 with Loren!
Phenomenal interview Shannon! Loren’s energy is contagious.
Thank you, John. Loren makes my job easier.