Reverse Mortgages Grow Slightly In July

Aug 04, 2020

Senior Editor

Home equity conversion mortgages, known more commonly as reverse mortgages, showed a slight month-over-month growth of 1.1% in July. Since August 2019, reverse mortgages grew over 81%, though.

Reverse Market Insight, in its July 2020 report, says the month-over-month growth demonstrates increased volume levels since initial pandemic slowdowns in endorsement processing for March-April were overcome. Six of the 10 regions around the country grew in the month:

New England paced the pack, rising 11.2% to 109 loans
Southeast/Caribbean jumped 9.3% to 751 loans
Great Plains gained 8.1% to 67 loans

The two regions that did not grow were:

Midwest region down 11.2% to 213 loans
Pacific/Hawaii region down 3.3% to 1,492 loans (but up 109.8% since August 2019)

The New York and Mid Atlantic regions were basically the same month over month.

Year-to-date volume for reverse mortgages is 25,322. That’s up 32.4% from 2019 year-to-date numbers of 19,122 in 2019.

The top 5 cities for reverse mortgages year to date are:

Los Angeles, 1940 endorsements
Denver, 1835 endorsements
Santa Ana, 1500 endorsements
Phoenix, 1268 endorsements
San Francisco, 1136 endorsements

The top 5 lenders in the reverse mortgage space in July were:

American Advisors Group, 1578 endorsements. Year-to-date its market share is 31.9%.
Reverse Mortgage Funding, 406 endorsements. Year-to-date its market share is 9.5%.
Finance Of America Reverse, 393 endorsements. Year-to-date its market share is 8.7%.
Liberty Reverse Mortgage, 248 endorsements. Year-to-date its market share is 9.3%.
Synergy One Lending, 213 endorsements. Year-to-date its market share is 5.4%.

About the author

Keith Griffin

Senior Editor

Keith Griffin is a senior editor at NMP.

Link copied

Published

Aug 04, 2020

Courts

UWM's Motion To Dismiss RICO Class Action Denied As Moot

Plaintiffs' late August filing of an amended complaint means UWM must file a new motion to dismiss if it wishes to proceed with having the case thrown out.

A previous version of this article was published on Oct. 11, 2024, under the headline, "UWM's Motion To Dismiss RICO Class Action Denied". United Wholesale Mortgage (UWM) and the company’s CEO, Mat Ishbia, have had their motion to dismiss a class action lawsuit alleging ...

Regulation and Compliance

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

Today comes a tale of caution to banks and various lenders across the country that choose profits over compliance. TD Bank made history last Thursday by becoming the largest bank in the United States to plead guilty to violations of the Bank Secrecy Act (BSA) and conspir...