Top Reverse Mortgage Lenders Through November 2009

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.

November MIC Summary 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

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  • Mr. Peter Bell described the number of FHA Case Numbers rising significantly yet at the time (the NRMLA Convention), the difference in endorsements were fractionally different than the prior year. Even though Peter gave a positive spin on this trend, a more conservative view would say the situation in the marketplace is eroding.

    The November numbers most likely reflect applications taken in late June through early August when some originators were attempting to warn potential borrowers of the pending action by Congress due to the HECM budget subsidy news and the initial reactions in the House Appropriations Committee. It is thus somewhat surprising that the endorsement volume was so dramatically lower than the prior year. Some of this may be due in part to internal personnel and endorsement production issues within HUD but that information is generally unavailable to the general public.

    Many believe that there was a surge in FHA Case Numbers in late September as a result of the HUD announcement to reduce the principal limits as of October 1, 2009. The endorsements related to that surge will most likely not be seen in endorsement volume until the first calendar quarter of 2010.

    As an industry it is troubling to see the number of FHA Case Numbers issued rising at a rate faster than endorsements. This could be due to more applications taken by less experienced originators, bad home value information, more review of appraisals as part of underwriting, and probably worst of all, originator desperation.

    While some are trying to establish personality presence in the industry, the majority of experienced originators are concerned that the professional image of our industry is increased in the eyes of seniors and their advisors. In that regard, the current trend does not produce the confidence that we are heading in the right direction.

  • What do you care critic? Until you stop spending more time doing your job and less time annoying users of this website, you will be lucky to crack the top 2,000 on this list.

    • comeondude,

      I crumble in humbly to your exhortations. You are truly a clever, nibble thinking individual.

      Your ideas on counseling are novel and uplifting. Your love for seniors shines through and even more for their children. We can all learn by your deep and far thinking analysis.

      I am sure other websites would be privileged to have your writing. Maybe you can help them as much.

      Once again thank you for your time and your care.

    • Why are people so hostile on this blog? I understand that the critic can be annoying, but why no just ignore the comments?

      I cannot see how this benefits anyone, especially in an industry that needs to be united, not bickering.

  • I'm sure the 8 seniors you helped acquire a reverse mortgage in 2009 appreciate you very much. Bravo, seasoned professional! They thank you as well for your time and care.

  • I do not know who the Critic is but I have to admit that he is one of the most thought-provoking posters on this site. I don't always agree with him, but he always makes me think of sides of an issue I had not considered.

    So Critic, thank you for taking the high road versus the low road taken by “comeondude” and keep your comments coming!

  • In my opinion the Critic's comments are spot on. From my California prospective I experienced this as the year winds down, as opposed to my experience earlier this year: relentless bashing of reverse mortgages in the general media, heaped upon an already somewhat fearful of banking senior population.

    Add to that mix some banks almost cherry picking loans with some loans sailing through and others having a big underwriting red pencil slash value, appraisal review tossed and virtually ignored if the loan is being done in a declining market area. Sometimes it appears an appraisal is a silly waste of time, the computer model and declining market ranking will determine value.

    Several times this year the red pencil cut was so deep it amounted to a loan denial as there was therefore not enough equity left to pay off the existing first, but then that may have been the goal in the first place. So now I must pick carefully who I serve, tied to what area the client lives in. Kinda sad when a beautifully written and throroughly documented appraisal with great comps is tossed and the loan fails. .

  • I will tell you why there down in numbers! Less senior qualify for them, home values tanking, 10% less available funds, higher margins, and in Illinois no reverse mortgage if the fees are over 5% on the fixed rate program. And now if the lenders order the appraisals you will see low quality higher cost appraisals. We went from a libor 100 to a 300 this year. And you will see other 10% reduction in available funds on reverse mortgages within 30 days. I had a client who needed to pay back taxes, her home was only woth about $40K on mortgage and once i ran the numbers and after all the fees she only had $7000.00 available to her, if you go bacl 6 months and rerun the numbers on what they were 6 months ago she would have had $20K available, it would hve cost more for her to do the reverse mortgage than she would have got in cash. If you run most reverse mortgage numbers now most only get abut 40% of their equity. We are going to have to alot more pre-qual info now before starting the process for the senior.

  • I'm not sure why the “issues” are directed at Critic. I personally feel that Comeondude is the annoying one! At least critic provides a basis for his argument. Comeondude simply slings arrows and posts sarcastic comments. Not exactly the forum we are looking for.

  • Tis the season! Lets all be nice. I thought we were past the personal attacks on this blog.

    We do need to be united and work together for the survival of this industry! We are in unprecedented times in this industry and this country.

    Happy Holidays to all!!!

  • Holy Chrismas Season, I've never seen such provocative material since I read my first issue of Mad Magazine (or was it Playboy, I forget. I do that a lot now days!) Had a funny thing happen a few weeks ago: Received a call from a local “Financial Advisor”. He maintained one of his clients was interested in a Reverse Mortgage; the Client was told the reason for the FHA
    HECM Insurance was to guarantee the Heirs would always receive at the Parent's death the value of the property when the FHA HECM was originated! I said “No, the FHA HECM Insurance was to guarantee that the LENDER would never be stuck with a loss should the debt be greater than the property value at the last parent's death (or leaves the home permanently.” “Wow, I understand,” he said. A few days later, I called back to ask if I could be of further service to the “Financial Advuisor” and his Client.
    “No,” he said, “Sounds like easy money to me. I'm going to get my loan Originator's License.” Live a little while longer and I might learn almost everything.

  • I, for one, enjoy the critic's posts. He doesn't always paint the picture we all like to see but everything can't just be Yin. There has to be a Yang. His online name is quite fitting. And regardless of those who oppose him, he gets read.

    • This is an incorrect interpretation of a comment made by Mrs. Meg Burns at the NRMLA Convention last month. Mrs. Burns was discussing the gathering of information for the budget for the fiscal year ending September 30, 2011 and then stated that based on the current environment, we should expect to see reductions to the principal limits to the HECMs that will be endorsed during the fiscal year ending September 30, 2011.

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