Training Reminder: Stop the Bleeding and Reduce Reverse Mortgage Fallout

NewImage.jpgJust a quick and FINAL reminder that Reverse Fortunes is providing RMD readers with a FREE training session coming up on Monday, April 2 at 1:00 PM to 2:00 PM EST (10:00 AM PST). Mark your calendar!

The session addresses the topic of fall-through. Rates for those receiving HECM counseling and not closing a loan are at an all time high, and Reverse Fortunes’ training will help originators address fall-through by identifying common causes and setting expectations accordingly.

Reverse Fortunes will also cover:

  • How to eliminate the weakest link
  • How to set expectations that reduce cancellations
  • The little known secret after HECM counseling most miss
  • Giving it away: Learn what most originators unintentionally give away costing them the loan

Space is limited, so sign up now!

Date: Monday, April 2, 1:00 PM to 2:00 PM EST (10:00 AM PST). Mark your calendar!

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  • This is a very important topic.  

    As HUD has recently pointed out the dropout rate following case number assignment has taken a sharp downward turn.  For the first time a portion of that 9% can now be seen in the annualized conversion rate.

    The endorsement total for March 2012 is the lowest total for any month in years.  The total endorsements for the first six months of this fiscal year is less than 29,000 and yet for the last three years, the first six months of the fiscal year produce more endorsements than the last six months do.  These are phenomenally bad numbers and based on HUD concerns, the annualized conversion rate seems doomed to fall yet more.  The number of case numbers assigned in the three months ended February 29, 2012 is 21.5% lower than than for the three months ended February 28, 2011.  (The number of case numbers assigned during March 2012 will not be released for about four weeks.)

    Per HUD, the overall dropout rate following counseling is now over 50%.  This is astounding and startling.

    While I do not oppose it objectives, many RMD readers know I am against FIT, its scoring, and its report, BUT the issues related to FIT most likely represents less than 7% of the total dropping out after receiving their counseling certificates.  So what is causing more than 93% of the problem?

    The most frequent response is low appraisals.  Yet why the high increase in the last few months?  Is it more marginal applicants?  Is it that Wells Fargo, Bank of America, and Financial Freedom are no longer in the industry?  Is it that we no longer focus on managing the expectations of applicants?  Or is it yet something else.

    THIS webinar could not be more timely.

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