Top HECM Lenders in 2007 & Vertical Lend Summary

Below you will find the top HECM lenders in 2007 through the month of November.  Also be sure to check out the sample report which breaks down the top lenders even more at the bottom.

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Highlights from the report:

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  • 8,270 HECMs endorsed in November, down slightly from 8.417 in October.
  • YTD total of 100,280, marking the first 6-digit endorsement year in industry history.
  • Market concentration as measured by the top 10 lenders’ collective market share continues to decline, albeit at a much slower rate than earlier in the year, at 43.8% vs. 43.9% last month YTD.
  • Active originator base continues to grow and is now comfortably over 1,500, with just under half of those new to the business this year.
  • While the top 10 originators in the industry continue to be familiar names (and in particular the top 3), the biggest move YTD among the top 5 is Vertical Lend, up from number 12 last year with the largest unit volume growth in the top 10 @ 236%.  Since we’re highlighting the company detail section of our MIC reporting service this month, we’ll use Vertical Lend to highlight where their large volume growth was generated.

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Company Detail – Vertical Lend (Page 2)

  • Vertical Lend has generated large gains in unit volume and market share at least in part by expanding geographically.  This is clearly illustrated by the significant growth rates seen outside their home region of New York/New Jersey, in the Mid-Atlantic and Southeast/Caribbean regions and to a lesser extent in the Midwest.
  • A picture is worth a thousand words, and in this case a graph illustrates the above point more clearly even than the growth rate numbers in the table at the top of the page.  Last year Vertical Lend drove more than half of total volume through their home region, but this year the home region held steady at a modest growth rate and other regions now account for over 2/3 of total volume, with Mid-Atlantic and Southeast/Caribbean accounting for more than half of YTD volume.
  • Vertical Lend has held steady at a number 4 ranking in their home region, while advancing into the top 5 in both primary growth regions and into the top 10 in the Midwest.  Vertical Lend has grown faster than the overall market in each of its 7 top regions where it had volume last year, as indicated by the market share growth in each region.
  • The geographic growth strategy has benefited Vertical Lend’s business volumes and growth, and in combination with the new product announcements and acquisition by a large international financial institution the company has announced this year, it’s clear that an aggressive growth plan is in motion.

November 2007 MIC 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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