Endorsements for Home Equity Conversion Mortgages (HECMs) continued their downward trajectory in November, however, volume remains slightly above past expectations, at least for now.
HECM endorsements dropped 7.1% in November to 4,023 units, defying predictions that volume would dip below 4,000 units per month as a result of the Financial Assessment, according to the latest industry data tracked by Reverse Market Insight.
Through November, total endorsements for 2015 stand at 52,204 units. Of this amount, 36,212 units represent the top-10 industry lenders subtotal.
Despite the third consecutive month of declining volume, November was productive for a few of the industry’s top lenders who saw endorsement counts increase.
Live Well Financial saw the biggest jump in endorsements for November, rising 53.8% to 203 units. With November’s numbers, that brings Live Well’s total count for 2015 to 1,798 units. Through November, the company holds the seventh spot among the top-10 lenders.
Ranking third, Reverse Mortgage Solutions/Security 1 Lending also had a good month as it saw volume increase 13.5% to 320 units—a level higher than both the company’s September and October tallies. Through November, RMS/S1L totals 4,139 units.
One Reverse Mortgage was the only other lender among the top-10 to report an increase in endorsements during the month, rising 12.9% to 358 units and holding down the second ranked spot under American Advisors Group, which posted 1,022 units—just 6.4% lower than its previous month’s total.
Geographically, just three regions reported increases in volume for November: Southwest (18.2%), Great Plains (16.2%) and Southeast/Caribbean (3.8%).
View the Reverse Market Insight report to see where other lenders stacked up for volume in November.
Written by Jason Oliva