Below you will find the top HECM lenders through June in 2008. Be sure to check out the sample report which breaks down the top lenders even more at the bottom.
- 10,026 loans were endorsed in June, up a hair over 10% vs the prior month. This brings the industry total for the halfway point of 2008 to 59,235 units. A simple doubling of that number would imply roughly 118,500 endorsements come December 31st, a growth rate of close to 9.5% vs 2007.
- The top 10 lenders share of the volume came in at 37%, or 3,669 units for the month.
- We continue to see strong gains from Countrywide, World Alliance Financial, Bank of America, and First Mariner Bank.
- New lenders entering the market continues to be the story in the reverse mortgage industry. Through June, there have been 2,175 lenders getting endorsements, 86% higher than the number last year. Compare that to the 5% change in endorsements in the same period, and you certainly understand why the industry is feeling more competitive.
- We are introducing a new measure this month, Endorsements per Active Lender, that quickly distills the competitive aspect of the industry. The chart below shows how this has changed over the last three years — the number of loans endorsed per active lender has been cut in half since June ’06, and has been on a straight line down since then. (click image to see full size)
June 2008 MIC Report Sample
“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“Technorati Tags: Reverse Mortgage,News,HECM,FHA,Top HECM Lenders,Mortgage