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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.