Overall reverse mortgage volume climbed 7% in December with 8,284 units, bringing 2009 volume to 111,924 endorsements according to data from Reverse Market Insight.
Endorsements in 2009 fell 2.8% from 2008, driven mostly by a significantly weaker 4Q. Take a look at the commentary and report which goes into more detail below.
- The fourth quarter was significantly weaker than the rest of the year, with volume for the quarter 18% lower than Q1, 14% below Q2, and 12% lower than Q3.
- Active lenders increased 6% from 2008 levels to 3,123 for the year.
- Wells Fargo ended the year in the top spot for retail endorsements, followed by Bank of America, Financial Freedom, and Metlife.
- Of the 6 lenders in the top 10 that grew y/y, One Reverse had the strongest growth at 258%, with Metlife 2nd at 143% y/y growth.
“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“