Opportunities are Created in a Down Market
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It’s been a double hit for many. First the elimination of the popular federally-insured Standard fixed rate product in April and this month…the elimination of all existing products for one with first year restrictions on distributions. It’s a new age in reverse mortgage lending. One where competition is down and opportunity is up for those who adjust to the new product environment. The immediate impact of product eliminations is being felt as endorsements were down 16% after the April 1st elimination of the Standard Fixed Rate. What will our numbers look like three months from now for loans closed post October 1?
Those impacted the most in the wake of the Standard Fixed Rate elimination are those whose business model was heavily vested in fixed rate loans. Those with more a more diverse source of loans faired better…