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Three Fallacies to be Avoided

Reverse Mortgage News Blind Spots, or better yet Biases. We all have them. It’s our brain’s ways of taking shortcuts in decision making. A hard wired yet often flawed response. Some may be good as they clarify and reinforce our beliefs and philosophy while others can be destructive. To improve our efficiency and position ourselves for increased success let’s look at three blind spots we should be aware of and avoid. Economically one of our most common blind spots or fallacies is the Sunk Cost Fallacy. Here’s an example…

Download the video transcript 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.

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1 Comment

  1. CPAs do not like being considered optimists or pessimists. We like being seen as positive but realistic with a view to facts and historical data.

    Today on a company call, another CPA stated that his areas was seeing 70% lower volume. While I agree closing rates are presently low, it is company gross revenues which have suffered. As a result many originators are seeing their commissions based on Maximum Claim Amounts rather than origination fees or unpaid balances at initial funding.

    If closings are down 30% this fiscal year, expect lender gross revenues to be down by almost 50% when compared to last year. Lenders are fighting to see their net revenues (gross revenues after deducting all originator related commission costs) hold to a higher percentage than 50%.

    Let us hope to see stronger results this spring and yet better results this fall. This is our year in transition and many of us are felling it.


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