Posts Tagged ‘Top 10 Reverse Mortgage Lenders’
HECM endorsements reversed course in September, dropping 14.6% from August levels.
- Wholesale volume declined 21.6% to 1,519 loans, coming back down to levels seen in May – July.
- Retail volume dropped at a slower pace, falling 9.1% month over month to 2,219 loans.
All of the lenders highlighted last month had volume declines in the double digit percentages, suggesting most of the August gains were due to endorsement backlogs getting cleared out.
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.
It’s perhaps fitting that December HECM endorsement totals came in at 3,912 loans, down -11.8% from November and registering the 4th month below 4,000 loans in the past 6. That brings total 2012 calendar year (as opposed to federal fiscal year that FHA uses) endorsements to 52,992, down -22.9% from 2011.
- For the year, the drop was steepest in New England at -28.8%
- The Rocky Mountain region had the smallest decline at -13.1%, but it also tied for the 3rd smallest volume region in the country so that didn’t help the industry overall much
- Month over month, these two were also the only regions to increase volume from November, with Rocky Mountain seeing its highest monthly total since June
- Mid Atlantic declined the most from last month, dropping -23.9% to make November look more like a dead cat bounce than a lasting trend
Among lenders, December saw Liberty Home Equity Solutions (formerly known as Genworth Financial Home Equity Access) jump 44.7% to its highest volume since February. On the flip side, Urban Financial dropped back -34.6% after a healthy increase in November.
A little housekeeping note – HUD has informed us that some HECM data will not be available until further notice, so the HECM Originators and HECM Trends reports will likely be on hiatus for a month or two.
Please click the image below for the full report.
HECM volumes took it on the chin in September, dropping -10.6% from August. Retail (-11.1%) and Wholesale (-9.9%) fell by similar percentages, with the drop of First National Bank of Layton from Retail due to their previously announced exit likely made the difference between the two.
Continuing the trend of companies capitalizing on lender exits, Proficio jumped from 1 unit last month to a striking 53 in September, good enough for a 9th place ranking for the month (see page 4 of the report below). Several other companies also saw big increases:
- Associated Mortgage Bankers has been coming on strong all year, growing 214% year to date. Their 12% growth this month is lower than months past, but good enough to join the top 10 in the number 8 slot.
- Nationwide Equities continues to grow retail 60+% this month and year to date. They’re growing wholesale too and rank 25th on a combined basis over the past 12 months
Find your company in the trailing twelve month rankings (page 3) or August rankings (page 4) by clicking the image below to access the report.