Despite persistent concerns about a downturn in the reverse mortgage industry, home equity conversion endorsements jumped nearly 20 percent in December 2016 as compared to the previous month, according to new data released today by Reverse Market Insight, Inc.
The Dana Point, Calif.-based research firm reported a 22.5 percent gain in retail endorsements and a 16.9 percent jump in wholesale endorsements from November 2016, for a blended overall total of 19.9 percent.
“That growth might have been fueled by some year-end cleanup, but growth is welcome from just about anywhere these days,” the firm noted.
Reverse Mortgage Funding continued its impressive gains, more than doubling its output in November 2016 — generating 748 loans — to claim a 9.9 percent market share for the year, behind American Advisors Group and Finance of America Reverse. Liberty Home Equity Solutions and One Reverse Mortgage rounded out the top five HECM generators by volume for 2016, according to RMI.
Written by Alex Spanko