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HECM endorsements entered a territory that it had not entered in the past eight months, as the latest drop saw loans falling below 4,000 after eight consecutive months above the 4,000 mark, according to data from Reverse Market Insight. On a slight bright side, three of the top 10 lenders saw their HECM volume increase.
Mutual of Omaha Mortgage Inc. saw a 45.6% jump in volume to 316 loans, Longbridge Financial reported a 34.2% gain to 157 loans and Fairway Independent Mortgage Corporation reported a 15.7% increase to 118 loans.
The top 10 HECM lenders include American Advisors Group, Reverse Mortgage Funding, Finance of America Reverse, Liberty Reverse Mortgage, Mutual of Omaha Mortgage, Open Mortgage LLC, Longbridge Financial LLC, Fairway Independent Mortgage Corp., HightechLending Inc. and Advisors Mortgage Group.
RMI also reported that the Great Plains saw a notable 20.5% increase to 53 loans regionally, Rocky Mountain dropped by 6.9% to 500 loans and New England saw an 8.6% decline to 85 loans.