After reporting an 18-month low in June, reverse mortgage volume has begun to make a slight comeback in July, both nationally and among several of the top-10 lenders, according to the latest report from Reverse Market Insight (RMI).
Endorsements for Home Equity Conversion Mortgages (HECMs) rose 4.2% to 4,092 loans in July, growth that was largely marked by geographic performances across a majority of regions nationwide.
Seven of the ten regions tracked by RMI reported volume increases during July, with two of which showing the highest totals in seven months.
The Pacific/Hawaii region continued to lead the nation with 936 loans, a 3.9% increase from the 901 loans the area recorded in June.
Even at the lowest end of the spectrum, the Great Plains, which recorded just 137 loans in July, had the highest volume its seen since August 2013.
The only regions to post volume declines during the month were the Southwest (8.9%), Mid-Atlantic (2.8%) and New England (5%), respectively.
Several top-10 lenders displayed notable activity in July, such as Generation Mortgage, which saw its volume jump 19.8% to 115 loans during the month—the company’s highest volume since February when it recorded 295 loans.
After a experiencing a 27.1% decline in June, American Advisors Group bounced back in July with 1,069 loans, a 6.1% increase compared to the previous month.
View the RMI report to see where other lenders ranked.
Written by Jason Oliva
