Home Equity Conversion Mortgage (HECM) endorsements fell by 15% in the month of August, for a total of 2,340 loans according to the latest data from Reverse Market Insight (RMI). The fall was slightly led by the retail endorsement segment of business, which experienced a drop of 16.7% that month, while wholesale levels recorded a smaller drop of 12.4%.
Half of the top 10 lenders managed to perform better than the industry as a whole, managing to record lending increases for the month. Technically still included in the top 10 is shuttered lender Live Well Financial, which is still coasting on its endorsement volume from the four full months prior to its abrupt closure in May.
Marking its best showing in endorsement totals since February, HighTechLending rose 171% to 76 loans after a disappointing July. Also coming in with a pronounced increase is Longbridge Financial, jumping 27% to 160 loans in its best showing since February of 2018. Reverse Mortgage Funding (RMF) also recorded a notable increase, jumping 8.2% to finish at 317 loans.
New Jersey-based Advisors Mortgage Group got a special mention in RMI’s commentary accompanying the data, since it broke into the number 9 position for the month by originating 30 loans. When previously contacted about its notable performance the prior month, the company attributed this endorsement success to its loan originators.
“We are fortunate to work with a great team,” said Adam Ennabe, marketing manager at Advisors Mortgage Group in a September email to RMD.
Although the overall percentage figure is nearly identical to RMI’s previous August HECM Lenders report, Lunde previously detailed for RMD that the HECM Originators report is useful in seeing the splits in and health of the retail versus wholesale channels, which helps to illustrate how lenders are doing from a more individualized and channel-specific perspective.
Read the full HECM Originators report at RMI for specific breakdowns.
