Reverse mortgage lenders endorsed 6,645 HECM units during August, up 12.6% from July. It’s the third consecutive month over month increase in volume and signals things could be turning around after an extremely challenging first half of 2010.
Overall volume for 2010 is still down 37.7% from the same period last year, but individual lender performance is improving. According to Reverse Market Insight, the average number of monthly endorsements per lender (almost 9) is at its second highest number in the last two years.
Additionally, the number of new active lenders finally hit bottom, with almost 40 reverse mortgage lenders entering the business during August. Check out the commentary and report below for more insight into the August 2010 data.
- Endorsement volume continued to climb, coming in at 6,645 units for the month, up 12.6% from July.
- YTD volume was 48,390 endorsements, a decline of 37.7% from the same period in 2009.
- It appears as if we have formed a bottom in the “New Lenders by Month” chart. Despite this, the Endorsements/Lender number is at its second highest number in the past two years.
- Year to date, the number of lenders active in the industry is down 28%.
“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“