Reverse mortgage lenders endorsed 5,901units during July, up 11% from June and the second month over month increase in volume.
Overall volume for 2010 is still down 39% from the same period last year, but endorsements are starting to catch up to the increase in applications the industry has seen since March. As the number of applications continues to rise, things could be turning around after an extremely challenging first half of 2010.
Data from Reverse Market Insight also shows that while the number of lenders in the business has been drastically reduced from last year, those who remain are seeing an uptick in volume. According to RMI, the average monthly endorsements per lender (just under 9 units per lender) is approaching a two year high due to the reduction in active lenders.
Despite a challenging environment for reverse mortgage brokers, 1st AAA Reverse Mortgage and Guardian First Funding Group broke into the top 10 during July. Check out the commentary and report below for more insight into the July 2010 data.
- Endorsement volume came in at 5,901 units, an 11% increase over the prior month, and 30% higher than the trough low seen in May.
- Year to date volume is 41,745 units, 39% below 2009 numbers for the same period.
- The Southwest region has shown the best relative strength thus far, with volume down “just” 24%.
- The top 10 lenders as a whole are showing relative strength this year, with combined volume down 27% vs the industry’s 39% decline. Four of the Ten have actually had volume increases this year, an impressive feat given the strong headwinds.
“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“