Reverse mortgage volume fell 1.2% month over month in April to a total of 5,770 loans. While marking a slight decline, April still marked the second best month for volume in the past year, according to the latest data from the Department of Housing and Urban Development.
“That figure was still good enough for 2nd highest in the past 12 months, behind only last month,” according to the latest report from Reverse Market Insight.
The top-10 FHA-approved lenders for volume represented a “shakeup,” RMI says, as several lenders are vying for top posts. During the month Liberty Reverse maintained the No. 1 position, with Security One close behind.
Each having closed around 300 loans year to date as of April, Maverick, Associated Mortgage Bankers and Sun West are in a three way race to get into a lasting spot in the top 10, RMI writes.
Additionally, One Reverse Mortgage saw a milestone with its first month of more than 500 loans endorsed.
Regionally, the Southeast/Caribbean and Pacific/Hawaii regions both increased, maintaining the top 2 spots geographically. Rocky Mountain and New England areas also saw upticks, according to RMI’s analysis.
Written by Elizabeth Ecker