April marked the fourth month in a row with a split in business channel growth for the reverse mortgage industry. For April, Retail declined -6.3% and Wholesale grew 1.7%. All in a month where endorsements declined -3.1%, with declining volume also being a trend in its fourth consecutive month.
But of course, a slow decline over the course of the past four months doesn’t stop some originators from growing their volumes:
- Reverse Mortgage Funding jumped 89.4% to 377 loans on a combined basis (page 2), but an even higher 134% on a retail basis (124 loans)
- Cherry Creek grew 23.6% to round out the top 10 with 89 loans combined
- FirstBank grew their retail loans 46.7% to 44 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!
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