The number of Home Equity Conversion Mortgage (HECM) endorsements dipped slightly in March, but some top-10 reverse mortgage lenders were able to buck the declining volume trend for the month.
HECM endorsements totaled 4,640 loans in March, down 2.3% from the previous month’s tally of 4,747, according to the latest Reverse Market Insight data.
Using issued HECM case numbers as a leading indicator, RMI notes refinances have already declined significantly, down 42.7% from their October 2014 peak.
“Endorsements are always a trailing indicator for our industry, and on that basis, refinances continued to increase to the highest level since February 2010 as the effects of August’s PLF increase play out,” said RMI.
But while March’s endorsement activity saw declines in eight of the 10 regions tracked by RMI—including the Pacific/Hawaii—several top-10 lenders reported growth during the month.
Liberty Home Equity Solutions posted the largest monthly endorsement gain among the top-10 lenders with 390 loans in March, a 47.7% jump from February.
Another notable mention, Maverick Funding Corp. more than doubled its volume with 139 loans in March since starting the year in January with 67 loans. Comparing to last month’s performance, Maverick’s count is up 20.9% from February.
Meanwhile, March also saw endorsement gains from Proficio Mortgage Ventures, increasing 15.5% to 119 loans, as well as American Advisors Group, which grew its volume 2% during the month to 1,155 loans.
View the RMI data.
Written by Jason Oliva