Reverse mortgage endorsement volume in August hit its highest level since March 2013 at 5,750 loans. And while August was the last month to carry inflated pre-Financial Assessment volumes, the gains were widespread across the nation’s top producing states, according to the latest industry data tracked by Reverse Market Insight (RMI).
Year-to-date, Home Equity Conversion Mortgage (HECM) endorsements tallied 39,117 loans through August, reflecting an 11.8% increase over the comparable period last year (34,989).
Leading the way, California commands the largest number of reverse mortgage endorsements this year through August. The state’s 7,917 unit total through the first eight months of 2015 is 30.5% higher than where endorsement volume was in 2014 for the comparable period. With August in the books, California is generating nearly 1,000 per month on average, notes RMI.
Propelling the state is Los Angeles, which reported 412 loans year-to-date through August; along with San Diego and San Jose, which ranked among the top-10 cities with 279 and 193 units, representing increases of 18.7% and 35.9% over last year, respectively.
California was also home to four counties that posted double-digit endorsement growth through August, with Los Angeles County leading the way, rising 35.9% to 2,020 total loans. San Diego (778), Riverside (746) and San Bernardino (429) counties also had a strong showing, rising 17.5%, 51.9% and 40.2%, respectively.
In terms of other states posting big gains through August, Florida ranked second at the state level (35%), with Miami also coming in second among cities (15.2%). The Sunshine State was also home to the top zip code 32162, whose 124 loans were up 55% through August over last year.
View the latest RMI report.
Written by Jason Oliva