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Moves from #5 to #1 seem to be the trend as One Reverse Mortgage leapfrogged from #5 last month to the top spot in November. Security One Lending who was #1 in October is holding strong at #2. Greenlight Financial Services moved considerably up from #25 to break into the top ten at #10 in November while M&T moved from #19 to #9.
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Unless the December endorsements exceed 5,742, fiscal 2012 will be the fourth straight calendar year in a row where total endorsements will be lower for the calendar year than for the fiscal year which ended three months prior.
All indications are that even without FHA changes endorsements will be lower this fiscal year over last. By definition, an industry which has seen lower annual sales production for a period of five years or more is in decline.
We are not just in recession, there are clear indications we are now moving into decline. Where are reporters getting the myth that reverse mortgages are now more popular than ever? The FHA changes may be the nail in the decline “coffin.”
Yes, endorsements are up month-to-month but this is the EIGHTEENTH month in a row where endorsements have been lower for the current month when compared to the endorsement total for the same month in the prior year.
Anyone who is not availing themselves of as much marketing help as they can obtain is looking at an even bleaker future. All the talk about HECMs for Purchase being a sleeping giant and the financial community pulling us up out of this mess is more dream than anything close to fact for the immediate future.