January 27th, 2015 | by Emily Study | American Advisors Group, Data, HECM, Liberty Reverse, News, Open Mortgage, Proficio Mortgage Ventures, Reverse Mortgage, Reverse Mortgage Funding, RMS, Security One, Urban Financial of America | 3 Comments
Following notable home equity conversion mortgage (HECM) endorsement growth in October 2014, nine out of the top-10 reverse mortgage lenders experienced a decline in volume in November, according to the latest Reverse Market Insight (RMI) report.
“The industry was down overall in the month, so it makes sense that many lenders would be down as well,” RMI President John K. Lunde tells RMD. “Among the top 10, nine had seen big jumps in October (with the exception of Liberty), so it makes sense they reverted to the mean a bit.”
However, Live Well Financial bucked the trend, growing 20.9% to 168 loans in November, compared to 139 in October.
Among the top-10 lenders by year-to-date loan volume are American Advisors Group; Liberty Home Equity Solutions; RMS/Security 1 Lending; Urban Financial of America; One Reverse Mortgage; Generation Mortgage; Proficio Mortgage; Reverse Mortgage Funding; Live Well Financial; and Cherry Creek Mortgage.
But some hovering below the top 10 saw volume spike in November, including High Tech Lending, which grew 116.7% to 78 loans on the month, putting the company in sight of last year’s endorsement total, Lunde writes in his commentary.
Overall, HECM endorsements declined modestly in November, split almost evenly across business channels. Retail originations declined slightly more, down -9.8%, than wholesale/broker volumes at -8.2%.
Access the RMI report here.
Written by Emily Study