Retail reverse mortgage endorsement volume for January was 7,629 units, down 8% from December 2009, and 22.6% lower than January 2009. It’s the lowest number of units since October 2006 according to RM Insight.
Below is a list of the top reverse mortgage lenders through January 2010. Be sure to take a look at the commentary and report which goes into more detail below.
- The top 10 lenders accounted for 42.5% of the endorsement volume, consistent with what we’ve seen over the last 12 months.
- The number of lenders receiving a reverse mortgage endorsement in January was 1,017, a decline of 18.8% from January 09.
- 43 lenders had a loan endorsed for the first time in January, the lowest level seen in 3 years.
- No region was immune to the drop in volume. Leading the way down on a percentage basis were the Great Plains (-36.3%) and Rocky Mountain Regions (-35.4%), with the Southeast (-30%) following closely behind.
“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“