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July 2012 Top 100 HECM Retail Lenders
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This is the worst endorsement report in years. Going under 4,000 was not one objective many of us wanted to achieve this fiscal or calendar year.
Yes, it is and remains the year of the lender but one thing is very certain when the endorsement activity of MetLife and FNB of Layton goes away, the remaining top six will all be in striking distance of becoming Number One. Right now One Reverse holds that distinction by over 100 endorsements over the next group of seven which starts at 219 and goes to 298.
Some question if One Reverse will be able to latch onto the endorsements which will be up for grabs based on their modus operandi. We will know a lot more by January 2013.
Right now with a projected 57,000 endorsements for this fiscal year, I am beginning to feel like a real optimist. We are at just over 47,000 endorsements for the first ten months of this fiscal year with only two months of endorsements to go.
While the data for one month is not a trend, one has to wonder if at least for awhile it could be. It certainly seems as if, endorsements for this fiscal year will be less than half of what they were for fiscal 2009. Here is hoping for better endorsement numbers for the rest of this fiscal year.
Why the low number? The available inventory of applications with case numbers assigned during March 2012 and the weeks surrounding it indicated a better endorsement total for last month. Could the lower endorsement number be reflective of the lower pull through rate HUD has been warning about for several months now? Or could it be something else? Could the problem be seasonal due to vacations and similar seasonal reasons which has not been so obvious in prior years?
In the weeks to come many will be searching for answers. There is already a rumor that the NRMLA Board is searching for ways to make projections far more accurately. As many know some projections at NRMLA conferences have been wildly overoptimistic.