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Reverse Lenders See Playing Field Leveling as April Volume Dips

Total reverse mortgage endorsement growth hit a minor road bump in April, declining modestly for the month, according to a report released today by Reverse Market Insight (RMI).

After a near seven month hiatus, RMI’s Home Equity Conversion Mortgage Originators report has returned, providing lender and originator rankings through April 2013.

The 1.7% decline in April’s total endorsement growth was comprised of a 5.2% drop in retail and a 3% gain in wholesale endorsements. 

Last time RMI published its HECM Originators report in early November 2012, MetLife Bank was still the top lender on a trailing twelve month basis through September 2012.

Liberty Home Equity Solutions—known in RMI’s last HECM Originators report as Genworth Financial Home Equity Access—has since taken its place at the top spot with 8,665 total HECM endorsements in the last 12 months through April.

Additionally, RMI notes that the race for volume is much more condensed than its last Originators report.

“At September the top lender had 255% more volume of sixth place, whereas that gap has narrowed by April to just 78%,” writes RMI. 

On a channel basis, Urban Financial ranked in at the top spot for third-party origination/broker business by unit volume, whereas One Reverse Mortgage was the top retail/direct originator for both the past twelve months and the single month of April.

Written by Jason Oliva