The top reverse mortgage lender rankings for 2013 shifted multiple times throughout the year, especially after major changes to the Home Equity Conversion Mortgage product were implemented in September, says the latest Reverse Market Insight Industry Summary.
Liberty Home Equity Solutions ultimately secured the top spot after finishing 2013 with the highest volume, thanks to leading industry endorsements from January to March and also in June and August, despite a year-end downtrend. The company’s 9,810 loans comprised 16.1% of the overall reverse mortgage market share.
Security One Lending/RMS landed in second place with 14.2% of market share and 8,639 loans. The company had “consistently high” volume throughout the year and finished on a high note with the #1 ranking in December, says RMI.
American Advisors Group led the industry in reverse mortgage volume in April and May, ultimately good for 2013’s #3 spot.
Urban Financial came in fourth after a “wild year” in which the company led the industry in volume in July, September, October, and November, says RMI.
Rounding out the top five for 2013 was One Reverse Mortgage, with 5,405 loans good for 8.9% of the overall market share.
December 2013 endorsement volume dropped nearly 10% from November, with wholesale endorsements falling 16.5%.
Access the full report at Reverse Market Insight.
Written by Alyssa Gerace