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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.