As the release date for the new HECM Saver program approaches, investors are flying blind in figuring out how to value the new product before it’s released. “The dealers are trying to get an idea about how it should be valued,” said Jeff Traister, head HMBS trader at Cantor Fitzgerald during a call with Reverse Fortunes on Monday. Investors base the values on prepayment speeds and since there is no data on HECM Saver performance, lenders should expect conservative pricing.  ”If you don’t know what the price is, there will be a lot of caveats involved to ensure you don’t crush yourself with unknowns,” he said.  Any new product is priced conservatively initially, and therefore, Traister doesn’t expect the HECM Saver to see any pricing above par until investors get comfortable with the cash flows.