After a 3 month hiatus with data delays and a truncated report, HECM Originators is back just in time for the holiday season! Of course, the numbers on the report are something less than cheery, but that’s the kind of year it’s been in the world of reverse mortgage originations.
As previously reported, overall volume grew slightly in October, rising 1.7%, with Wholesale/brokers leading the way at a 7.9% pace while Retail/direct dropped -2%.
Among top 9 lenders (excluding Cherry Creek), we saw 5 increase volume on the month:
- Goodlife Home Loans (TMAC) jumped 67.5% to 139 loans, their highest level in the past 12 months
- Liberty rose 16.5% to 155 loans
- Open was just behind, gaining 16.3% to 57 loans
Case numbers issued has been mostly weaker since our last update, with Jul, Sep, and Oct all below Jun and Aug as the lone bright spot. October rose 3.8% from September, but is -11.5% lower than June.
- Equity Takeout cases issued (new reverses that are neither purchase nor refinances) were down -4.8% from June but up 3.5% from September at 2,933
- Purchase (H4P) dropped -31.3% from June and -2.9% from September to 167 as the rise in rates and seasonal weakness took their toll
- H2H refinance case numbers fell even faster as would be expected given the expected rate increases, down -44.6% from June to 263
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Check out the full rankings on pages 3 and 4 of the full report below by clicking on the image.
