Last month saw robust activity for the home equity conversion mortgage (HECM) market, according to new data published by Reverse Mortgage Insight
HECM endorsement volume reached 3,197 loans in August, up 9.9 percent from July. August marked the second consecutive month for HECM endorsement volume growth, although it was also the third lowest total in the past 12 months.
All 10 regions analyzed for this report saw growth during July, with the Mid-Atlantic leading at 28.2 percent and the Southeast/Caribbean and Pacific/Hawaii regions trailing the pack at 2.7 percent and 5.1 percent, respectively. Among the major lenders in this sector, Live Well saw its volume rise by 29.8 percent to 170 loans, the company’s highest total since January. Other strong performance came by Finance of America Reverse with a 23.7 percent rise to 324 loans and One Reverse with a 22.2 percent upswing to 275 loans.