A moderate increase in reverse mortgage endorsements from the previous month also led to some of the top lenders shifting in the ranks.
Endorsements for Home Equity Conversion Mortgages (HECMs) rose 2.1% in February to 5,166 loans, according to the latest data from Reverse Market Insight (RMI).
“This small rise puts the industry back into positive year over year territory after showing a small decline in January, but that’s going to get a lot harder as March 2013 volume was at levels we haven’t seen since and application and funding volumes in recent months suggest weak endorsement volumes as soon as this month,” RMI noted.
February saw American Advisors Group and Security One Lending/RMS swap places in terms of total volume year-to-date.
The month helped AAG take the top spot over Security One/RMS, with 754 loans reported in February, bringing its total volume to 7,974 in the twelve months trailing March 2013.
Security One/RMS closed out February with 660 loans, totaling 7,705 year-to-date.
Meanwhile, Liberty Home Equity Solutions—which remained in its #3 spot from the previous month—experienced a huge volume increase to lead the industry in February at 838 loans after reporting just 201 in January.
Geographically, the Pacific/Hawaii region continued to “crank out the volume,” RMI noted.
The region reported 46.5% growth from last year, as Las Vegas and Honolulu drove volume with year-to-date increases of 110% and 83%, respectively.
Written by Jason Oliva