How is it that NREP continues to plug reverse mortgages, to quote today’s message as “a goldmine”? HECM volume has dropped dramatically, less than 3,000 HECM’s closed in the entire country last month! We are at 2004 volume levels at the same time revenue per transaction is off by about 40% from last year. Our revenue on a reverse mortgage is about the same as on traditional mortgage transactions. There are way too many LO’s chasing financial planners and home health care providers. Traditional mortgages are much easier to sell and much more plentiful.
I’ve done 3 HECMs and it’s a matter of sheer luck how much $ you will make and it’s all based on the initial draw. If they take the entire Principal Limit, you can score big. If they take a line of credit and a minimal initial draw, you make very little. Of course, I always do my fiduciary duty to the borrower and go with what’s in their best interest, but it’s uncomfortable having that temptation to push for the max initial draw.
I live in an area that is 70% retired people and I find most of the responses are very good.
However, approximately 3 out of 5 are refi reverse mortgages, in that they want money to do other things with their equity, such as pay off bills, remodel, or whatever and stay right where they are. As a real estate agent in this area, I really love the product and the more I learn the more confident I am to educate elder seniors.
They are FHA loans and my lender said the underwriters are asking for a second appraisal on 20% of the homes. The cost of the reappraisal is another appraisal fee. Getting more expensive and the appraisals are coming in low.
MBS Highway is a communication tool that will help you improve your batting average and turn more conversations into applications. Every morning, you’ll receive a coaching video from Barry Habib which will help you beat your competition and be a true advisor in this rapidly changing environment.
The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973.
In addition to mandating members adhere to a professional code of ethics, NAMB provides mortgage professionals with education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
Ryan Hills and his team over at the RESource are great friends of ours. Tune-in their latest weekly episode right here on the home page of the National Real Estate Post. Ryan delivers fantastic content beneficial for both mortgage and real estate professionals.
Andrew Berman is a wonderful friend of the NREP Daily. His MNN shows are always insightful with great guests. Be sure to tune-in to MNN right her on the National Real Estate Post to see what Andrew has in store for you. Great content for mortgage and real estate pros alike!
Shred Media is the first professional development agency for the real estate & mortgage industry. Shred Media was created for industry professionals by industry professionals. We understand that you have to stand out to stay relevant to today’s consumer. That is why we are hustling daily to build a community where today’s top influencers and thought leaders come together to collaborate.
Two of our favorite guys over here at the NREP Daily. Ray and Dan are true leaders within the real estate industry and their weekly shows prove it. They bring great content and amazing guests to you in a fun and interactive way. Be sure to visit them by clicking the button below so you get notified when they go "live" on Facebook. Trust us, these guys are great!
How is it that NREP continues to plug reverse mortgages, to quote today’s message as “a goldmine”? HECM volume has dropped dramatically, less than 3,000 HECM’s closed in the entire country last month! We are at 2004 volume levels at the same time revenue per transaction is off by about 40% from last year. Our revenue on a reverse mortgage is about the same as on traditional mortgage transactions. There are way too many LO’s chasing financial planners and home health care providers. Traditional mortgages are much easier to sell and much more plentiful.
I’ve done 3 HECMs and it’s a matter of sheer luck how much $ you will make and it’s all based on the initial draw. If they take the entire Principal Limit, you can score big. If they take a line of credit and a minimal initial draw, you make very little. Of course, I always do my fiduciary duty to the borrower and go with what’s in their best interest, but it’s uncomfortable having that temptation to push for the max initial draw.
I live in an area that is 70% retired people and I find most of the responses are very good.
However, approximately 3 out of 5 are refi reverse mortgages, in that they want money to do other things with their equity, such as pay off bills, remodel, or whatever and stay right where they are. As a real estate agent in this area, I really love the product and the more I learn the more confident I am to educate elder seniors.
They are FHA loans and my lender said the underwriters are asking for a second appraisal on 20% of the homes. The cost of the reappraisal is another appraisal fee. Getting more expensive and the appraisals are coming in low.