Retail reverse mortgage endorsements rose slightly from December to January, but the modest gain was wiped out by a drop in wholesale endorsements, according to data from Reverse Market Insight released Wednesday.
A wholesale endorsement dip of 6.6% was enough to drag overall endorsements down 1.7% in January 2017 as compared to the prior month, erasing a 2.4% rise in retail endorsements. RMI reported a total of 4,578 new reverse mortgage endorsements n the first month of 2017, a jump of 17.7% from this time last year.
The team at Reverse Mortgage Funding continued its climb up the industry power rankings, topping RMI’s lists of top companies by both retail and unit growth and claiming third place on its definitive list of HECM lenders for the 12 months ended January 2017, besting Liberty Home Equity and Quicken’s One Reverse Mortgage with a 10.7% market share. RMF trails only American Advisors Group and Finance of America Reverse on the endorsement rankings big board.
The Bloomfield, N.J.-based RMF is also in second place among the top HECM originators for 2017 thus far, beating out One Reverse Mortgage by four loans to take the silver behind AAG.
This latest data from the Dana Point, Calif.-based RMI takes into account both Federal Housing Administration-approved products as well as non-FHA loans. This data tends to lag behind the monthly compilation of FHA-only mortgage statistics, which RMD reported on earlier this month; that data showed an overall volume decline of 3.3% from January to February 2017.
Written by Alex Spanko