Dropping from the previous month’s growth, both reverse mortgage retail volume and wholesale/broker volume were down in June, at 9% and 5.2% declines respectively, the latest Reverse Market Insight (RMI) report shows.
Total home equity conversion mortgage (HECM) endorsement growth was down 7.4%, though more recent data is signaling an upswing in loan volume.
“The good news is that we are seeing applications trend slowly but steadily upward for the past few months in our repository data, and lenders are also starting to roll out new jumbo reverse products,” RMI says in the report.
Previously, retail showed a 12.2% increase in May for the retail side, while wholesale/broker volume saw a 2% rise.
While overall HECM endorsement growth was down in June, some lenders saw more volume growth than in previous months.
Liberty Home Equity Solutions bounced back to 496 loans from 371 in May; RMS/Security One showed the highest volume since February at 482 loans; and One Reverse rose to 425 loans in one of the steadiest displays among major lenders over the past 12 months.
Trailing 12-month endorsements for retail were 32,117, and 24,258 for wholesale units.
Read the full report here.
Written by Cassandra Dowell