2016 brought several changes to the reverse mortgage industry. Before launching head-first into the new year we should look back at the stories that shaped the Home Equity Conversion Mortgage to prepare for 2017.
February brought us…
Download a transcript of this episode here.
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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.
2 Comments
Although I respect Shannon’s view very much, what he said in this segment was more optimism than realism. The facts are the overall downward trend in endorsements is not getting better. The total for last fiscal year was the worst since fiscal 2005. Even worse the endorsement totals for the first two months of this fiscal year are the worst start to any fiscal year since November 2004.
The latest interpretation of the DOL Fiduciary Rule which is expected to go into effect in April 2017 is still over the top. There is no thought of HECMs anywhere in the new Rule. DOL does not have authority to rule on the use or recommended use of personal assets or their related debt in that rule.
Rather than focusing on how to reverse the current downward trend in endorsements and breakthrough current stagnation, we are distracted by what could be and what could have been: the Extreme Summit and the adopted but not implemented DOL Fiduciary Rule. Realism is out and even pragmatic optimism hanging on by a thread. What we are left with is pollyannaism.
The_Cynic,
While I generally agree with your positions in your comment, Shannon did not talk about endorsements or the Extreme Summit. How the Extreme Summit works into a conversation on endorsements for either fiscal or calendar year 2016 is unclear. On the other hand claims were made about how much better fiscal 2016 endorsements would be with it.
As you point out the “really big story” of the year is endorsements, endorsements and endorsements.