A Reverse Market Insight report published March 23 presents January endorsement data and gives an industry recap covering the first quarter of 2011.
The report notes that application volumes have stalled at around 8,000 per month since October, with a “brief interruption” in January due to bad weather in some regions.
“It’s heartening to see that January was not compounded with further February declines, but that’s a world apart from a growth trend that gets back above 10,000 apps per month. We’ve pulled ourselves up off the floor but we’ve got a ways further to go in the recovery,” RMI writes in the report.
On the HECM Saver, RMI notes endorsements were 4.3% of total volume, which RMI expects to mean that when accounting for the time lag, Saver applications are likely above 10%.
“As encouraging as that is, the needle isn’t moving overall and the hill is getting higher with recent lender exits taking brands, sales forces and marketing dollars off the street,” RMI wrote.
See RMI’s full industry trends report for January.
Written by Elizabeth Ecker