HECM Endorsements Fall 5.9% In August
September 3, 2020
Reverse Mortgage Insights' August 2020 edition of its home equity conversion mortgage lenders report showed a 5.9% decline in HECM endorsements, dropping to 4,007 loans. However, the report still claims that reverse mortgage volume has remained strong during the pandemic.
According to the report, four out of the 10 regions around the country saw an increase in volume in August. The Midwest's volume increased by 13.6% to 242 loans, New England increased by 10.1% to 120 loans and NY/NJ and Great Plains increased by 4.8% and 1.5% respectively, according to Reverse Mortgage Insights.
As for the top 10 lenders in the country, four out of 10 showed increases in loans. Longbridge notched its second consecutive monthly volume record, increasing 38.2% to 275 loans. Open Mortgage saw a 28.1% increase to 178 loans and Mutual of Omaha Mortgage increased 15.5% to 246 loans.
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