Reverse mortgage volume was up 4.9% in February according to the latest data from the Department of Housing and Urban Development.
“Case numbers issued tumbled -4.9% to 5,795, for the first time breaking the lows reached in October 2009 after the first principal limit reduction,” said John Lunde, president of RMI.
The last time case reached that level was in May of 2005, meaning the exit of Bank of America and Wells Fargo could be starting to have a big impact.
“Needless to say we can’t expect endorsements to keep going up with case numbers issued headed down, so it looks like tough sledding on the endorsement side for the next couple months at least,” he said.
Six of the ten regions in February saw an increase in January, with New York and New Jersey seeing volume increase 31.5%.
First National Bank of Layton’s hit a new record high with 147 HECM loans endorsed, Genworth also had a strong showing with volume jumping 66.6% according to RMI.