MetLife joined an exclusive club last month, reports the latest newsletter from Reverse Market Insight, when it endorsed more than 1,000 loans in June for the first time. Meanwhile, Bank of America’s endorsements dropped to just seven last month, and the industry as a whole declined 4.4% between April and June, although RMI says it’s too soon to tell exactly how, or to what extent, Wells Fargo’s exit will affect the industry.
Despite Wells Fargo and BofA bowing out of the reverse industry, however, RMI data shows seven of the remaining eight Top-10 lenders seeing a 37.9% increase in reverse mortgage endorsements from April to June, and overall, endorsements went up 12.9% since May.
Source: Reverse Market Insight
Nationally, all ten regions saw upward trends in terms of volume. New York/New Jersey continue to grow from Q1 with a 15.9% increase in volume from last year, RMI reports, and the Great Plains, Southwest, and Rocky Mountain regions all saw positive trends, posting double digit growth.
Although these areas saw an overall increase in reverse endorsement numbers, some regions and cities did not fare so well, says RMI; endorsement rates for the Midwest, New England, and Northwest/Alaska have gone down, and Detroit, Miami and Chicago have all declined by more than 25%.
View the full newsletter here.
Written by Alyssa Gerace