September Top 100 HECM Lenders Report
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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.
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During this FHA fiscal year (the twelve month period ended 9/30/2021), HUD endorsed 49,207 HECMs. At no time during the fiscal years 2006 through 2015 (a full decade), was the total HECM endorsement count lower than 51,642 (the endorsed HECM count for fiscal 2014).
The total for this fiscal year was the second highest in the last six fiscal years with fiscal 2017 having 55,292. Fiscal 2018 had 848 fewer endorsed HECMs than this last fiscal year and fiscal 2016 had 305 fewer endorsed HECMs also than this last fiscal year. So in the last sixteen fiscal years, the total HECM endorsement count for fiscal 2021comes in at number 12.
There has been much anecdotal talk about the industry reaching 65,000 endorsed HECMs for this calendar year since an industry leader made that prediction about two months ago but since the total endorsed HECM count for the first nine months of calendar 2021 only totals 37,814, where are the additional 27,186 HECM endorsements going to come from in this and the following two months? The Ultra Optimists in this industry do not cease to amaze. I am hard pressed to see how total 2021 calendar year endorsed HECMs will reach 53,000.