HECM endorsements dropped -6.2% in July, with Retail giving back all of the gains in June on a -7.2% decline while Wholesale posted a fifth straight month of declines, down -4.8%. Even so, several companies showed impressive growth on the month in our page 4 rankings:
- ReverseMortgages.com grew 26.9% from June and continues an impressive first year in the business with 300 loans year to date and 8th place ranking in July
- Quontic Bank jumped 92.3% in July to 25 loans and 18th place on our list
- Reverse Mortgage Funding’s retail team jumped 68.5% to 182 loans and 3rd place
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
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HECM endorsements rose 3.4% in June to break a 3 month string of declines, with Retail leading the way. Retail/Direct increased 7.7% while Wholesale/Broker volume dropped -2% in the month.
- High Tech Lending solidified its move into the top 10, jumping 52.9% in the month to 159 loans (higher than 3 other top 10 lenders in June)
- Liberty Home Equity Solutions bounced back with a 25.9% increase from May to 404 loans
- Synergy One jumped back into growth mode with a 22.7% rise to 184 loans
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
Click the image below to access the full report.
HECM endorsements fell -14.2% in May, comprised of a -17.5% drop in the larger Retail channel and -9.6% decline in Wholesale/Broker channel.
One interesting point about the decline is that with overall industry volumes at the lowest level since August 2014, Wholesale/Broker volume has held up significantly better in the subsequent 21 months:
- Wholesale average monthly volume since Aug 2014 has been 49% above the low point, compared to just 33% higher for Retail
- Wholesale in May remained 22.9% above the Aug 2014 low while Retail squeaked in just 4.6% above that level
Put it together and you see Wholesale showing more resilience to volume declines lately compared to Retail, underlining the role smaller companies play in the industry.
And as always, a couple companies stood out on our page 4 originator rankings:
- Fairway Independent jumped 12.5% in May and 476% year to date (YTD)
- American Pacific grew 75% in May to bounce into the positive YTD
- Longbridge Financial stacked up 550% more loans in May to cap an impressive 238% growth YTD
And all three companies did it without relying on refinances to boost short term volume. Very impressive to see their hard work paying off.
Don’t forget to check out the rankings on page 3 (trailing twelve months with channel splits) and page 4 (single month retail only). If your company is not an FHA approved lender, these are the only industry rankings where you’ll appear!
Click the image below to access the full report.
