Reverse mortgage volume saw a slight decline in volume for January, falling 1.7% from December to 4,578 loans to start the calendar year, according to a data report from Reverse Market Insight released this week. The downturn followed an uptick seen at the end of 2016, but an overall year-over-year endorsement shortfall of 13.5% over the course of last year.
Regionally, six out of the top 10 markets saw volume rise in January, but the top two regions’ volume—in the Pacific region and Southeast region fell “considerably,” making it difficult to show a national growth picture, RMI noted in data summary. The Great Plains region saw volume rise 12.5%, while the Mid-Atlantic and New York/New Jersey territories each posted gains of more than 9%.
Source: Reverse Market Insight
Several individual lenders also experienced growth in January, including Live Well, Liberty Home Equity Solutions and Synergy One/Retirement Funding Solutions (RFS). With a 5.3% uptick to 237 loans in January, RFS has held its spot as the fifth largest lender tracked by RMI’s FHA-approved lenders report for the third straight month.
Written by Elizabeth Ecker