Below you will find the top HECM lenders through April in 2008. Be sure to check out the sample report which breaks down the top lenders even more at the bottom.
- Total endorsements for April 2008 came in at 9,564, down just over 1% from the prior month, and bringing the 2008 YTD volume up to 40,097, an 8.1% increase over 2007.
- It appears that Wells Fargo’s 575 endorsement number from last month was an aberration, as they jumped back up to 1473 units in April. This brings Wells back in line with their norms, but their share of the market continues to decline.
- New lenders continue to enter this market — thus far this year we’ve seen over 1,000 new names doing reverse mortgage loans.
- Top 10 Lenders have generated 36.9% of the business so far in 2008 vs. 45.5% in the same period last year.
- The Southeast/Caribbean region continues to hold the top spot when looking at HUD regions, taking in over 24% of the endorsements, with the active lender base growing 128% over last year.
- An interesting trend to take note of — despite the growth overall in the industry over last year, the majority of the lenders that were in business last year have seen declining volumes, a trend seen across all markets. Within the Top 10, five have seen declining volume year over year…
“Market statistics and report sample provided by Reverse Market Insight, the leading source of market intelligence in the reverse mortgage industry. For more information about RMI and to purchase the full MIC report with additional key performance indicators and market statistics, please visit our website at www.rminsight.net“