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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. Rather than dealing with numbers, let us focus on what could lead us to see these terrible numbers as a goal. No, it is not any anticipated rise in the HECM expected rate index nor some extreme view that HUD will lower current PLFs even lower nor a negative change by HUD to the current MIP structure. Rather it is a looming potential risk to the reputation of reverse mortgage lenders.

    Until last week, it seemed the looming lender reputation risk would come from the OIG’s (i.e., HUD’s OIG) investigation into the impact of the bankruptcy of a former Top Ten HECM lender and any future bankruptcies by HECM lenders (and specifically HMBS issues) to Ginnie Mae As to the bankrupt HECM lender, an issue that could easily arise is what appears to be the inadequacy of due diligence on the part of the lender in acquiring a portion of the HECM portfolio of the former HECM endorsement industry leader Now that must be combined with the underlying accusations of the litigation being supported by AARP against that same lender and its subservicer.

    Reputation risk is generally less about facts than perception. Most of us are more than aware of this. Do not expect this risk to just fade away easily. We are just at the starting gate. Some feel we have not fully seen the hit to lender reputations from the problems that streamed from the bankruptcy of the lender.

    While HECM originators can do little to prevent what could come out of this, beginning to learn the facts and how to present them to overcome negative views of prospects and seniors generally (including those who work with seniors) NOW seems prudent. One question we all will face is at what point (if at all) should our presentations be modified to begin addressing the issues the bankrupt lender has left the industry in its apparent haste to acquire a portion of the former HECM endorsement leader and as a result the acquiring lender’s bankruptcy.


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