After three months of an increase in reverse mortgage applications, volume continues to slide. Reverse mortgage endorsement volume for May came in at 4,551 units, the lowest number since September of 2005 according to data from Reverse Market Insight.
Overall year to date volume is 30,540 endorsements, a decline of 39% from the same period last year.
Below is a list of the top reverse mortgage lenders through May 2010. Be sure to take a look at the commentary and report which goes into more detail below.
- Endorsement volume for May was 4,551 units, the lowest number we’ve seen since September, 2005.
- Year to date volume is 30,540 endorsements, a decline of 39% from the same period last year.
- On a competitive basis, the active lender count is down 26% from 2009 to 1,733 lenders.
- This probably understates the decline; we fully expect that a good number of originators that had an endorsement in the early part of the year are likely out of the business. If things don’t pick up a bit in California and the rest of the Pacific/Hawaii region, we could see the Mid-Atlantic area sneak into the second spot (at least on a monthly basis).
- Only 3 of the top 10 lenders grew volume in May. Generation, Bank of America and Metlife each grew more than 10%, although all are still down significantly from their December volumes.
“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“