Below you will find the top HECM lenders through March in 2008. Be sure to check out the sample report which breaks down the top lenders even more at the bottom.
- In month three of 2008, HECM endorsement volume fell 11% to 9,663 units.
- Wells Fargo had an extremely weak March, with only 575 endorsements during the period (they’ve had well over 1,000 endorsements in almost every month since the beginning of 2004), and by itself could account for the entire decline in endorsements vs February. We’re curious to see if this is a temporary drop due to endorsement timing issues, or if its the start of a bigger trend.
- At the risk of sounding like a broken record, Countrywide continues their meteoric climb and actually took the top spot for this month with 699 endorsements, followed by Financial Freedom (648), Wells (575), and World Alliance Financial (279).
- Top 10 lender share continues its march downward, coming in at 28% for the month and 37% YTD (helped significantly by the Wells’ decline). As we are seeing a steady stream of new lenders entering the market, we expect to see this overall trend persist.
“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“