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While two consecutive quarterly declines in the gross domestic product should a recession make, the only thing that seems certain for some mortgage brokers, originators, and loan officers is that business is down compared to last year, in some cases by as much as 60%. So while the mortgage industry may be in the midst of a "housing recession," the question remains whether the overall economy is there yet. Opinions are mixed, but brokers and MLOs know what the numbers tell them.