The reverse mortgage industry endorsed 114,783 of Home Equity Conversion Mortgages during the Department of Housing and Urban Development’s (HUD) FY 2009, which ended September 30, 2009. That’s up 2.3% compared to HUD’s FY 2008.
Below is a list of the top HECM lenders through September 2009. Be sure to check out the commentary and link below which goes into more detail.
- Endorsement volume for September came in at 9,473 units, up 6% from August, bringing the YTD number to 87,130.
- The number of lenders with an endorsement during the year has hit 2,905, a 10.7% increase over 2008.
- The all-important "Endorsements/Lender" metric picked up a bit after dropping significantly in August. This was probably helped by the lowest number of new entrants coming into the market in the last two years.
- Top 10 lenders share of volume for 2009 stands at 42.5%, up from the prior year, despite the higher number of lenders active in the market. We view this as a sign of things to come as the industry continues to mature and legislation and economic realities force some of the small shops out.
- This marks the first month we’ve combined Omni/Security One Lending’s volume into one, and the result pops them into the Top 10.
“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“