Overall reverse mortgage industry volume fell 9% from July, coming in at 8,933 units for the month, and bringing the YTD volume to 77,657 says Reverse Market Insight. Below is a list of the top HECM lenders through August 2009 and be sure to take a look at the commentary and link below which goes into more detail.
- Of the top 10 lenders, only Financial Freedom saw growth in endorsement volume from the prior month. We’d opine that this is in part due to catch-up at HUD from the ownership/name change, and their recent introduction of a 5.56 fixed rate HECM.
- 2,784 lenders have had a loan endorsed in 2009, up 11.6% from last year. This growth comes despite the drop in endorsement volume of 0.5%.
- Regionally, New York/New Jersey is a middle-sized market seeing strong growth right now, up 27.1% from 2008 levels. Other areas seeing growth include the Southwest, Northwest, and Rocky Mountain regions. Especially impressive about NY/NJ: 27.1% endorsement growth vs 15.0% growth in active lenders.
- Wells Fargo remains the #1 retail lender in all regions of the country. Bank of America has taken over #2 in six out of the 10 HUD regions.
“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“