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How Do Recently Introduced Products Impact Borrower Choice?
There is a new race in our industry. In the last three months we have seen four new fixed rate HECM product variants introduced. Innovation can be a positive force in our industry but it does come with its risks. Confusion and cash burn. First let’s address confusion.
HUD shrunk our product offerings from the Saver and Standard fixed and adjustable to one adjustable rate HECM with two tiered upfront insurance pricing. While not welcome changes to those who appreciated the Saver and Standard Fixed products it did inadvertently reduce consumer confusion. Whenever a plethora of product choices are presented their lies the risk of the paralysis of choice; or better said the paralysis of analysis. Simply stated if…
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