Loren Riddick shares his real-life experiences in creating a steady stream of qualified and motivated potential borrowers from these referral partners…
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
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.