The latest Home Equity Conversion Mortgage report from Reverse Market Insight revealed that HECM endorsements fell by 14.1% in March 2020. However, some lenders remained resilient through the decline, according to Reverse Mortgage Daily
According to RMD
, lenders like HighTechLending and Fairway Independent Mortgage Corporation saw reverse endorsements increase 38.7% and 31.3% respectively. In addition, Finance of America Reverse reported its third 12-month high with an increase of 21.8% according to the RMI data.
“Keeping it simple here, I’d say the two great stories here are Fairway and FAR both showing several consecutive months of growth in endorsements here,” said John Lunde, president of RMI, according to RMD
He believes that positive growth for some of the top reverse lenders in the industry shows encouraging signs.
to read the full report on RMI's March 2020 data.