July Reverse Mortgage Volume Up 7%, Lenders Race for Top-3

Reverse mortgage volume saw a 7% uptick in July, with 5,756 loans total under the Home Equity Conversion Mortgage program. The total compares with a “dismal” month for volume in July 2012, which tallied 3,868 loans, according to Reverse Market Insight

The lender landscape, too, saw a shift, with Security One/RMS taking the top position for its trailing 12-month total and AAG showing a volume spike to 914 loans during the month. Liberty Reverse closed more loans in July than Security One/RMS with a 12-month total that falls short of the top lender spot by less than 5%. 

The AAG volume surge places its 12-month total in in the top 3 lenders, outpacing One Reverse Mortgage. 


Several factors have weighed on the recent volume trends, RMI writes, including a shift away from the fixed rate standard product that went into effect April 1. 

“Recent application volume trends after the April 1st moratorium on HECM Standard fixed rate applications have been less comforting, but there are very easy year over year comparisons through December to keep growth figures looking better than they otherwise would,” RMI writes. 

Geographically, most areas were up in July, RMI reports, with the strongest growth pictures shown in Phoenix, Tucson and Las Vegas. 

View the RMI report

Written by Elizabeth Ecker

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  • Not much insight can be added except to say where the information being provided is much weaker today than in the past decade. The application information being provided is coming from lenders rather than the number of HECM Case Number Assignments as in the past.

    With the Sequester and related furloughs, we are being told that HUD cannot maintain prior reports such as the monthly Single Family Outlook report which provided the needed information in the past. However, HUD is still providing monthly total HECM endorsement reports with its breakdown by lender and HUD offices. We do not get a breakdown of those endorsements by HECM type as it has traditionally been done through the previously cited monthly Outlook report.

    While we have been hearing that the HECM for Purchase program endorsement numbers are improving, there is no evidence of that since the last Outlook report was for January 2013.

    RMI continues to try to provide the industry with high quality information but until HUD brings back its discontinued reports, in many areas we are groping in the dark.

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