Total home equity conversion mortgage (HECM) endorsement growth fell -4.9% for the month of May, new data show.
Both retail and wholesale endorsement growth dropped in May, at -4.6% and -5.4%, respectively, according to the latest Reverse Market Insight (RMI) report.
But while some top 10 lenders showed declines, some winners emerged as well.
Live Well Financial Inc. grew volume 30% to 299 loans—their highest monthly total in over a year, RMI data show. And One Reverse Mortgage LLC bucked the downward trend as well, growing 18% to 518 loan, positioning it in the second overall ranking of the month.
Outside of the top 10 lenders, several originators also bucked the falling HECM endorsement trend.
FirstBank grew 22.7% to 54 loans, High Tech Lending grew 29.7% to 48 loans and United Southwest Mortgage Corporation a.k.a All Reverse Mortgage jumped 45.5% to 32 loans.
Looking ahead, RMI President John Lunde tells RMD HECM endorsements pick up.
“June showed a solid increase in endorsements as borrowers rushed to get in before financial assessment implementation,” Lunde says, adding that typically brokers rise faster in a growth environment, so the upcoming data may reflect that trend as well.
Read the latest RMI report here.
Written by Cassandra Dowell