HECM Endorsements Were Down 6% In August 2020

Oct 23, 2020

Director of Events

Reverse Mortgage Insights' breakdown of Home Equity Conversion Mortgage activity for August 2020 showed a 6% decline in endorsements for August 2020. This marks an end to four consecutive months of 4,000+ loans for the first time in a number of years, according to the RMI report.

Wholesale endorsements saw a 6.5% decrease and the retail side saw a 5.6% decrease. While overall numbers are trending downward, some of the top lenders actually saw gains in August 2020.

According to RMI, Longbridge added 499 loans, a 31% increase for the month. Meanwhile, Open Mortgage saw a 28.8% gain with 179 loans and Mutual of Omaha increased 15% with 246 loans.

Click here to see how other HECM lenders performed in August 2020.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

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Oct 23, 2020

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