Overall reverse mortgage volume fell almost 12% in November with 7,738 units and brings YTD volume to 103,640 according to data from Reverse Market Insight.
November’s volume is the lowest the industry has seen since September 2007 and shows our YTD numbers are trailing 2008 units by 1.7%. Below is a list of the top reverse mortgage lenders through November. Be sure to take a look at the commentary and report which goes into more detail below.
- Endorsement volume was 7,738 units, down 12% from October, and 34% from the peak month of April 2009.
- Year To Date volume is 103,640 endorsements, trailing last years total by 1.7%.
- One Reverse Mortgage continues to be the highlight of the year, with 278% growth vs 2008. This isn’t the only impressive story though — Metlife up 150% in retail and Generation up 58% are also worthy of a shout-out.
- The number of active lenders in the month dropped below 1,000, the lowest level on a monthly basis in almost two years. That being said, we’ve had 3,055 lenders endorse a loan this year, up 8% from 2008.
- The number of new lenders entering the market continues to fall, coming in at 50 for the month.
“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“