Home Equity Conversion Mortgage (HECM) endorsements finally snapped a three-month streak of declining volume in June when industry-wide endorsements rose 3.4%, an increase driven by a boost in retail originations, according to the latest industry data.
Of the total 3,763 HECM endorsements reported in June, retail originations accounted for 2,190 loans, representing a growth of 7.7% from the previous month, as highlighted in the most recent report from Reverse Market Insight.
Meanwhile, the wholesale channel dipped 2% to 1,573 loans in June, marking the lowest single-month tally for endorsements in this segment this year.
From a volume perspective, 2016 has seen more months of declining, rather than increasing, endorsements. Halfway into the year, industry volume through June sits at 24,634 total units, according to the RMI data, putting the industry on track for one of the lowest endorsement years in recent history.
For some lenders, June proved to be a productive month—especially for HighTechLending, which saw its monthly volume jump 52.9% to 159 loans to solidify its spot among the top-10 industry lenders.
Liberty Home Equity Solutions also experienced notable growth, rebounding 25.9% to 404 loans after reporting 321 units in May, which was then a 53% decline from the previous month’s production.
Ranking eighth among lenders, Synergy One Lending reported a two-month growth streak in June with 184 loans, an uptick of 22.7% from May. The company also ranked first among lenders for retail unit growth over the past 12 months, having added 1,119 retail loans during this period; and second among lenders for wholesale unit growth with the addition of 536 units.
Finance of America Reverse led the way among lenders in terms of wholesale unit growth over the trailing 12 month period. The company added 561 wholesale units during this time and just 43 units on the retail side.
View the RMI data to see where other lenders ranked in both the retail and wholesale channels during the first six months of 2016.
Written by Jason OlivaPrint Article