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July Top 100 Retail HECM Lenders Report

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July Top 100 Retail HECM Lenders Report

Although charting the future of HECM changes is confusing, seeing who is grabbing marketshare or growing is not. There were substantial moves amongst the top 10 lenders as well as those outside the top 10 in July.


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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.
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  1. It is time to step back and look at our market and the players in it today. For the first time, we see AAG really stepping forward with over 900 endorsements this month alone. This month was a great the best July for endorsements since July 2010 and was also the first July since July 2010 where July endorsements exceed those for the prior month.

    But here is the opposite side of the coin. The volume of endorsements outside of the Top 100 was dismal. It seems like the Top 100 if not the Top 10 are sucking up most of the business of the smaller lenders. Is this simply a monthly aberation or will this become a trend?

  2. The Top 10 reverse mortgage lenders are getting the lion’s share of the business because they have the money to do the massive television and radio advertising that the smaller lenders cannot afford to do. The big fish always eats the little fish. They also are not regulated as harshly as we mortgage brokers. One thing that hopefully has been learned during this industry melt-down is the Golden Rule….He who has the gold, makes the rules. And we have seen this happening since Dodd-Frank.

    • Michael,

      It is good once again to be reminded of the true Golden Rule. The other so called “golden rule” is a fictitious and misleading name for a specific divine standard for human conduct towards others.

      While It is generally true that the big fish eats the little fish, there are exceptions. Several of the Top 10 were not much more than very small businesses in 2007. They have done quite well despite of the odds. They have weathered the ravages of the mortgage meltdown, the significant changes caused by HERA, and have endured the challenges of an ever changing HECM landscape despite the loss of the largest most lenders to ever come into our market place.

      If HECM originations are growing and the changes HUD is proposing will not materially damper demand, perhaps now is the time to be all in and find ways to grow.

      While I agree on TV, no company has been all that successful with radio. Do you have any examples with radio?

  3. Sorry fellows, it all boils down to the “boots on the ground” of committed los who appreciate and care for the senior community. There is no way a company has enough funds to buy their way into a top position. AAG is basically a telemarketing company and I dare say their ROI for this month does not allow for any sustainable profit stream for their stockholders. Senator Thompson spends more time in my living room than I do.
    It still boils down to relationships, referrals, and hard work.

  4. I believe a lot of the top 10 are also lenders that have wholesale (correspondent/ Broker) channels. So are their endorsements solely based on internal endorsements or all endorsements through all channels? We are a correspondent with a few of the top ten lenders and we are also in the top 100 lenders. So maybe its not so much that the big fish are eating the small fish as much as the small fish providing the big fish with endorsements. If anyone knows for sure if correspondent and broker endorsements are added to the big lenders endorsement count please let me know.

  5. Our company does not spend any money to speak of to buy TV or Radio time. They also don’t supply us with leads. For our team it is all about being out and about building relationships.

    While we did slip a bit this past month, overall we are holding our own. I can only imagine what our volume would be like if we only had half the media time AAG has.

    Brother Fred does a nice job for us all, but as intended, it appears he is doing best for the guys that pay his salary.

    Keep up the spending AAG!

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