HECM Endorsements Jump Considerably In January 2021

Feb 02, 2021

Director of Events

Home Equity Conversion Mortgage endorsements started the new year with a 10.8% increase to 4,539 loans, according to a report from Reverse Market Insight. RMI reported that the increase was the highest since the surge in May as endorsements caught up from the COVID-remote working transition lull in March and April 2020.

For the second consecutive month, 8 of the 10 regions increase volume compared to the previous month. The Mid-Atlantic region spiked by 40% to 273 loans in January 2021. The Northwest/Alaska increased by 30.1% to 553 loans for its highest monthly total in over a year, according to the report and the Midwest saw a 19.5% increase to 276 loans.

While overall endorsements were on the rise just 7 of the 10 top lenders are reportedly up to start the year, according to RMI. HightechLending INC. saw a 67.9% increase in endorsements to 94 loans. Longbridge Financial LLC. endorsed 280 loans, marking a 46.6% gain and their highest total ever on RMI's report. Meanwhile, Reverse Mortgage Funding jumped 38.9% to finish with 603 loans.

Click here to view RMI's full HECM Lenders report for January 2021.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

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Feb 02, 2021

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