While reverse mortgage volume year-over-year is down substantially from 2011, endorsements were up 7.1% in August with several lenders counting big gains on an individual basis.
Retail in particular saw the lion’s share of the gains and several lenders are counting 2012 as a triple-digit growth year, writes Reverse Market Insight in a report this week.
The trend for some lenders is in strong contrast to the industry’s performance on the whole, which is down year-over-year and which many have forecast could be the lowest year for volume in recent memory.
Source: Reverse Market Insight
Noting the growth rates of several lenders in August and year-over-year, RMI points to American Advisors Group, which has seen a 107% gain year to date, more than doubling volume over July; Genworth Financial Home Equity Access, which is up 146% year to date and Security One Lending, seeing a 129% rise over the same time period.
Other lenders also posted strong gains, according to the RMI report, with iReverse seeing an 89% increase over July, and “up-and-comers” Cherry Creek, GMFS and Maverick Funding representing growth stories.
Written by Elizabeth Ecker