Top Reverse Mortgage Lenders Through January 2010

February 3rd, 2010 | by John Yedinak Published in News, Reverse Mortgage, Top HECM Lenders | 9 Comments

Retail reverse mortgage endorsement volume for January was 7,629 units, down 8% from December 2009, and 22.6% lower than January 2009. It’s the lowest number of units since October 2006 according to RM Insight.

Below is a list of the top reverse mortgage lenders through January 2010. Be sure to take a look at the commentary and report which goes into more detail below.

The top 10 lenders accounted for 42.5% of the endorsement volume, consistent with what we’ve seen over the last 12 months.
The number of lenders receiving a reverse mortgage endorsement in January was 1,017, a decline of 18.8% from January 09.
43 lenders had a loan endorsed for the first time in January, the lowest level seen in 3 years.
No region was immune to the drop in volume. Leading the way down on a percentage basis were the Great Plains (-36.3%) and Rocky Mountain Regions (-35.4%), with the Southeast (-30%) following closely behind.

January MIC Summary Report

“Market statistics and report sample provided by Reverse Market Insight, the leading source of market intelligence in the reverse mortgage industry. For more information about RMI and to purchase the full MIC report with additional key performance indicators and market statistics, please visit our website at www.rminsight.net“

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The_Critic

Exactly what is so surprising about these drops???

No doubt these endorsements reflect the first major wave of HECM applications originated in October 2009. We all expected by pulling application originations into the fiscal year ended September 30, 2009, the number of applications taken in October 2009 would be miserable.
lancejackson

Sorry to be negative, but I predict that if the proposed PL cut and MIP increase go into effect in October we will see an even bigger drop in volume, for a total decrease in volume of over 50% from its high. The business will look much different in a year.
Anonymous

Sorry to be negative, but I predict that if the proposed PL cut and MIP increase go into effect in October we will see an even bigger drop in volume, for a total decrease in volume of over 50% from its high. The business will look much different in a year.
2545

Agreed Mr. Jackson. There is no question that the volume will be lower this year than last. It will be this way month over month. Remember our 625K limit is only good till 12/31/10. Here is another item Obama can take away from the HECM to get the volume down to where they want it. For those seniors who do qualify the benefit to the borrower is not going to be there if the PL cut and MIP increase do happen. I feel sorry for the seniors who will struggle because of these changes. On the other hand we have the abilty to always switch careers.
The_Cynic

When Lance Jackson is this negative, even I feel overly optismistic. The bad thing is, Lance is probably right.

I hope the Pollyannas in sales management in this industry stops harping on how any originator can bring in 8 HECMs per month and begin placing their energy in turning around the attitudes of this Administration and Congress regarding the necessity of this program. By the way the 8 HECMs per month standard was promoted by an industry sales management person writing an article for another publication. Talking about Pollyanna, this guy takes the prize. He should try selling in this environment.
Anonymous

Agreed Mr. Jackson. There is no question that the volume will be lower this year than last. It will be this way month over month. Remember our 625K limit is only good till 12/31/10. Here is another item Obama can take away from the HECM to get the volume down to where they want it. For those seniors who do qualify the benefit to the borrower is not going to be there if the PL cut and MIP increase do happen. I feel sorry for the seniors who will struggle because of these changes. On the other hand we have the abilty to always switch careers.
yourreverselender1

This proposed decrease to the PL and increase in MIP is yet another blow to seniors by this admistration. Not only do they plan to “rob from the 'rich' and give the the poor” they plan to take away the one sure thing a senior should be able to count on to help them through this economic mess. Taking away the cost of living increase on Social Security was a serious blow to most seniors, but these proposed changes to reverse to help fix an overall FHA problem, is just a huge kick in the crotch to the seniors of this country.
Management in the revese industry are the same as in any industry. When the you know what hits the fan, they are paid to keep everyone in line, cheer on the team and tell you it will all be okay, regardless of what is written in the tea leaves.
I love this business and plan to ride out the storm as long as I can, because I am passionate about helping seniors to the best of my ability. But, if you are in this for the same reason a lot of 'sub-prime' people where in that business, to make a buck, then you might want to look for another revenue stream. Because this business is about to become one that will only support the truly dedicated companies and individuals that have an honest desire to help seniors.
I'm not quite sure this is the “Hope and Change” most of the country was counting on when they got suckered into voting for this clown, but, we are stuck with it for at least the next 3 years, so all I can say is, best of luck to all of us and let's just keep doing the best we can until we hit the end of the line.
Anonymous

When Lance Jackson is this negative, even I feel overly optismistic. The bad thing is, Lance is probably right.rnrnI hope the Pollyannas in sales management in this industry stops harping on how any originator can bring in 8 HECMs per month and begin placing their energy in turning around the attitudes of this Administration and Congress regarding the necessity of this program. By the way the 8 HECMs per month standard was promoted by an industry sales management person writing an article for another publication. Talking about Pollyanna, this guy takes the prize. He should try selling in this environment.
Anonymous

This proposed decrease to the PL and increase in MIP is yet another blow to seniors by this admistration. Not only do they plan to “rob from the ‘rich’ and give the the poor” they plan to take away the one sure thing a senior should be able to count on to help them through this economic mess. Taking away the cost of living increase on Social Security was a serious blow to most seniors, but these proposed changes to reverse to help fix an overall FHA problem, is just a huge kick in the crotch to the seniors of this country. rnManagement in the revese industry are the same as in any industry. When the you know what hits the fan, they are paid to keep everyone in line, cheer on the team and tell you it will all be okay, regardless of what is written in the tea leaves. rnI love this business and plan to ride out the storm as long as I can, because I am passionate about helping seniors to the best of my ability. But, if you are in this for the same reason a lot of ‘sub-prime’ people where in that business, to make a buck, then you might want to look for another revenue stream. Because this business is about to become one that will only support the truly dedicated companies and individuals that have an honest desire to help seniors.rnI’m not quite sure this is the “Hope and Change” most of the country was counting on when they got suckered into voting for this clown, but, we are stuck with it for at least the next 3 years, so all I can say is, best of luck to all of us and let’s just keep doing the best we can until we hit the end of the line.rn

Top Reverse Mortgage Lenders Through January 2010

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